Keefe, Bruyette & Woods Lowers PennantPark Investment (NASDAQ:PNNT) Price Target to $4.50

PennantPark Investment (NASDAQ:PNNT) had its target price cut by analysts at Keefe, Bruyette & Woods from $5.00 to $4.50 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “underperform” rating on the asset manager’s stock. Keefe, Bruyette & Woods’ price target indicates a potential downside of 5.36% from the stock’s previous close.

PennantPark Investment Stock Up 3.1%

PennantPark Investment stock opened at $4.76 on Thursday. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.47 and a quick ratio of 0.47. PennantPark Investment has a 1-year low of $4.29 and a 1-year high of $7.53. The company has a market cap of $310.48 million, a PE ratio of 18.29 and a beta of 0.68. The stock’s 50 day moving average price is $4.81 and its 200 day moving average price is $5.69.

Insider Transactions at PennantPark Investment

In other news, CFO Richard T. Allorto, Jr. acquired 15,000 shares of PennantPark Investment stock in a transaction that occurred on Wednesday, March 11th. The stock was purchased at an average cost of $4.88 per share, with a total value of $73,200.00. Following the completion of the acquisition, 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 document filed with the SEC, which is available through the SEC website. Corporate insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On PennantPark Investment

Several hedge funds and other institutional investors have recently bought and sold shares of PNNT. Creative Planning raised its holdings in PennantPark Investment by 26.4% during the second quarter. Creative Planning now owns 33,369 shares of the asset manager’s stock worth $228,000 after purchasing an additional 6,964 shares during the last quarter. Quantbot Technologies LP acquired a new position in PennantPark Investment during the second quarter worth $132,000. EverSource Wealth Advisors LLC raised its holdings in PennantPark Investment by 100.6% during the second quarter. EverSource Wealth Advisors LLC now owns 3,695 shares of the asset manager’s stock worth $25,000 after purchasing an additional 1,853 shares during the last quarter. Brevan Howard Capital Management LP acquired a new position in PennantPark Investment during the second quarter worth $269,000. Finally, CANADA LIFE ASSURANCE Co raised its holdings in PennantPark Investment by 6.5% during the second quarter. CANADA LIFE ASSURANCE Co now owns 67,685 shares of the asset manager’s stock worth $463,000 after purchasing an additional 4,158 shares during the last quarter. 26.62% of the stock is owned by institutional investors and hedge funds.

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.