PennantPark Investment (NASDAQ:PNNT) Rating Increased to Neutral at Compass Point

PennantPark Investment (NASDAQ:PNNT) was upgraded by equities researchers at Compass Point from a “sell” rating to a “neutral” rating in a research report issued on Monday, Briefing.com reports. The brokerage currently has a $6.00 price objective on the asset manager’s stock. Compass Point’s price target suggests a potential downside of 14.53% from the stock’s previous close.

Separately, StockNews.com lowered PennantPark Investment from a “hold” rating to a “sell” rating in a research report on Friday, August 9th.

PennantPark Investment Price Performance

PennantPark Investment stock traded up $0.09 during mid-day trading on Monday, reaching $7.02. The company had a trading volume of 109,433 shares, compared to its average volume of 447,800. The business has a fifty day simple moving average of $7.20 and a 200 day simple moving average of $7.15. The company has a market cap of $458.41 million, a P/E ratio of 7.63 and a beta of 1.52. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.54. PennantPark Investment has a fifty-two week low of $6.01 and a fifty-two week high of $8.04.

PennantPark Investment (NASDAQ:PNNT) last issued its quarterly earnings data on Wednesday, August 7th. The asset manager reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. PennantPark Investment had a return on equity of 12.29% and a net margin of 30.24%. The business had revenue of $37.00 million for the quarter, compared to analyst estimates of $36.31 million. On average, equities research analysts predict that PennantPark Investment will post 0.93 earnings per share for the current year.

Hedge Funds Weigh In On PennantPark Investment

Several institutional investors have recently made changes to their positions in PNNT. Founders Financial Alliance LLC increased its position in PennantPark Investment by 28.0% in the 2nd quarter. Founders Financial Alliance LLC now owns 47,259 shares of the asset manager’s stock valued at $357,000 after buying an additional 10,339 shares in the last quarter. Garner Asset Management Corp boosted its holdings in PennantPark Investment by 9.9% in the second quarter. Garner Asset Management Corp now owns 106,614 shares of the asset manager’s stock worth $805,000 after acquiring an additional 9,610 shares in the last quarter. Condor Capital Management grew its stake in PennantPark Investment by 81.9% in the second quarter. Condor Capital Management now owns 519,177 shares of the asset manager’s stock valued at $3,920,000 after acquiring an additional 233,685 shares during the period. Legacy Capital Wealth Partners LLC bought a new stake in shares of PennantPark Investment during the second quarter valued at approximately $1,785,000. Finally, Hennion & Walsh Asset Management Inc. lifted its holdings in shares of PennantPark Investment by 14.4% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 661,933 shares of the asset manager’s stock worth $4,998,000 after purchasing an additional 83,483 shares in the last quarter. Institutional investors and hedge funds own 26.62% of the company’s stock.

About PennantPark Investment

PennantPark Investment Corporation, a business development company is a private equity fund 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 buildings and real estate, hotels, gaming and leisure, technology, telecommunications, transportation, information technology services, electronics, healthcare & pharmaceuticals, education and childcare, financial services, printing and publishing, consumer products, business services, energy & Related Services and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, building materials, capital equipment, chemicals, plastics, & rubber, food & beverage, wholesale, manufacturing and basic industries and retail.