PennantPark Investment (NASDAQ:PNNT) Price Target Cut to $5.00 by Analysts at Keefe, Bruyette & Woods

PennantPark Investment (NASDAQ:PNNT) had its price objective decreased by analysts at Keefe, Bruyette & Woods from $5.50 to $5.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “underperform” rating on the asset manager’s stock. Keefe, Bruyette & Woods’ price target indicates a potential downside of 3.94% from the company’s previous close.

Several other equities research analysts have also recently issued reports on PNNT. JPMorgan Chase & Co. reduced their target price on PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating on the stock in a report on Wednesday, November 26th. Truist Financial reduced their price objective on PennantPark Investment from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, November 26th. Finally, Compass Point upgraded PennantPark Investment from a “sell” rating to a “neutral” rating and lowered their target price for the company from $5.75 to $5.50 in a research report on Wednesday, December 3rd. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, PennantPark Investment currently has an average rating of “Hold” and an average price target of $5.75.

PennantPark Investment Price Performance

PNNT traded up $0.03 during trading on Friday, hitting $5.21. 487,397 shares of the company traded hands, compared to its average volume of 697,927. The company has a market cap of $339.87 million, a PE ratio of 20.02 and a beta of 0.64. The stock’s 50-day simple moving average is $5.89 and its two-hundred day simple moving average is $6.44. PennantPark Investment has a 1 year low of $5.08 and a 1 year high of $7.53. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.56.

Insider Buying and Selling

In related news, Director Jeffrey Flug sold 121,533 shares of the firm’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $5.92, for a total transaction of $719,475.36. Following the completion of the sale, the director directly owned 32,382 shares of the company’s stock, valued at approximately $191,701.44. This trade represents a 78.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders have sold 235,936 shares of company stock worth $1,397,761. Corporate insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its position in shares of PennantPark Investment by 100.6% during the second quarter. EverSource Wealth Advisors LLC now owns 3,695 shares of the asset manager’s stock worth $25,000 after purchasing an additional 1,853 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in PennantPark Investment during the 3rd quarter worth $32,000. First Horizon Advisors Inc. acquired a new position in PennantPark Investment during the 2nd quarter valued at about $35,000. Advisory Services Network LLC acquired a new position in PennantPark Investment during the 3rd quarter valued at about $38,000. Finally, Allworth Financial LP raised its stake in PennantPark Investment by 7,742.4% in the second quarter. Allworth Financial LP now owns 9,254 shares of the asset manager’s stock valued at $63,000 after buying an additional 9,136 shares during the last quarter. Institutional investors own 26.62% of the company’s stock.

PennantPark Investment Company Profile

PennantPark Investment Corporation is a publicly traded closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Since its formation in 2006, PennantPark has focused on providing customized financing solutions to middle-market companies across the United States. The firm’s investment advisory services are provided by PennantPark Investment Advisers, LLC, which sources and structures transactions tailored to the unique needs of its portfolio companies.

The company’s core strategy centers on debt and equity investments in U.S.-based businesses, typically those with annual revenues between $10 million and $200 million.