Legal & General Group Plc Purchases Shares of 386,211 Horizon Technology Finance Corporation $HRZN

Key Points

• Legal & General Group Plc acquired 386,211 shares of Horizon Technology Finance in the second quarter, worth approximately $1.82 million and representing a 0.58% stake. Hedge funds and institutional investors collectively own 4.94% of HRZN.
• Company insiders also increased their holdings, with insiders purchasing 134,977 shares worth about $586,000 during the latest quarter.
• Analysts maintain a consensus “Hold” rating with a $5.00 target price. HRZN recently traded at $4.84, while its quarterly earnings of $0.11 per share missed estimates and its monthly $0.06 dividend implies a 14.9% annualized yield.

Legal & General Group Plc purchased a new position in Horizon Technology Finance Corporation (NASDAQ:HRZN - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 386,211 shares of the investment management company's stock, valued at approximately $1,821,000. Legal & General Group Plc owned 0.58% of Horizon Technology Finance at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Tower Research Capital LLC TRC purchased a new position in shares of Horizon Technology Finance during the 2nd quarter valued at $60,000. Sanctuary Advisors LLC bought a new stake in Horizon Technology Finance during the first quarter valued at about $50,000. HRT Financial LP bought a new stake in Horizon Technology Finance during the fourth quarter valued at about $77,000. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Horizon Technology Finance in the first quarter valued at about $52,000. Finally, Chapin Davis Inc. bought a new position in shares of Horizon Technology Finance in the second quarter worth about $60,000. 4.94% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Horizon Technology Finance news, CFO Daniel R. Trolio purchased 11,500 shares of the firm's stock in a transaction that occurred on Wednesday, June 10th. The stock was purchased at an average cost of $4.34 per share, with a total value of $49,910.00. Following the purchase, the chief financial officer owned 15,023 shares of the company's stock, valued at approximately $65,199.82. The trade was a 326.43% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jonathan Joseph Goodman bought 6,000 shares of the firm's stock in a transaction dated Tuesday, June 9th. The shares were acquired at an average price of $4.33 per share, with a total value of $25,980.00. Following the completion of the transaction, the director owned 8,312 shares of the company's stock, valued at approximately $35,990.96. The trade was a 259.52% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have bought 134,977 shares of company stock valued at $585,975. 0.29% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

HRZN has been the subject of several research analyst reports. Compass Point began coverage on Horizon Technology Finance in a research report on Thursday, August 27th. They set a "buy" rating and a $5.50 target price for the company. Weiss Ratings downgraded Horizon Technology Finance from a "sell (d+)" rating to a "sell (d)" rating in a research note on Wednesday, August 19th. Oppenheimer cut their price objective on shares of Horizon Technology Finance from $6.00 to $5.00 and set a "market perform" rating for the company in a report on Friday, August 7th. Keefe, Bruyette & Woods lowered their target price on shares of Horizon Technology Finance from $5.00 to $4.50 and set a "market perform" rating on the stock in a report on Friday, August 21st. Finally, UBS Group upped their target price on shares of Horizon Technology Finance from $4.25 to $4.50 and gave the stock a "neutral" rating in a research report on Tuesday, September 1st. One analyst has rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $5.00.

Horizon Technology Finance Stock Performance

HRZN stock opened at $4.84 on Monday. The firm has a fifty day moving average price of $4.68 and a 200 day moving average price of $4.59. Horizon Technology Finance Corporation has a fifty-two week low of $3.80 and a fifty-two week high of $6.98. The firm has a market cap of $324.43 million, a PE ratio of 13.44 and a beta of 0.99.

Horizon Technology Finance (NASDAQ:HRZN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The investment management company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.02). The business had revenue of ($44.66) million during the quarter, compared to the consensus estimate of $25.22 million. Horizon Technology Finance had a return on equity of 11.15% and a net margin of 5.27%. On average, equities analysts predict that Horizon Technology Finance Corporation will post 0.63 EPS for the current year.

Horizon Technology Finance Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, November 17th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Tuesday, November 17th. This represents a c) annualized dividend and a dividend yield of 14.9%. Horizon Technology Finance's payout ratio is currently 200.00%.

Horizon Technology Finance Company Profile

Horizon Technology Finance Corporation is a specialty finance company organized as a business development company (BDC) that provides private credit solutions to venture capital and private equity-backed technology, life science and healthcare companies. The firm targets companies at various stages of development, offering secured debt financing structures such as first‐lien and second‐lien loans, as well as equity co‐investment opportunities in select portfolio companies.

Horizon Technology Finance's investment strategy emphasizes deployment of capital in U.S.‐based enterprises with proven technology, strong management teams and clear paths to growth.

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