Needham Investment Management LLC Acquires 41,200 Shares of SURO Capital Corp. $SSSS

Key Points

• Needham Investment Management LLC increased its stake in SURO Capital Corp. by 12.2% during the 1st quarter, now owning 378,594 shares valued at approximately $1.88 million.
• Wall Street analysts have upgraded SURO Capital to a strong-buy rating, with price targets raised to around $10.00 by several firms.
• SURO Capital declared a quarterly dividend of $0.25 per share, resulting in an annualized dividend yield of 11.6%.

Needham Investment Management LLC boosted its stake in SURO Capital Corp. (NASDAQ:SSSS - Free Report) by 12.2% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 378,594 shares of the company's stock after buying an additional 41,200 shares during the period. Needham Investment Management LLC owned approximately 1.61% of SURO Capital worth $1,882,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Bank of America Corp DE grew its stake in SURO Capital by 11.2% in the 4th quarter. Bank of America Corp DE now owns 30,626 shares of the company's stock valued at $180,000 after buying an additional 3,092 shares during the last quarter. XTX Topco Ltd grew its stake in SURO Capital by 13.4% in the 1st quarter. XTX Topco Ltd now owns 27,072 shares of the company's stock valued at $135,000 after buying an additional 3,191 shares during the last quarter. Choreo LLC grew its stake in SURO Capital by 23.5% in the 1st quarter. Choreo LLC now owns 23,931 shares of the company's stock valued at $119,000 after buying an additional 4,551 shares during the last quarter. Millennium Management LLC acquired a new position in SURO Capital in the 4th quarter valued at about $65,000. Finally, Jane Street Group LLC acquired a new position in SURO Capital in the 4th quarter valued at about $67,000. Institutional investors and hedge funds own 12.95% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on SSSS shares. Wall Street Zen raised shares of SURO Capital from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 9th. Citigroup reissued an "outperform" rating on shares of SURO Capital in a report on Wednesday, July 16th. JMP Securities boosted their price objective on shares of SURO Capital from $8.00 to $10.00 and gave the company a "market outperform" rating in a report on Wednesday, July 16th. Barrington Research boosted their price objective on shares of SURO Capital from $9.00 to $10.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Finally, BTIG Research set a $10.00 price objective on shares of SURO Capital and gave the company a "buy" rating in a report on Tuesday, July 1st. Four equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, SURO Capital has an average rating of "Buy" and an average price target of $10.00.

Insider Buying and Selling

In related news, CEO Mark D. Klein acquired 10,000 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was acquired at an average price of $8.45 per share, with a total value of $84,500.00. Following the purchase, the chief executive officer directly owned 1,530,590 shares in the company, valued at approximately $12,933,485.50. This trade represents a 0.66% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 6.69% of the stock is currently owned by insiders.

SURO Capital Price Performance

NASDAQ:SSSS traded up $0.09 on Wednesday, hitting $8.79. The company had a trading volume of 240,875 shares, compared to its average volume of 236,508. The stock has a market capitalization of $209.98 million, a price-to-earnings ratio of -4.65 and a beta of 1.80. The company has a current ratio of 22.50, a quick ratio of 22.50 and a debt-to-equity ratio of 0.33. The firm has a 50 day moving average of $8.55 and a two-hundred day moving average of $6.81. SURO Capital Corp. has a 52 week low of $3.75 and a 52 week high of $9.12.

SURO Capital (NASDAQ:SSSS - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.01. The business had revenue of $0.17 million during the quarter, compared to the consensus estimate of $0.50 million. SURO Capital had a net margin of 2,015.55% and a negative return on equity of 6.10%.

SURO Capital Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, July 21st were paid a $0.25 dividend. The ex-dividend date of this dividend was Monday, July 21st. This represents a $1.00 annualized dividend and a yield of 11.4%. SURO Capital's dividend payout ratio is presently -52.91%.

SURO Capital Company Profile

SuRo Capital Corp. is a business development company. The firm seeks to invest in growth capital, late stage and venture capital-backed private companies. SuRo Capital Corp. was founded in 2010 and is based in San Francisco, California with additional office in New York, New York.