Piper Sandler Raises NewtekOne (NASDAQ:NEWT) Price Target to $15.00

Key Points

• Piper Sandler raised NewtekOne’s price target to $15 from $14 while maintaining a “neutral” rating, implying 10.58% upside from the prior close. Analysts’ consensus rating is “Moderate Buy,” with an average target of $15.33.
• NewtekOne shares fell 9.3% to $13.56 in Friday trading. The company recently matched earnings expectations at $0.47 per share and exceeded revenue estimates with quarterly revenue of $90.05 million.
• Insider and institutional interest remains notable: CEO Barry Sloane bought 5,000 shares, while insiders acquired 18,567 shares during the quarter; hedge funds and other institutions own 38.35% of the stock.

NewtekOne (NASDAQ:NEWT - Get Free Report) had its target price lifted by analysts at Piper Sandler from $14.00 to $15.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a "neutral" rating on the business services provider's stock. Piper Sandler's price objective would indicate a potential upside of 10.58% from the company's previous close.

A number of other research analysts also recently issued reports on the stock. Raymond James Financial upgraded shares of NewtekOne to a "hold" rating in a research note on Wednesday, July 1st. Keefe, Bruyette & Woods raised their price objective on shares of NewtekOne from $12.00 to $13.00 and gave the company a "market perform" rating in a report on Friday, May 1st. Finally, Weiss Ratings upgraded shares of NewtekOne from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $15.33.

NewtekOne Trading Down 9.3%

Shares of NASDAQ:NEWT traded down $1.39 during mid-day trading on Friday, reaching $13.56. 210,868 shares of the company were exchanged, compared to its average volume of 233,084. The company has a debt-to-equity ratio of 6.76, a current ratio of 0.64 and a quick ratio of 0.64. The firm has a market cap of $391.89 million, a price-to-earnings ratio of 5.96 and a beta of 1.27. The firm's 50-day simple moving average is $14.34 and its 200 day simple moving average is $13.28. NewtekOne has a 1 year low of $9.59 and a 1 year high of $15.69.

NewtekOne (NASDAQ:NEWT - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The business services provider reported $0.47 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.47. The company had revenue of $90.05 million for the quarter, compared to analyst estimates of $75.00 million. NewtekOne had a net margin of 16.15% and a return on equity of 19.00%. Equities research analysts forecast that NewtekOne will post 2.36 EPS for the current year.

Insider Buying and Selling

In related news, CEO Barry Sloane purchased 5,000 shares of NewtekOne stock in a transaction that occurred on Monday, June 15th. The stock was purchased at an average cost of $14.20 per share, with a total value of $71,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,181,914 shares in the company, valued at approximately $16,783,178.80. The trade was a 0.42% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders have acquired 18,567 shares of company stock worth $261,156. 5.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On NewtekOne

A number of hedge funds have recently modified their holdings of NEWT. Huber Capital Management LLC acquired a new position in shares of NewtekOne during the 4th quarter worth $978,000. GSA Capital Partners LLP acquired a new stake in NewtekOne in the 4th quarter valued at about $1,126,000. Segall Bryant & Hamill LLC grew its stake in NewtekOne by 126.0% in the 1st quarter. Segall Bryant & Hamill LLC now owns 63,433 shares of the business services provider's stock valued at $695,000 after acquiring an additional 35,369 shares during the last quarter. Bank of America Corp DE increased its holdings in NewtekOne by 26.6% during the 1st quarter. Bank of America Corp DE now owns 65,442 shares of the business services provider's stock valued at $717,000 after acquiring an additional 13,761 shares in the last quarter. Finally, Quantinno Capital Management LP increased its holdings in NewtekOne by 98.6% during the 1st quarter. Quantinno Capital Management LP now owns 80,543 shares of the business services provider's stock valued at $882,000 after acquiring an additional 39,990 shares in the last quarter. 38.35% of the stock is currently owned by hedge funds and other institutional investors.

NewtekOne Company Profile

NewtekOne, Inc NASDAQ: NEWT is a publicly traded business development company that specializes in providing financial and business services to small and medium‐sized enterprises across the United States. Operating under the trade name The Newtek Small Business Finance, the company offers a diversified array of lending solutions designed to meet the working capital, equipment acquisition and growth needs of its clients.

The company's core lending offerings include Small Business Administration (SBA) 7(a) loans, equipment financing, lines of credit and commercial real estate financing.

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