Solar Senior Capital Ltd (NASDAQ:SUNS) saw a large decline in short interest in September. As of September 30th, there was short interest totalling 25,600 shares, a decline of 34.7% from the September 15th total of 39,200 shares. Based on an average trading volume of 47,400 shares, the days-to-cover ratio is currently 0.5 days. Currently, 0.2% of the company's stock are short sold.
A number of brokerages have weighed in on SUNS. LADENBURG THALM/SH SH raised Solar Senior Capital from a "neutral" rating to a "buy" rating in a research report on Friday, August 7th. Zacks Investment Research downgraded Solar Senior Capital from a "hold" rating to a "sell" rating in a research note on Saturday, July 11th. Finally, Oppenheimer reaffirmed a "buy" rating and set a $15.00 target price on shares of Solar Senior Capital in a research report on Wednesday, August 5th. Three investment analysts have rated the stock with a sell rating and three have assigned a buy rating to the company. The company currently has an average rating of "Hold" and an average price target of $15.67.
In other Solar Senior Capital news, insider Michael S. Gross bought 3,844 shares of Solar Senior Capital stock in a transaction on Wednesday, September 2nd. The stock was purchased at an average cost of $13.20 per share, for a total transaction of $50,740.80. Following the completion of the purchase, the insider now directly owns 236,608 shares of the company's stock, valued at $3,123,225.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michael S. Gross purchased 10,769 shares of the company's stock in a transaction dated Thursday, August 27th. The shares were acquired at an average price of $13.13 per share, for a total transaction of $141,396.97. Following the purchase, the insider now owns 231,608 shares in the company, valued at $3,041,013.04. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 14,709 shares of company stock worth $193,396. Company insiders own 5.70% of the company's stock.
A number of institutional investors and hedge funds have recently modified their holdings of SUNS. Legal & General Group Plc lifted its position in shares of Solar Senior Capital by 91.0% in the 1st quarter. Legal & General Group Plc now owns 89,063 shares of the asset manager's stock worth $863,000 after acquiring an additional 42,444 shares during the period. Blair William & Co. IL raised its stake in shares of Solar Senior Capital by 8.0% in the second quarter. Blair William & Co. IL now owns 58,364 shares of the asset manager's stock valued at $749,000 after purchasing an additional 4,300 shares in the last quarter. Virtu Financial LLC bought a new position in Solar Senior Capital in the second quarter worth $138,000. Private Advisor Group LLC acquired a new stake in Solar Senior Capital during the second quarter worth $110,000. Finally, BlackRock Inc. boosted its stake in Solar Senior Capital by 5.6% during the first quarter. BlackRock Inc. now owns 79,010 shares of the asset manager's stock worth $767,000 after buying an additional 4,224 shares in the last quarter. Hedge funds and other institutional investors own 17.37% of the company's stock.
SUNS opened at $13.29 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.70. The stock's 50 day moving average price is $13.28 and its two-hundred day moving average price is $12.68. The firm has a market capitalization of $213.29 million, a P/E ratio of 22.53 and a beta of 1.34. Solar Senior Capital has a 12-month low of $6.30 and a 12-month high of $18.29.
Solar Senior Capital (NASDAQ:SUNS) last posted its quarterly earnings data on Tuesday, August 4th. The asset manager reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.02. Solar Senior Capital had a return on equity of 8.76% and a net margin of 25.75%. The company had revenue of $7.86 million during the quarter, compared to analysts' expectations of $7.86 million. As a group, analysts anticipate that Solar Senior Capital will post 1.26 earnings per share for the current year.
The company also recently announced a monthly dividend, which will be paid on Friday, October 30th. Investors of record on Thursday, October 22nd will be given a dividend of $0.10 per share. This represents a $1.20 dividend on an annualized basis and a yield of 9.03%. The ex-dividend date of this dividend is Wednesday, October 21st. Solar Senior Capital's dividend payout ratio (DPR) is presently 85.11%.
About Solar Senior Capital
Solar Senior Capital Ltd. is a business development company specializing in investments in leveraged, middle-market companies in the United States. The fund invests in the form of senior secured loans, including first lien, unitranche, and second lien debt instruments. It does not invest in start-up companies or companies having speculative business plans.
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6 Stocks Riding the Coattails of Nikola Motor
Since its initial public offering on June 4, shares of Nikola (NASDAQ: NKLA) have surged over 130%. NKLA stock has cooled down since then and is now trading at just over a 60% premium from its IPO price of $34 per share.
Nikola isn’t alone. The entire electric vehicle (EV) market is on a tear. In addition to the surge in Nikola stock, Tesla (NASDAQ: TSLA) stock is up over 93% and Nio (NYSE: NIO) stock has climbed nearly over 160% in the same time period. But while Tesla and Nio are actually producing cars, Nikola does not even have a plant built.
With all that said, the allure of Nikola is easy to see. The company is planning on building a fleet of hydrogen fuel cell trucks powered by hydrogen fueling stations from sea to shining sea. At least that’s the plan. But that plan is years away. The company won’t even have a fuel cell truck available until 2023 at the earliest.
And while the United States has 39 hydrogen fueling stations, it’s an expensive, complicated venture. But that’s been the problem with hydrogen for nearly two decades. And that has some investors wondering what the company’s chief executive officer (CEO) Trevor Milton is really selling.
Leaving aside the question of whether Nikola is riding the coattails of Tesla, Nikola is beginning to create some significant coattails of its own. And there’s a reason for this. While Nikola is planning to compete with Tesla in the electric car arena, it’s also covering a specific niche with a semi-truck that will run on a hydrogen fuel cell.
View the "6 Stocks Riding the Coattails of Nikola Motor".