PennantPark Investment (NASDAQ:PNNT) Earns "Underperform" Rating from Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods has reiterated its "underperform" rating for PennantPark Investment (NASDAQ:PNNT), setting a price objective of $6.25, indicating a potential downside of 14.80% from its previous close.
• Other analysts have mixed opinions on the stock; while Wall Street Zen upgraded it to a "hold," JPMorgan and Compass Point have lowered their price targets and maintained "sell" or "neutral" ratings.
• PennantPark Investment's current market cap is $479.01 million, with its stock trading at $7.34 and a 12-month trading range between $5.72 and $7.53.

PennantPark Investment (NASDAQ:PNNT - Get Free Report)'s stock had its "underperform" rating restated by equities researchers at Keefe, Bruyette & Woods in a research note issued on Wednesday, MarketBeat Ratings reports. They presently have a $6.25 price objective on the asset manager's stock, down from their prior price objective of $6.50. Keefe, Bruyette & Woods' price target points to a potential downside of 12.13% from the stock's current price.

Other equities research analysts also recently issued reports about the company. LADENBURG THALM/SH SH upgraded PennantPark Investment to a "hold" rating in a report on Wednesday, May 14th. JPMorgan Chase & Co. reduced their price objective on PennantPark Investment from $7.00 to $6.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Wall Street Zen upgraded PennantPark Investment from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. Finally, Compass Point reiterated a "sell" rating and issued a $5.75 price objective (down from $6.00) on shares of PennantPark Investment in a report on Wednesday, May 21st. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $6.33.

PennantPark Investment Stock Down 0.2%

Shares of PNNT traded down $0.02 during trading hours on Wednesday, hitting $7.11. The company had a trading volume of 453,007 shares, compared to its average volume of 487,381. The firm has a fifty day moving average price of $7.06 and a 200-day moving average price of $6.89. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.47 and a current ratio of 0.47. The stock has a market capitalization of $464.45 million, a price-to-earnings ratio of 27.36 and a beta of 1.07. PennantPark Investment has a 52-week low of $5.72 and a 52-week high of $7.53.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. CANADA LIFE ASSURANCE Co raised its position in PennantPark Investment by 6.5% in the second quarter. CANADA LIFE ASSURANCE Co now owns 67,685 shares of the asset manager's stock worth $463,000 after acquiring an additional 4,158 shares during the period. Brevan Howard Capital Management LP bought a new position in PennantPark Investment in the second quarter worth approximately $269,000. EverSource Wealth Advisors LLC raised its position in PennantPark Investment by 100.6% in the second quarter. EverSource Wealth Advisors LLC now owns 3,695 shares of the asset manager's stock worth $25,000 after acquiring an additional 1,853 shares during the period. Quantbot Technologies LP bought a new position in PennantPark Investment in the second quarter worth approximately $132,000. Finally, Creative Planning raised its position in PennantPark Investment by 26.4% in the second quarter. Creative Planning now owns 33,369 shares of the asset manager's stock worth $228,000 after acquiring an additional 6,964 shares during the period. 26.62% of the stock is currently owned by institutional investors.

PennantPark Investment Company Profile

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.