PennantPark Investment (NASDAQ:PNNT) Price Target Cut to $7.00 by Analysts at Truist Financial

PennantPark Investment (NASDAQ:PNNT) had its target price cut by equities researchers at Truist Financial from $8.00 to $7.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the asset manager’s stock. Truist Financial’s target price would indicate a potential upside of 15.42% from the stock’s current price.

Several other analysts have also weighed in on the stock. Keefe, Bruyette & Woods lowered their price objective on shares of PennantPark Investment from $6.25 to $5.50 and set an “underperform” rating for the company in a research note on Wednesday. JPMorgan Chase & Co. decreased their price target on shares of PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $5.94.

PennantPark Investment Trading Up 0.6%

NASDAQ PNNT traded up $0.04 during trading hours on Wednesday, hitting $6.07. 464,150 shares of the company’s stock were exchanged, compared to its average volume of 500,466. PennantPark Investment has a 1-year low of $5.72 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. The stock has a 50-day simple moving average of $6.52 and a 200 day simple moving average of $6.83. The firm has a market cap of $396.02 million, a price-to-earnings ratio of 23.33 and a beta of 0.97.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its stake in PennantPark Investment by 100.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,695 shares of the asset manager’s stock valued at $25,000 after acquiring an additional 1,853 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of PennantPark Investment in the third quarter valued at about $32,000. Quarry LP bought a new position in shares of PennantPark Investment during the first quarter valued at about $34,000. First Horizon Advisors Inc. purchased a new position in PennantPark Investment during the second quarter worth about $35,000. Finally, Advisory Services Network LLC bought a new stake in PennantPark Investment in the 3rd quarter worth about $38,000. Institutional investors own 26.62% of the company’s stock.

PennantPark Investment Company Profile

PennantPark Investment Corporation, a business development company is a private equity fund specializes in direct and mezzanine investments in middle market companies. It invests in the form of mezzanine debt, senior secured loans, and equity investments. The fund typically invests in buildings and real estate, hotels, gaming and leisure, technology, telecommunications, transportation, information technology services, electronics, healthcare & pharmaceuticals, education and childcare, financial services, printing and publishing, consumer products, business services, energy & Related Services and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, building materials, capital equipment, chemicals, plastics, & rubber, food & beverage, wholesale, manufacturing and basic industries and retail.