Envestnet Asset Management Inc. Decreases Stake in MidCap Financial Investment Corporation (NASDAQ:MFIC)

Key Points

• Envestnet Asset Management Inc. sold 67,132 shares of MidCap Financial Investment Corporation, reducing its position by 60% and holding 44,824 shares thereafter, valued at $576,000.
• Wells Fargo & Company and other analysts lowered their price targets for MidCap Financial Investment, with ratings ranging from "buy" to "hold" and an average target now at $13.50.
• MidCap Financial Investment reported earnings of $0.37 EPS for the last quarter, which fell short of the consensus estimate of $0.39 EPS, along with revenue of $78.70 million, below expectations of $82.49 million.

Envestnet Asset Management Inc. lessened its position in shares of MidCap Financial Investment Corporation (NASDAQ:MFIC - Free Report) by 60.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 44,824 shares of the company's stock after selling 67,132 shares during the quarter. Envestnet Asset Management Inc.'s holdings in MidCap Financial Investment were worth $576,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Kingstone Capital Partners Texas LLC acquired a new position in shares of MidCap Financial Investment during the 4th quarter worth $156,000. Accel Wealth Management raised its stake in shares of MidCap Financial Investment by 8.5% during the 1st quarter. Accel Wealth Management now owns 13,651 shares of the company's stock worth $176,000 after buying an additional 1,074 shares during the last quarter. ProShare Advisors LLC raised its stake in shares of MidCap Financial Investment by 63.7% during the 4th quarter. ProShare Advisors LLC now owns 18,141 shares of the company's stock worth $245,000 after buying an additional 7,062 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in MidCap Financial Investment by 8.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 20,667 shares of the company's stock worth $266,000 after purchasing an additional 1,578 shares in the last quarter. Finally, Generali Investments CEE investicni spolecnost a.s. purchased a new stake in MidCap Financial Investment during the 1st quarter worth about $292,000. Institutional investors and hedge funds own 28.45% of the company's stock.

MidCap Financial Investment Trading Up 1.0%

MFIC traded up $0.13 during midday trading on Friday, hitting $12.59. The company's stock had a trading volume of 383,737 shares, compared to its average volume of 332,605. The company has a current ratio of 5.98, a quick ratio of 5.98 and a debt-to-equity ratio of 1.39. The firm has a market cap of $1.17 billion, a P/E ratio of 10.15 and a beta of 0.99. The firm has a 50-day moving average price of $12.74 and a two-hundred day moving average price of $12.84. MidCap Financial Investment Corporation has a 52-week low of $10.18 and a 52-week high of $14.74.

MidCap Financial Investment (NASDAQ:MFIC - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.02). The business had revenue of $78.70 million during the quarter, compared to analysts' expectations of $82.49 million. MidCap Financial Investment had a net margin of 33.21% and a return on equity of 10.66%. On average, research analysts anticipate that MidCap Financial Investment Corporation will post 1.73 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on MFIC shares. Wells Fargo & Company dropped their price objective on MidCap Financial Investment from $14.00 to $13.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. JPMorgan Chase & Co. dropped their price objective on MidCap Financial Investment from $13.50 to $11.50 and set a "neutral" rating for the company in a research report on Thursday, April 24th. Keefe, Bruyette & Woods cut MidCap Financial Investment from an "outperform" rating to a "market perform" rating and set a $14.00 price objective for the company. in a research report on Wednesday, July 23rd. Finally, Truist Financial dropped their price objective on MidCap Financial Investment from $16.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday, May 14th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $13.50.

MidCap Financial Investment Profile

MidCap Financial Investment Corporation (Former name Apollo Investment Corporation) is business development company and a closed-end, externally managed, non-diversified management investment company. It is elected to be treated as a business development company (BDC) under the Investment Company Act of 1940 (the 1940 Act) specializing in private equity investments in leveraged buyouts, acquisitions, recapitalizations, growth capital, refinancing and private middle market companies.