PennantPark Investment (NASDAQ:PNNT - Get Free Report) had its price target reduced by analysts at JPMorgan Chase & Co. from $7.00 to $6.50 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the asset manager's stock. JPMorgan Chase & Co.'s price target indicates a potential downside of 1.44% from the company's previous close.
Separately, Keefe, Bruyette & Woods reaffirmed an "underperform" rating and issued a $6.25 target price (down from $6.50) on shares of PennantPark Investment in a research note on Wednesday, August 13th. Two research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, PennantPark Investment currently has an average rating of "Reduce" and a consensus target price of $6.17.
Check Out Our Latest Research Report on PennantPark Investment
PennantPark Investment Price Performance
Shares of NASDAQ:PNNT traded down $0.12 during midday trading on Wednesday, reaching $6.60. The company's stock had a trading volume of 226,630 shares, compared to its average volume of 486,117. The business's fifty day simple moving average is $7.12 and its 200-day simple moving average is $6.87. 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 fifty-two week low of $5.72 and a fifty-two week high of $7.53. The company has a market capitalization of $430.63 million, a P/E ratio of 25.37 and a beta of 1.04.
Institutional Investors Weigh In On PennantPark Investment
A number of institutional investors have recently made changes to their positions in the stock. Janney Montgomery Scott LLC lifted its stake in PennantPark Investment by 1.1% in the second quarter. Janney Montgomery Scott LLC now owns 132,518 shares of the asset manager's stock valued at $906,000 after buying an additional 1,486 shares during the period. Kovack Advisors Inc. increased its stake in shares of PennantPark Investment by 2.7% in the 2nd quarter. Kovack Advisors Inc. now owns 67,850 shares of the asset manager's stock valued at $464,000 after acquiring an additional 1,800 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of PennantPark Investment by 100.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,695 shares of the asset manager's stock valued at $25,000 after acquiring an additional 1,853 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in PennantPark Investment by 7.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 35,882 shares of the asset manager's stock worth $252,000 after acquiring an additional 2,445 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co grew 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 valued at $463,000 after purchasing an additional 4,158 shares during the period. 26.62% of the stock is owned by institutional investors and hedge funds.
About PennantPark Investment
(
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PennantPark Investment Corporation, a business development company is a private equity fund specializes in direct and mezzanine investments in middle market companies. It invests in the form of mezzanine debt, senior secured loans, and equity investments. The fund typically invests in buildings and real estate, hotels, gaming and leisure, technology, telecommunications, transportation, information technology services, electronics, healthcare & pharmaceuticals, education and childcare, financial services, printing and publishing, consumer products, business services, energy & Related Services and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, building materials, capital equipment, chemicals, plastics, & rubber, food & beverage, wholesale, manufacturing and basic industries and retail.
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