Compass Point Reaffirms “Sell” Rating for PennantPark Investment (NASDAQ:PNNT)

PennantPark Investment (NASDAQ:PNNT)‘s stock had its “sell” rating reiterated by Compass Point in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $5.75 target price on the asset manager’s stock, down from their previous target price of $6.00. Compass Point’s price target points to a potential downside of 16.79% from the company’s previous close.

Several other analysts have also recently issued reports on the company. JPMorgan Chase & Co. dropped their target price on PennantPark Investment from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Thursday, April 24th. StockNews.com upgraded PennantPark Investment from a “sell” rating to a “hold” rating in a report on Wednesday, May 14th. Finally, LADENBURG THALM/SH SH upgraded PennantPark Investment to a “hold” rating in a research note on Wednesday, May 14th.

PennantPark Investment Price Performance

Shares of NASDAQ PNNT opened at $6.91 on Wednesday. PennantPark Investment has a 52 week low of $5.72 and a 52 week high of $8.04. The stock has a market capitalization of $451.20 million, a price-to-earnings ratio of 26.58 and a beta of 1.02. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.56. The firm has a 50-day simple moving average of $6.63 and a 200-day simple moving average of $6.88.

Insider Activity

In related news, Director Jose A. Briones bought 3,640 shares of the company’s stock in a transaction dated Wednesday, May 14th. The shares were acquired at an average price of $6.88 per share, with a total value of $25,043.20. Following the completion of the acquisition, the director now owns 268,972 shares in the company, valued at approximately $1,850,527.36. This trade represents a 1.37% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On PennantPark Investment

Hedge funds and other institutional investors have recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. raised its position in PennantPark Investment by 7.3% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 35,882 shares of the asset manager’s stock worth $252,000 after acquiring an additional 2,445 shares in the last quarter. Cornerstone Wealth Management LLC increased its position in PennantPark Investment by 2.8% during the fourth quarter. Cornerstone Wealth Management LLC now owns 118,991 shares of the asset manager’s stock worth $842,000 after purchasing an additional 3,210 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of PennantPark Investment by 7.6% in the 4th quarter. Thrivent Financial for Lutherans now owns 46,704 shares of the asset manager’s stock worth $331,000 after purchasing an additional 3,283 shares during the period. NewEdge Wealth LLC lifted its holdings in shares of PennantPark Investment by 1.2% during the 4th quarter. NewEdge Wealth LLC now owns 286,789 shares of the asset manager’s stock valued at $2,030,000 after acquiring an additional 3,470 shares in the last quarter. Finally, Founders Financial Alliance LLC lifted its position in PennantPark Investment by 8.0% during the 4th quarter. Founders Financial Alliance LLC now owns 58,642 shares of the asset manager’s stock worth $415,000 after acquiring an additional 4,352 shares in the last quarter. 26.62% of the stock is currently owned by hedge funds and other institutional investors.

About PennantPark Investment

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.