PennantPark Investment Corp. (NASDAQ:PNNT) dropped 5.7% during trading on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $6.86 and last traded at $7.25, with a volume of 2,415,623 shares trading hands. The stock had previously closed at $7.69.

The company reported $0.21 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.26 by $0.05. PennantPark Investment Corp. had a positive return on equity of 11.20% and a negative net margin of 5.09%. During the same quarter in the prior year, the company posted $0.27 EPS.

Several brokerages recently commented on PNNT. Zacks Investment Research raised shares of PennantPark Investment Corp. from a “hold” rating to a “buy” rating and set a $8.50 price objective for the company in a research note on Thursday, August 11th. Ladenburg Thalmann raised shares of PennantPark Investment Corp. from a “neutral” rating to a “buy” rating in a research note on Tuesday. Jefferies Group reissued a “hold” rating on shares of PennantPark Investment Corp. in a research note on Friday, August 12th. JMP Securities increased their price objective on shares of PennantPark Investment Corp. from $7.50 to $8.50 and gave the company a “market outperform” rating in a research note on Wednesday, August 10th. Finally, DA Davidson downgraded shares of PennantPark Investment Corp. from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $10.00 to $7.00 in a research note on Wednesday, July 27th. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. PennantPark Investment Corp. currently has an average rating of “Hold” and a consensus target price of $7.17.

Large investors have recently bought and sold shares of the company. KCG Holdings Inc. purchased a new stake in PennantPark Investment Corp. during the second quarter valued at $102,000. Societe Generale purchased a new stake in PennantPark Investment Corp. during the second quarter valued at $104,000. Essex Financial Services Inc. purchased a new stake in PennantPark Investment Corp. during the second quarter valued at $104,000. Sheaff Brock Investment Advisors LLC boosted its stake in PennantPark Investment Corp. by 4.5% in the second quarter. Sheaff Brock Investment Advisors LLC now owns 15,750 shares of the company’s stock valued at $108,000 after buying an additional 680 shares during the period. Finally, GAM Holding AG purchased a new stake in PennantPark Investment Corp. during the third quarter valued at $113,000. Institutional investors own 33.70% of the company’s stock.

The firm has a 50 day moving average of $7.53 and a 200-day moving average of $7.26. The stock’s market capitalization is $515.19 million.

TRADEMARK VIOLATION WARNING: “PennantPark Investment Corp. (PNNT) Trading Down 5.7% After Earnings Miss” was first reported by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this piece of content on another publication, it was copied illegally and reposted in violation of U.S. & international trademark & copyright laws. The original version of this piece of content can be viewed at https://www.thecerbatgem.com/2016/11/23/pennantpark-investment-corp-pnnt-trading-down-5-7-after-earnings-miss.html.

About PennantPark Investment Corp.

PennantPark Investment Corporation (PennantPark Investment) is a business development company focused on generating income and capital appreciation through debt and equity investments in the United States middle-market companies in the form of senior secured loans, mezzanine debt and equity investments.

5 Day Chart for NASDAQ:PNNT

Receive News & Stock Ratings for PennantPark Investment Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PennantPark Investment Corp. and related stocks with our FREE daily email newsletter.