Portman Ridge Finance (NASDAQ:PTMN) Shares Down 0.5% – Here’s What Happened

Portman Ridge Finance Corporation (NASDAQ:PTMN)’s stock price dropped 0.5% on Wednesday . The company traded as low as $7.29 and last traded at $7.30. 63,930 shares traded hands during trading, an increase of 37% from the average daily volume of 46,716 shares. The stock had previously closed at $7.34.

Portman Ridge Finance Price Performance

The firm’s 50 day moving average price is $7.49 and its two-hundred day moving average price is $9.23. The company has a debt-to-equity ratio of 1.54, a current ratio of 3.11 and a quick ratio of 3.11. The stock has a market cap of $96.30 million, a PE ratio of -7.85 and a beta of 0.60.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Punch & Associates Investment Management Inc. bought a new stake in Portman Ridge Finance during the 3rd quarter valued at $4,210,000. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Portman Ridge Finance by 7.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 250,085 shares of the company’s stock worth $2,999,000 after acquiring an additional 17,731 shares during the period. Marshall Wace LLP bought a new position in shares of Portman Ridge Finance in the second quarter worth $822,000. Cruiser Capital Advisors LLC purchased a new position in shares of Portman Ridge Finance in the third quarter valued at $236,000. Finally, Royal Bank of Canada grew its position in shares of Portman Ridge Finance by 69.9% in the first quarter. Royal Bank of Canada now owns 16,354 shares of the company’s stock valued at $235,000 after purchasing an additional 6,730 shares in the last quarter. 30.14% of the stock is currently owned by hedge funds and other institutional investors.

Portman Ridge Finance Company Profile

Portman Ridge Finance (NASDAQ: PTMN) is a publicly traded, closed-end management investment company that has elected to be regulated as a Business Development Company (BDC) under the Investment Company Act of 1940. Since its formation in 2015, the firm has focused on providing customized financing solutions to U.S. middle-market companies, including senior secured loans, unitranche instruments, mezzanine debt and select equity co?investments. Its flexible approach allows Portman Ridge to structure transactions that address a range of sponsor-backed and privately negotiated financing needs.

The company’s portfolio spans a variety of industry sectors such as healthcare, business services, consumer goods and industrials.