Raymond James began coverage on shares of PennantPark Investment (NASDAQ:PNNT) in a research note issued to investors on Monday, April 29th, Marketbeat reports. The firm set an “outperform” rating and a $8.00 price target on the asset manager’s stock. Raymond James’ price target suggests a potential upside of 21.77% from the stock’s current price.
A number of other equities analysts have also recently commented on PNNT. Zacks Investment Research cut shares of PennantPark Investment from a “hold” rating to a “sell” rating in a research note on Thursday, April 11th. BidaskClub raised shares of PennantPark Investment from a “hold” rating to a “buy” rating in a research note on Friday, March 29th. Finally, JPMorgan Chase & Co. cut shares of PennantPark Investment from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $7.50 to $7.00 in a research note on Wednesday, January 16th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $7.60.
PennantPark Investment stock opened at $6.57 on Monday. PennantPark Investment has a twelve month low of $6.21 and a twelve month high of $7.84. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a market capitalization of $440.82 million, a PE ratio of 8.76 and a beta of 1.21.
In related news, Chairman Arthur H. Penn acquired 16,000 shares of the stock in a transaction on Monday, May 13th. The stock was bought at an average cost of $6.52 per share, with a total value of $104,320.00. Following the transaction, the chairman now directly owns 193,410 shares in the company, valued at $1,261,033.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.00% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the business. Quad Cities Investment Group LLC boosted its position in PennantPark Investment by 3,000.0% in the 4th quarter. Quad Cities Investment Group LLC now owns 6,200 shares of the asset manager’s stock valued at $40,000 after buying an additional 6,000 shares during the period. Quantamental Technologies LLC purchased a new stake in PennantPark Investment in the 4th quarter valued at about $45,000. Northwestern Mutual Wealth Management Co. purchased a new stake in PennantPark Investment in the 1st quarter valued at about $50,000. Destination Wealth Management purchased a new stake in PennantPark Investment in the 1st quarter valued at about $61,000. Finally, Two Sigma Securities LLC purchased a new stake in PennantPark Investment in the 4th quarter valued at about $71,000. 44.58% of the stock is owned by institutional investors.
About PennantPark Investment
PennantPark Investment Corporation specializes in direct and mezzanine investments in middle market companies. It invests in the form of mezzanine debt, senior secured loans, and equity investments. The fund typically invests in building and real estate, hotels and gaming, electronics, healthcare, education and childcare, financial services, printing and publishing, consumer products, business services, energy and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, manufacturing industries and retail.
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