PennantPark Investment (NASDAQ:PNNT – Get Free Report) had its target price cut by equities researchers at Oppenheimer from $6.00 to $5.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “market perform” rating on the asset manager’s stock. Oppenheimer’s price objective suggests a potential upside of 16.96% from the company’s current price.
Separately, Keefe, Bruyette & Woods lowered their price target on PennantPark Investment from $5.00 to $4.50 and set an “underperform” rating on the stock in a research report on Thursday, April 16th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $5.50.
Check Out Our Latest Stock Report on PennantPark Investment
PennantPark Investment Price Performance
Insiders Place Their Bets
In other PennantPark Investment news, CFO Richard T. Allorto, Jr. acquired 15,000 shares of the business’s stock in a transaction on Wednesday, March 11th. The stock was purchased at an average price of $4.88 per share, for a total transaction of $73,200.00. Following the transaction, the chief financial officer owned 30,000 shares in the company, valued at $146,400. This trade represents a 100.00% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.00% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the business. AlphaCentric Advisors LLC acquired a new position in PennantPark Investment during the 1st quarter worth about $700,000. Apollon Wealth Management LLC bought a new position in shares of PennantPark Investment in the first quarter worth about $46,000. Caitong International Asset Management Co. Ltd raised its stake in shares of PennantPark Investment by 127,180.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 6,364 shares of the asset manager’s stock worth $38,000 after acquiring an additional 6,359 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of PennantPark Investment during the fourth quarter worth approximately $187,000. Finally, Sunbelt Securities Inc. lifted its position in shares of PennantPark Investment by 68.6% during the fourth quarter. Sunbelt Securities Inc. now owns 175,787 shares of the asset manager’s stock worth $1,048,000 after purchasing an additional 71,542 shares in the last quarter. 26.62% of the stock is owned by institutional investors.
About PennantPark Investment
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.
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