Keefe, Bruyette & Woods Cuts PennantPark Investment (NASDAQ:PNNT) Price Target to $4.50

Key Points

• Keefe, Bruyette & Woods cut PNNT's price target to $4.50 from $5.00 and kept an "underperform" rating, implying about a 2.91% downside versus the current share price.
• CFO Richard T. Allorto, Jr. acquired 15,000 shares at roughly $4.88, doubling his holdings to 30,000 shares per a disclosed SEC filing.
• Institutional investors own 26.62% of PennantPark, with several funds (including Virtu, Sunbelt, XTX, Tudor and Caitong) recently adding or initiating positions.

PennantPark Investment (NASDAQ:PNNT - Get Free Report) had its price objective dropped by equities research analysts at Keefe, Bruyette & Woods from $5.00 to $4.50 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an "underperform" rating on the asset manager's stock. Keefe, Bruyette & Woods' price objective would suggest a potential downside of 2.91% from the company's current price.

PennantPark Investment Price Performance

PNNT opened at $4.64 on Thursday. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.56. PennantPark Investment has a 12 month low of $4.29 and a 12 month high of $7.53. The company has a fifty day simple moving average of $4.85 and a 200 day simple moving average of $5.71. The stock has a market cap of $302.65 million, a P/E ratio of 17.83 and a beta of 0.68.

Insider Activity at PennantPark Investment

In other news, CFO Richard T. Allorto, Jr. acquired 15,000 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was acquired at an average price of $4.88 per share, for a total transaction of $73,200.00. Following the transaction, the chief financial officer directly owned 30,000 shares in the company, valued at approximately $146,400. This represents a 100.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 3.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PennantPark Investment

A number of large investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd increased its holdings in PennantPark Investment by 127,180.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 6,364 shares of the asset manager's stock worth $38,000 after purchasing an additional 6,359 shares in the last quarter. Virtu Financial LLC bought a new position in PennantPark Investment during the 4th quarter worth about $187,000. Sunbelt Securities Inc. increased its holdings in PennantPark Investment by 68.6% during the 4th quarter. Sunbelt Securities Inc. now owns 175,787 shares of the asset manager's stock worth $1,048,000 after purchasing an additional 71,542 shares in the last quarter. XTX Topco Ltd bought a new position in PennantPark Investment during the 4th quarter worth about $682,000. Finally, Tudor Investment Corp ET AL bought a new position in PennantPark Investment during the 4th quarter worth about $117,000. Institutional investors own 26.62% of the company's stock.

About PennantPark Investment

PennantPark Investment Corporation is a publicly traded closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Since its formation in 2006, PennantPark has focused on providing customized financing solutions to middle-market companies across the United States. The firm’s investment advisory services are provided by PennantPark Investment Advisers, LLC, which sources and structures transactions tailored to the unique needs of its portfolio companies.

The company’s core strategy centers on debt and equity investments in U.S.-based businesses, typically those with annual revenues between $10 million and $200 million.

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