Prospect Capital (NASDAQ:PSEC) was upgraded by Zacks Investment Research from a "hold" rating to a "buy" rating in a research report issued on Thursday, Zacks.com reports. The firm currently has a $10.00 price target on the financial services provider's stock. Zacks Investment Research's target price would indicate a potential upside of 13.64% from the stock's current price.
According to Zacks, "Prospect Capital Corporation is a closed-end investment company that lends to and invests in private and microcap public businesses. Prospect Capital's investment objective is to generate both current income and capital appreciation through debt and equity investments. "
Several other research analysts have also recently weighed in on the company. TheStreet raised Prospect Capital from a "c+" rating to a "b" rating in a research report on Monday, October 18th. Wells Fargo & Company boosted their price objective on Prospect Capital from $6.00 to $6.50 and gave the stock an "underweight" rating in a research report on Thursday, August 26th. Finally, Raymond James raised Prospect Capital from an "underperform" rating to a "market perform" rating in a research report on Tuesday, November 9th.
Shares of Prospect Capital stock opened at $8.80 on Thursday. The stock has a fifty day simple moving average of $8.28 and a 200 day simple moving average of $8.29. Prospect Capital has a 12-month low of $5.30 and a 12-month high of $9.25. The company has a market capitalization of $3.43 billion, a P/E ratio of 3.40 and a beta of 0.94. The company has a current ratio of 0.51, a quick ratio of 0.73 and a debt-to-equity ratio of 0.53.
Prospect Capital (NASDAQ:PSEC) last announced its quarterly earnings results on Sunday, November 7th. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters' consensus estimate of $0.18 by $0.03. Prospect Capital had a return on equity of 8.58% and a net margin of 153.09%. During the same quarter in the prior year, the company earned $0.15 earnings per share. On average, analysts predict that Prospect Capital will post 0.77 EPS for the current year.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp lifted its position in shares of Prospect Capital by 112.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 34,273 shares of the financial services provider's stock valued at $264,000 after buying an additional 18,176 shares during the last quarter. Centiva Capital LP purchased a new position in shares of Prospect Capital during the 3rd quarter valued at $79,000. Schonfeld Strategic Advisors LLC lifted its position in shares of Prospect Capital by 402.7% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 73,600 shares of the financial services provider's stock valued at $566,000 after buying an additional 58,960 shares during the last quarter. Two Sigma Advisers LP lifted its position in shares of Prospect Capital by 3,874.0% during the 3rd quarter. Two Sigma Advisers LP now owns 1,975,100 shares of the financial services provider's stock valued at $15,208,000 after buying an additional 1,925,400 shares during the last quarter. Finally, Two Sigma Investments LP lifted its position in shares of Prospect Capital by 2,862.7% during the 3rd quarter. Two Sigma Investments LP now owns 432,023 shares of the financial services provider's stock valued at $3,327,000 after buying an additional 417,441 shares during the last quarter. 9.78% of the stock is currently owned by hedge funds and other institutional investors.
About Prospect Capital
Prospect Capital Corp. is a business development company. The firm engages in lending to and investing in private businesses. It also involves in generating current income and long-term capital appreciation through debt and equity investments. The company was founded by Michael Grier Eliasek on April 13, 2004 and is headquartered in New York, NY.
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