Portman Ridge Finance (NASDAQ:BCIC) Price Target Cut to $11.00 by Analysts at Oppenheimer

Key Points

• Oppenheimer cut Portman Ridge Finance’s price target to $11.00 from $12.00 while maintaining a “market perform” rating, implying 46.18% potential upside from the prior close.
• Analyst sentiment remains cautious: four analysts rate the stock “Hold” and one rates it “Sell,” resulting in a consensus “Reduce” rating and an average target price of $9.25.
• BCIC shares closed at $7.53, near the lower end of their 52-week range of $6.70 to $13.50. CEO Edward Goldthorpe bought nearly $98,400 of stock, while a director sold $114,600 worth of shares.

Portman Ridge Finance (NASDAQ:BCIC - Get Free Report) had its target price cut by Oppenheimer from $12.00 to $11.00 in a report issued on Monday,Benzinga reports. The firm currently has a "market perform" rating on the stock. Oppenheimer's price objective indicates a potential upside of 46.18% from the stock's previous close.

Several other equities analysts have also recently issued reports on the company. Zacks Research raised Portman Ridge Finance from a "strong sell" rating to a "hold" rating in a research report on Wednesday, May 13th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Portman Ridge Finance in a research report on Friday, May 22nd. Finally, Keefe, Bruyette & Woods decreased their target price on Portman Ridge Finance from $9.00 to $7.50 and set a "market perform" rating for the company in a research report on Monday. Four equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average target price of $9.25.

Portman Ridge Finance Stock Performance

Shares of NASDAQ:BCIC traded up $0.03 during trading on Monday, reaching $7.53. 66,550 shares of the stock traded hands, compared to its average volume of 84,782. The company has a market capitalization of $93.16 million, a PE ratio of -13.64 and a beta of 0.50. The company has a debt-to-equity ratio of 1.74, a quick ratio of 4.43 and a current ratio of 4.43. The firm's 50-day moving average price is $7.30. Portman Ridge Finance has a 52-week low of $6.70 and a 52-week high of $13.50.

Insider Transactions at Portman Ridge Finance

In other Portman Ridge Finance news, CEO Edward J. Goldthorpe purchased 13,738 shares of Portman Ridge Finance stock in a transaction dated Monday, June 22nd. The stock was purchased at an average price of $7.16 per share, with a total value of $98,364.08. Following the transaction, the chief executive officer directly owned 99,878 shares of the company's stock, valued at $715,126.48. This trade represents a 15.95% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dean C. Kehler sold 15,000 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $7.64, for a total transaction of $114,600.00. Following the completion of the transaction, the director owned 5,649 shares in the company, valued at $43,158.36. This trade represents a 72.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 1.30% of the company's stock.

Institutional Trading of Portman Ridge Finance

An institutional investor recently bought a new position in Portman Ridge Finance stock. Arlington Trust Co LLC purchased a new position in shares of Portman Ridge Finance Corp (NASDAQ:BCIC - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 2,468 shares of the company's stock, valued at approximately $29,000. 30.14% of the stock is owned by institutional investors and hedge funds.

About Portman Ridge Finance

Portman Ridge Finance Corporation is a business development company specializing in investments in unitranche loans (including last out), first lien loans, second lien loans, subordinated debt, equity co-investment, buyout in middle market companies. It also makes acquisitions in businesses complementary to the firm's business. It primarily invests in healthcare, cargo transport, manufacturing, industrial & environmental services, logistics & distribution, media & telecommunications, real estate, education, automotive, agriculture, aerospace/defense, packaging, electronics, finance, non-durable consumer, consumer products, business services, utilities, insurance, and food and beverage sectors.

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