Runway Growth Finance (NASDAQ:RWAY) Raised to “Hold” at Zacks Research

Runway Growth Finance (NASDAQ:RWAY) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

Other equities analysts have also issued research reports about the stock. Weiss Ratings lowered shares of Runway Growth Finance from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, June 16th. Wall Street Zen raised shares of Runway Growth Finance from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Wells Fargo & Company dropped their price objective on Runway Growth Finance to $6.50 and set an “equal weight” rating for the company in a report on Thursday, May 14th. Finally, Bank of America lowered Runway Growth Finance from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $9.00 to $5.50 in a research report on Monday, June 15th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $8.20.

Runway Growth Finance Stock Performance

NASDAQ RWAY opened at $6.78 on Tuesday. The business’s 50-day moving average price is $5.70 and its 200 day moving average price is $6.76. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.38. Runway Growth Finance has a twelve month low of $5.19 and a twelve month high of $11.12. The company has a market capitalization of $284.15 million, a PE ratio of 61.64 and a beta of 0.66.

Runway Growth Finance (NASDAQ:RWAY) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.29 by $0.14. Runway Growth Finance had a return on equity of 11.73% and a net margin of 5.82%.The company had revenue of $37.03 million during the quarter, compared to analysts’ expectations of $31.06 million. On average, research analysts predict that Runway Growth Finance will post 1.24 earnings per share for the current year.

Institutional Investors Weigh In On Runway Growth Finance

Several hedge funds have recently modified their holdings of the stock. Key Capital Management INC purchased a new position in Runway Growth Finance in the 4th quarter worth approximately $29,000. Kestra Advisory Services LLC purchased a new stake in shares of Runway Growth Finance during the fourth quarter valued at approximately $42,000. Raymond James Financial Inc. acquired a new position in shares of Runway Growth Finance during the second quarter worth $51,000. Perigon Wealth Management LLC purchased a new position in shares of Runway Growth Finance in the second quarter valued at $56,000. Finally, Osaic Holdings Inc. boosted its stake in shares of Runway Growth Finance by 92.6% in the second quarter. Osaic Holdings Inc. now owns 5,515 shares of the company’s stock valued at $59,000 after purchasing an additional 2,651 shares during the period. 64.61% of the stock is currently owned by hedge funds and other institutional investors.

About Runway Growth Finance

Runway Growth Finance, Inc is a publicly traded business development company that provides customized debt and equity financing solutions to high‐growth, venture‐backed companies. The firm specializes in structuring senior secured loans, unitranche facilities, second‐lien financings, convertible notes and equity co‐investments designed to extend the cash runway for late‐stage companies. Runway’s flexible capital offerings are aimed at supporting technology, life sciences and other innovation‐driven sectors as they pursue growth initiatives and prepare for liquidity events.

Originally launched in 2017 under the name Saratoga Investment Corp., the company rebranded as Runway Growth Finance in 2020 following the acquisition of an established middle‐market credit manager.