PennantPark Investment Corp. (NASDAQ:PNNT) Short Interest Update
PennantPark Investment Corp. (NASDAQ:PNNT) was the recipient of a large growth in short interest in July. As of July 31st, there was short interest totalling 455,100 shares, a growth of 20.7% from the June 30th total of 377,200 shares. Currently, 0.7% of the company’s stock are sold short. Based on an average daily trading volume, of 336,800 shares, the days-to-cover ratio is presently 1.4 days.
Shares of NASDAQ:PNNT traded down $0.10 during trading on Wednesday, reaching $6.31. 275,200 shares of the company’s stock traded hands, compared to its average volume of 300,143. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.26 and a quick ratio of 1.26. PennantPark Investment has a 12 month low of $6.21 and a 12 month high of $7.84. The company’s 50 day moving average is $6.44. The stock has a market cap of $429.76 million, a PE ratio of 8.41 and a beta of 1.14.
PennantPark Investment (NASDAQ:PNNT) last announced its quarterly earnings data on Wednesday, August 7th. The asset manager reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.02). PennantPark Investment had a net margin of 18.01% and a return on equity of 8.08%. The business had revenue of $28.11 million for the quarter, compared to the consensus estimate of $29.38 million. On average, research analysts anticipate that PennantPark Investment will post 0.72 EPS for the current year.
Several large investors have recently made changes to their positions in PNNT. Stifel Financial Corp grew its position in shares of PennantPark Investment by 4.9% during the 4th quarter. Stifel Financial Corp now owns 32,300 shares of the asset manager’s stock valued at $207,000 after buying an additional 1,500 shares during the last quarter. Bank of America Corp DE boosted its stake in PennantPark Investment by 30.5% during the 4th quarter. Bank of America Corp DE now owns 16,860 shares of the asset manager’s stock valued at $108,000 after purchasing an additional 3,936 shares during the period. Squarepoint Ops LLC acquired a new position in PennantPark Investment during the 4th quarter valued at about $91,000. Legal & General Group Plc boosted its stake in PennantPark Investment by 11.8% during the 4th quarter. Legal & General Group Plc now owns 308,602 shares of the asset manager’s stock valued at $1,970,000 after purchasing an additional 32,532 shares during the period. Finally, Millennium Management LLC boosted its stake in PennantPark Investment by 36.3% during the 4th quarter. Millennium Management LLC now owns 471,012 shares of the asset manager’s stock valued at $3,000,000 after purchasing an additional 125,492 shares during the period. 43.04% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have recently weighed in on PNNT shares. Raymond James started coverage on shares of PennantPark Investment in a research report on Monday, April 29th. They issued an “outperform” rating and a $8.00 target price for the company. LADENBURG THALM/SH SH downgraded shares of PennantPark Investment from a “buy” rating to a “neutral” rating in a research report on Monday, May 13th. ValuEngine downgraded shares of PennantPark Investment from a “hold” rating to a “sell” rating in a research report on Tuesday, June 18th. Compass Point downgraded shares of PennantPark Investment from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $8.50 to $7.00 in a research report on Friday, May 3rd. Finally, TheStreet downgraded shares of PennantPark Investment from a “b-” rating to a “c” rating in a research report on Tuesday, July 16th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. PennantPark Investment presently has an average rating of “Hold” and a consensus price target of $7.50.
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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