Solar Capital Ltd. (NASDAQ:SLRC) was the recipient of a significant growth in short interest during the month of July. As of July 15th, there was short interest totalling 303,200 shares, a growth of 77.2% from the June 30th total of 171,100 shares. Approximately 0.8% of the company’s stock are short sold. Based on an average daily trading volume, of 163,100 shares, the days-to-cover ratio is currently 1.9 days.
A number of research analysts have recently issued reports on SLRC shares. Oppenheimer reiterated a “buy” rating and set a $19.00 price objective on shares of Solar Capital in a report on Sunday, May 10th. JPMorgan Chase & Co. cut their price target on shares of Solar Capital from $21.50 to $17.00 and set an “overweight” rating on the stock in a report on Monday, May 4th. JMP Securities cut their price target on shares of Solar Capital from $21.50 to $18.50 and set a “market outperform” rating on the stock in a report on Monday, May 11th. Zacks Investment Research cut shares of Solar Capital from a “hold” rating to a “sell” rating in a report on Friday, May 8th. Finally, BidaskClub upgraded shares of Solar Capital from a “sell” rating to a “hold” rating in a report on Friday. Two analysts have rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $18.42.
Several large investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. purchased a new stake in Solar Capital in the 1st quarter worth approximately $25,000. First Pacific Advisors LP purchased a new position in shares of Solar Capital in the first quarter valued at $26,000. Tower Research Capital LLC TRC bought a new stake in Solar Capital in the first quarter worth $27,000. Envestnet Asset Management Inc. lifted its position in Solar Capital by 22.4% in the first quarter. Envestnet Asset Management Inc. now owns 11,904 shares of the financial services provider’s stock worth $139,000 after buying an additional 2,179 shares during the last quarter. Finally, GM Advisory Group Inc. bought a new stake in Solar Capital in the first quarter worth $141,000. 57.58% of the stock is currently owned by hedge funds and other institutional investors.
Solar Capital (NASDAQ:SLRC) last posted its quarterly earnings results on Thursday, May 7th. The financial services provider reported $0.38 EPS for the quarter, missing the Zacks’ consensus estimate of $0.42 by ($0.04). The firm had revenue of $32.90 million for the quarter, compared to the consensus estimate of $37.43 million. Solar Capital had a negative net margin of 29.85% and a positive return on equity of 7.82%. As a group, equities research analysts predict that Solar Capital will post 1.43 earnings per share for the current year.
About Solar Capital
Solar Capital Ltd. is a business development company specializing in secured debt (first lien unitranche and second lien), subordinated (unsecured) debt, minority equity, and strategic income-oriented control equity investments in leveraged middle market companies. The fund invests in aerospace and defense; air freight & logistics; asset management; automotive; banking; beverage, food and tobacco; building products; buildings and real estate; broadcasting and entertainment; cargo transport; commercial services and supplies; communications equipment; chemicals, plastics and rubber; containers, packaging and glass; construction & engineering; diversified/conglomerate manufacturing; consumer Finance; distributors; diversified/conglomerate services; diversified financial services; diversified real estate sctivities; food products; Footwear; Education Services; diversified telecommunications services; electronics; farming and agriculture; finance; grocery; health care equipment and supplies; health care facilities; education and childcare; home and office furnishing, durable consumer products; hotels, motels, inns and gaming; insurance; restaurants, leisure, amusement, and entertainment; leisure equipment tolls and services, media, multiline retail, multi sector holdings; paper and forest products; personal products; professional services, research and consulting services, software; specialty retail; textiles apparel and luxury goods, thrifts and mortgage finance, trading companies and distributors, utilities, and wireless telecommunication services; industrial conglomerates; internet software and services, IT services, machinery; mining, steel, iron, and non precious metals; oil and gas; personal, food and miscellaneous services; printing and publishing; retail stores; telecommunications; textiles and leather; and utilities.
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