PennantPark Floating Rate Capital (NASDAQ:PFLT) Downgraded by StockNews.com to “Sell”

PennantPark Floating Rate Capital (NASDAQ:PFLT) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

Separately, Raymond James began coverage on PennantPark Floating Rate Capital in a research report on Friday, December 20th. They set a “market perform” rating for the company.

PennantPark Floating Rate Capital Stock Up 1.3 %

PFLT opened at $10.86 on Tuesday. PennantPark Floating Rate Capital has a fifty-two week low of $10.28 and a fifty-two week high of $12.63. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.18 and a current ratio of 0.18. The stock has a market cap of $903.88 million, a price-to-earnings ratio of 7.59 and a beta of 1.66. The firm’s fifty day moving average is $11.14 and its 200 day moving average is $11.30.

Institutional Trading of PennantPark Floating Rate Capital

Several hedge funds have recently bought and sold shares of PFLT. Strategic Financial Concepts LLC lifted its position in shares of PennantPark Floating Rate Capital by 1,151.8% in the second quarter. Strategic Financial Concepts LLC now owns 698,506 shares of the asset manager’s stock worth $81,000 after buying an additional 642,706 shares in the last quarter. Millennium Management LLC raised its holdings in shares of PennantPark Floating Rate Capital by 391.3% during the 2nd quarter. Millennium Management LLC now owns 783,912 shares of the asset manager’s stock worth $9,046,000 after acquiring an additional 624,342 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of PennantPark Floating Rate Capital by 22.5% during the 3rd quarter. Van ECK Associates Corp now owns 1,798,265 shares of the asset manager’s stock worth $20,554,000 after acquiring an additional 330,731 shares in the last quarter. Sound Income Strategies LLC boosted its position in shares of PennantPark Floating Rate Capital by 11.5% during the 3rd quarter. Sound Income Strategies LLC now owns 2,963,258 shares of the asset manager’s stock valued at $34,285,000 after acquiring an additional 306,690 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of PennantPark Floating Rate Capital in the second quarter valued at $1,769,000. Hedge funds and other institutional investors own 19.77% of the company’s stock.

About PennantPark Floating Rate Capital

PennantPark Floating Rate Capital Ltd. is a business development company. It seeks to make secondary direct, debt, equity, and loan investments. The fund seeks to invest through floating rate loans in private or thinly traded or small market-cap, public middle market companies. It primarily invests in the United States and to a limited extent non-U.S.