Portman Ridge Finance (NASDAQ:PTMN) Shares Up 1.2% – Here’s What Happened

Portman Ridge Finance Corporation (NASDAQ:PTMN)’s share price rose 1.2% during mid-day trading on Monday . The company traded as high as $8.17 and last traded at $8.12. Approximately 79,225 shares were traded during mid-day trading, an increase of 50% from the average daily volume of 52,829 shares. The stock had previously closed at $8.02.

Portman Ridge Finance Stock Down 0.5%

The company’s fifty day simple moving average is $9.22 and its 200-day simple moving average is $11.15. The company has a debt-to-equity ratio of 1.54, a current ratio of 3.11 and a quick ratio of 3.11. The firm has a market capitalization of $106.33 million, a PE ratio of -8.67 and a beta of 0.60.

Institutional Investors Weigh In On Portman Ridge Finance

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Arlington Trust Co LLC grew its stake in shares of Portman Ridge Finance by 100.0% during the third quarter. Arlington Trust Co LLC now owns 3,000 shares of the company’s stock worth $35,000 after acquiring an additional 1,500 shares during the last quarter. Perigon Wealth Management LLC purchased a new position in shares of Portman Ridge Finance in the 3rd quarter valued at approximately $121,000. Royal Bank of Canada boosted its stake in Portman Ridge Finance by 69.9% in the 1st quarter. Royal Bank of Canada now owns 16,354 shares of the company’s stock worth $235,000 after purchasing an additional 6,730 shares in the last quarter. Cruiser Capital Advisors LLC acquired a new stake in Portman Ridge Finance in the 3rd quarter worth approximately $236,000. Finally, Squarepoint Ops LLC purchased a new stake in Portman Ridge Finance during the 2nd quarter worth approximately $574,000. 30.14% of the stock is currently owned by hedge funds and other institutional investors.

About Portman Ridge Finance

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.