Keefe, Bruyette & Woods Issues Pessimistic Forecast for PennantPark Investment (NASDAQ:PNNT) Stock Price

PennantPark Investment (NASDAQ:PNNT) had its price target lowered by research analysts at Keefe, Bruyette & Woods from $5.50 to $5.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “underperform” rating on the asset manager’s stock. Keefe, Bruyette & Woods’ target price would indicate a potential downside of 3.94% from the stock’s previous close.

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

PennantPark Investment Stock Performance

PennantPark Investment stock traded up $0.03 during mid-day trading on Friday, reaching $5.21. 487,397 shares of the company traded hands, compared to its average volume of 697,927. The firm’s fifty day moving average is $5.89 and its two-hundred day moving average is $6.44. The company has a market capitalization of $339.87 million, a price-to-earnings ratio of 20.02 and a beta of 0.64. PennantPark Investment has a fifty-two week low of $5.08 and a fifty-two week high of $7.53. 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 Transactions at PennantPark Investment

In related news, Director Jeffrey Flug sold 121,533 shares of the firm’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $5.92, for a total transaction of $719,475.36. Following the sale, the director owned 32,382 shares in the company, valued at approximately $191,701.44. This trade represents a 78.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 235,936 shares of company stock worth $1,397,761 over the last quarter. Corporate insiders own 3.00% of the company’s stock.

Institutional Trading of PennantPark Investment

Several institutional investors have recently modified their holdings of PNNT. Kovack Advisors Inc. increased its holdings in shares of PennantPark Investment by 2.7% during the 2nd quarter. Kovack Advisors Inc. now owns 67,850 shares of the asset manager’s stock worth $464,000 after buying an additional 1,800 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in PennantPark Investment by 100.6% in the second quarter. EverSource Wealth Advisors LLC now owns 3,695 shares of the asset manager’s stock worth $25,000 after acquiring an additional 1,853 shares during the period. Confluence Investment Management LLC grew its position in PennantPark Investment by 11.7% in the third quarter. Confluence Investment Management LLC now owns 27,495 shares of the asset manager’s stock worth $184,000 after acquiring an additional 2,872 shares during the period. Brookstone Capital Management increased its stake in PennantPark Investment by 29.2% during the third quarter. Brookstone Capital Management now owns 13,453 shares of the asset manager’s stock worth $90,000 after acquiring an additional 3,038 shares during the last quarter. Finally, Founders Financial Alliance LLC raised its position in PennantPark Investment by 5.6% in the third quarter. Founders Financial Alliance LLC now owns 65,629 shares of the asset manager’s stock valued at $440,000 after purchasing an additional 3,502 shares during the period. Institutional investors and hedge funds 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.