Portman Ridge Finance (NASDAQ:PTMN) Shares Down 0.5% – Here’s What Happened

Shares of Portman Ridge Finance Corporation (NASDAQ:PTMN) dropped 0.5% during trading on Wednesday . The company traded as low as $7.29 and last traded at $7.30. Approximately 63,930 shares were traded during trading, an increase of 37% from the average session volume of 46,716 shares. The stock had previously closed at $7.34.

Portman Ridge Finance Stock Performance

The company has a debt-to-equity ratio of 1.54, a quick ratio of 3.11 and a current ratio of 3.11. The firm has a market capitalization of $97.23 million, a price-to-earnings ratio of -7.92 and a beta of 0.60. The company has a fifty day moving average of $7.48 and a two-hundred day moving average of $9.20.

Institutional Investors Weigh In On Portman Ridge Finance

A number of hedge funds and other institutional investors have recently made changes to their positions in PTMN. Royal Bank of Canada raised its stake in Portman Ridge Finance by 69.9% in the first quarter. Royal Bank of Canada now owns 16,354 shares of the company’s stock valued at $235,000 after purchasing an additional 6,730 shares in the last quarter. Cruiser Capital Advisors LLC bought a new position in shares of Portman Ridge Finance in the 3rd quarter valued at $236,000. Marshall Wace LLP acquired a new stake in shares of Portman Ridge Finance during the second quarter valued at about $822,000. Wealth Enhancement Advisory Services LLC grew its holdings in Portman Ridge Finance by 7.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 250,085 shares of the company’s stock worth $2,999,000 after acquiring an additional 17,731 shares during the last quarter. Finally, Punch & Associates Investment Management Inc. bought a new stake in shares of Portman Ridge Finance in the third quarter worth $4,210,000. 30.14% of the stock is currently owned by institutional investors and hedge funds.

Portman Ridge Finance Company Profile

Portman Ridge Finance (NASDAQ: PTMN) is a publicly traded, closed-end management investment company that has elected to be regulated as a Business Development Company (BDC) under the Investment Company Act of 1940. Since its formation in 2015, the firm has focused on providing customized financing solutions to U.S. middle-market companies, including senior secured loans, unitranche instruments, mezzanine debt and select equity co‐investments. Its flexible approach allows Portman Ridge to structure transactions that address a range of sponsor-backed and privately negotiated financing needs.

The company’s portfolio spans a variety of industry sectors such as healthcare, business services, consumer goods and industrials.