TriplePoint Venture Growth BDC (NYSE:TPVG) Shares Cross Above 50-Day Moving Average - Here's Why

Key Points

• TPVG shares moved above their 50-day moving average, reaching $5.29 before trading near $5.18, with roughly 399,000 shares changing hands.
• Analyst sentiment remains cautious: TPVG has an average rating of “Reduce”, with four Hold ratings and two Sell ratings; the consensus price target is $5.25.
• The company exceeded quarterly earnings and revenue expectations, but cut its quarterly dividend to $0.06, equivalent to a $0.24 annualized payout and a 4.6% yield.

Shares of TriplePoint Venture Growth BDC Corp. (NYSE:TPVG - Get Free Report) passed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $5.01 and traded as high as $5.29. TriplePoint Venture Growth BDC shares last traded at $5.1760, with a volume of 398,746 shares trading hands.

Analyst Ratings Changes

A number of research firms recently issued reports on TPVG. Piper Sandler reduced their price objective on TriplePoint Venture Growth BDC from $5.50 to $5.00 and set a "neutral" rating for the company in a research report on Monday, July 13th. Weiss Ratings lowered TriplePoint Venture Growth BDC from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, September 1st. Finally, Keefe, Bruyette & Woods cut their target price on TriplePoint Venture Growth BDC from $6.00 to $5.50 and set a "market perform" rating on the stock in a research note on Thursday, August 6th. Four investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, TriplePoint Venture Growth BDC presently has an average rating of "Reduce" and a consensus price target of $5.25.

TriplePoint Venture Growth BDC Stock Up 0.3%

The firm has a market capitalization of $210.71 million, a P/E ratio of 5.23 and a beta of 1.31. The business's 50 day moving average is $5.01 and its two-hundred day moving average is $5.18.

TriplePoint Venture Growth BDC (NYSE:TPVG - Get Free Report) last announced its earnings results on Wednesday, August 5th. The investment management company reported $0.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.02. The firm had revenue of $24.48 million during the quarter, compared to analyst estimates of $22.88 million. TriplePoint Venture Growth BDC had a net margin of 44.58% and a return on equity of 10.68%. As a group, equities analysts anticipate that TriplePoint Venture Growth BDC Corp. will post 0.94 earnings per share for the current fiscal year.

TriplePoint Venture Growth BDC Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 30th. Stockholders of record on Wednesday, December 16th will be issued a $0.06 dividend. The ex-dividend date is Wednesday, December 16th. This represents a $0.24 annualized dividend and a dividend yield of 4.6%. TriplePoint Venture Growth BDC's dividend payout ratio (DPR) is 92.93%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE bought a new position in TriplePoint Venture Growth BDC during the 2nd quarter valued at $620,000. Legal & General Group Plc bought a new stake in shares of TriplePoint Venture Growth BDC in the 2nd quarter worth $1,597,000. BlackRock Inc. bought a new stake in shares of TriplePoint Venture Growth BDC in the 2nd quarter worth $754,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its holdings in shares of TriplePoint Venture Growth BDC by 19.9% in the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 14,659 shares of the investment management company's stock valued at $72,000 after buying an additional 2,435 shares during the period. Finally, Attessa Capital LLC acquired a new stake in shares of TriplePoint Venture Growth BDC in the second quarter valued at $67,000. Institutional investors and hedge funds own 12.77% of the company's stock.

About TriplePoint Venture Growth BDC

TriplePoint Venture Growth BDC Inc is a closed-end management investment company externally managed by TriplePoint Capital LLC. The firm specializes in providing customized debt and equity financing to growth-stage, venture capital– and private equity–backed companies. Its financing solutions include senior secured loans, unitranche facilities, subordinated debt and selective equity co-investments tailored to support expansion, working capital needs and strategic initiatives.

Launched in September 2018 and listed on the New York Stock Exchange under the symbol TPVG, TriplePoint Venture Growth BDC leverages the deep industry expertise and established underwriting capabilities of TriplePoint Capital, a venture lender since 2003.

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