PennantPark Investment (NASDAQ:PNNT) Given New $5.00 Price Target at Truist Financial

PennantPark Investment (NASDAQ:PNNT) had its target price cut by Truist Financial from $6.00 to $5.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the asset manager’s stock. Truist Financial’s price target indicates a potential upside of 28.04% from the company’s previous close.

Other analysts also recently issued reports about the stock. Oppenheimer decreased their price objective on shares of PennantPark Investment from $6.00 to $5.00 and set a “market perform” rating on the stock in a research report on Tuesday, May 12th. Keefe, Bruyette & Woods decreased their price objective on shares of PennantPark Investment from $5.00 to $4.50 and set an “underperform” rating on the stock in a research report on Thursday, April 16th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $5.10.

PennantPark Investment Price Performance

Shares of PNNT stock traded down $0.17 on Tuesday, hitting $3.91. 793,528 shares of the stock traded hands, compared to its average volume of 742,711. The firm has a market cap of $254.98 million, a price-to-earnings ratio of 15.02 and a beta of 0.63. PennantPark Investment has a 52 week low of $3.90 and a 52 week high of $7.53. The firm has a 50 day simple moving average of $4.58 and a two-hundred day simple moving average of $5.41. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.47 and a quick ratio of 0.47.

Insider Buying and Selling

In related news, CFO Richard T. Allorto, Jr. purchased 15,000 shares of the firm’s stock in a transaction on Wednesday, March 11th. The shares were acquired at an average price of $4.88 per share, for a total transaction of $73,200.00. Following the purchase, the chief financial officer directly owned 30,000 shares in the company, valued at $146,400. This trade represents a 100.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.00% of the stock is currently owned by insiders.

Institutional Trading of PennantPark Investment

Hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC increased its holdings in shares of PennantPark Investment by 100.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,695 shares of the asset manager’s stock worth $25,000 after buying an additional 1,853 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in shares of PennantPark Investment in the 3rd quarter worth about $32,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of PennantPark Investment by 127,180.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 6,364 shares of the asset manager’s stock worth $38,000 after buying an additional 6,359 shares during the last quarter. Advisory Services Network LLC bought a new stake in shares of PennantPark Investment in the 3rd quarter worth about $38,000. Finally, Apollon Wealth Management LLC bought a new stake in shares of PennantPark Investment in the 1st quarter worth about $46,000. Hedge funds and other 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.