PennantPark Investment Corporation (NASDAQ:PNNT) was upgraded by BidaskClub from a “sell” rating to a “hold” rating in a research report issued on Friday.

Several other equities analysts have also recently commented on PNNT. J P Morgan Chase & Co raised shares of PennantPark Investment Corporation from a “neutral” rating to an “overweight” rating and raised their target price for the company from $8.00 to $8.50 in a research note on Wednesday. Keefe, Bruyette & Woods set a $9.00 target price on shares of PennantPark Investment Corporation and gave the company a “hold” rating in a research note on Saturday, June 24th. Jefferies Group LLC reissued a “hold” rating and set a $8.00 target price on shares of PennantPark Investment Corporation in a research note on Friday, July 14th. Zacks Investment Research cut shares of PennantPark Investment Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday, July 18th. Finally, Compass Point assumed coverage on shares of PennantPark Investment Corporation in a research note on Thursday, July 13th. They set a “buy” rating and a $8.50 target price on the stock. One analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $8.19.

PennantPark Investment Corporation (NASDAQ PNNT) traded down 0.90% during mid-day trading on Friday, reaching $7.69. 148,610 shares of the company were exchanged. PennantPark Investment Corporation has a 12 month low of $6.86 and a 12 month high of $8.68. The company’s 50 day moving average price is $7.45 and its 200-day moving average price is $7.81.

PennantPark Investment Corporation (NASDAQ:PNNT) last released its earnings results on Monday, August 7th. The asset manager reported $0.18 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by $0.02. The company had revenue of $31.10 million for the quarter, compared to analyst estimates of $31.09 million. PennantPark Investment Corporation had a net margin of 53.92% and a return on equity of 9.11%. The firm’s quarterly revenue was down 12.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.25 EPS. On average, equities analysts predict that PennantPark Investment Corporation will post $0.83 EPS for the current year.

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In other PennantPark Investment Corporation news, CEO Arthur H. Penn acquired 17,000 shares of PennantPark Investment Corporation stock in a transaction dated Tuesday, May 16th. The stock was bought at an average price of $7.77 per share, for a total transaction of $132,090.00. Following the transaction, the chief executive officer now owns 183,400 shares in the company, valued at approximately $1,425,018. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Arthur H. Penn acquired 32,000 shares of PennantPark Investment Corporation stock in a transaction dated Wednesday, May 17th. The shares were acquired at an average price of $7.72 per share, with a total value of $247,040.00. Following the transaction, the chairman now owns 183,400 shares in the company, valued at approximately $1,415,848. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 109,000 shares of company stock valued at $844,010. Insiders own 1.90% of the company’s stock.

Several institutional investors have recently bought and sold shares of PNNT. Global X Management Co. LLC raised its position in PennantPark Investment Corporation by 50.1% in the first quarter. Global X Management Co. LLC now owns 16,664 shares of the asset manager’s stock valued at $136,000 after buying an additional 5,563 shares during the period. Stifel Financial Corp raised its position in PennantPark Investment Corporation by 43.8% in the first quarter. Stifel Financial Corp now owns 18,400 shares of the asset manager’s stock valued at $147,000 after buying an additional 5,600 shares during the period. Stephens Inc. AR raised its position in PennantPark Investment Corporation by 44.8% in the second quarter. Stephens Inc. AR now owns 23,964 shares of the asset manager’s stock valued at $177,000 after buying an additional 7,414 shares during the period. BlueCrest Capital Management Ltd acquired a new position in PennantPark Investment Corporation during the first quarter valued at $217,000. Finally, Private Advisor Group LLC raised its position in PennantPark Investment Corporation by 0.6% in the second quarter. Private Advisor Group LLC now owns 28,606 shares of the asset manager’s stock valued at $212,000 after buying an additional 166 shares during the period. Institutional investors own 43.84% of the company’s stock.

PennantPark Investment Corporation Company Profile

PennantPark Investment Corporation is a closed-end, non-diversified investment company. The Company is a business development company. Its objectives are to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments primarily made to the United States middle-market companies in the form of senior secured debt, mezzanine debt and equity investments.

Analyst Recommendations for PennantPark Investment Corporation (NASDAQ:PNNT)

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