Prospect Capital (NASDAQ:PSEC) Issues Earnings Results

Prospect Capital (NASDAQ:PSEC) issued its quarterly earnings data on Monday. The financial services provider reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.09, Zacks reports. The company had revenue of $176.00 million for the quarter, compared to analysts’ expectations of $156.34 million. Prospect Capital had a negative net margin of 42.50% and a positive return on equity of 12.29%.

Prospect Capital Price Performance

Prospect Capital stock opened at $2.61 on Tuesday. Prospect Capital has a 52-week low of $2.45 and a 52-week high of $4.47. The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of -3.03 and a beta of 0.89. The company has a fifty day simple moving average of $2.68 and a 200-day simple moving average of $2.75. The company has a quick ratio of 1.22, a current ratio of 1.22 and a debt-to-equity ratio of 0.64.

Analyst Upgrades and Downgrades

Several brokerages have commented on PSEC. Weiss Ratings reissued a “sell (d)” rating on shares of Prospect Capital in a report on Thursday, January 22nd. Wall Street Zen upgraded shares of Prospect Capital from a “hold” rating to a “buy” rating in a research note on Saturday, December 6th. Two investment analysts have rated the stock with a Sell rating, According to MarketBeat.com, the company has an average rating of “Sell” and an average target price of $2.50.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Millennium Management LLC increased its holdings in shares of Prospect Capital by 356.3% in the 3rd quarter. Millennium Management LLC now owns 6,231,987 shares of the financial services provider’s stock worth $17,138,000 after acquiring an additional 4,866,312 shares during the period. Marshall Wace LLP raised its position in shares of Prospect Capital by 70.7% during the third quarter. Marshall Wace LLP now owns 6,668,376 shares of the financial services provider’s stock valued at $18,338,000 after buying an additional 2,761,351 shares during the last quarter. Balyasny Asset Management L.P. boosted its stake in Prospect Capital by 73.9% in the 2nd quarter. Balyasny Asset Management L.P. now owns 5,661,121 shares of the financial services provider’s stock valued at $18,002,000 after buying an additional 2,405,299 shares in the last quarter. Two Sigma Investments LP raised its position in Prospect Capital by 99.9% in the 3rd quarter. Two Sigma Investments LP now owns 4,096,924 shares of the financial services provider’s stock valued at $11,267,000 after purchasing an additional 2,047,189 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in Prospect Capital by 291.1% during the 2nd quarter. Bank of America Corp DE now owns 660,665 shares of the financial services provider’s stock worth $2,101,000 after purchasing an additional 491,749 shares during the last quarter. 9.06% of the stock is owned by hedge funds and other institutional investors.

About Prospect Capital

Prospect Capital Corporation is a publicly traded business development company listed on the Nasdaq stock exchange that specializes in providing private debt and equity financing solutions to middle-market companies across the United States. Structured as a closed-end, non-diversified management investment company under the Investment Company Act of 1940, Prospect Capital offers investors access to a diversified portfolio of senior secured loans, subordinated debt and selective equity interests in privately held businesses.

Since its founding in 2004, Prospect Capital has focused on tailoring financing structures to meet the growth, acquisition and recapitalization needs of its portfolio companies.