Prospect Capital (NASDAQ:PSEC) Given New $3.00 Price Target at Wells Fargo & Company

Prospect Capital (NASDAQ:PSEC - Get Free Report) had its price objective lowered by analysts at Wells Fargo & Company from $3.50 to $3.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an "underweight" rating on the financial services provider's stock. Wells Fargo & Company's price objective points to a potential downside of 18.57% from the stock's current price.

Separately, StockNews.com raised Prospect Capital from a "sell" rating to a "hold" rating in a report on Saturday, April 12th.

Prospect Capital Price Performance

Shares of PSEC traded up $0.14 during midday trading on Monday, hitting $3.68. The company's stock had a trading volume of 3,813,556 shares, compared to its average volume of 2,809,241. Prospect Capital has a one year low of $3.39 and a one year high of $5.72. The company's fifty day simple moving average is $3.87 and its two-hundred day simple moving average is $4.26. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of -18.33 and a beta of 0.93.

Prospect Capital (NASDAQ:PSEC - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.05. Prospect Capital had a return on equity of 12.31% and a net margin of 1.18%. The company had revenue of $170.72 million for the quarter, compared to analyst estimates of $174.29 million.

Insiders Place Their Bets

In other news, CEO John F. Barry acquired 2,000,000 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The shares were acquired at an average price of $4.32 per share, for a total transaction of $8,640,000.00. Following the completion of the purchase, the chief executive officer now owns 81,501,933 shares in the company, valued at approximately $352,088,350.56. This trade represents a 2.52% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director William Gremp acquired 19,100 shares of the company's stock in a transaction that occurred on Tuesday, March 18th. The stock was purchased at an average price of $4.29 per share, for a total transaction of $81,939.00. Following the purchase, the director now owns 75,153 shares of the company's stock, valued at $322,406.37. The trade was a 34.07% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 2,548,000 shares of company stock valued at $10,970,715. Corporate insiders own 28.25% of the company's stock.

Institutional Investors Weigh In On Prospect Capital

Institutional investors have recently made changes to their positions in the stock. Kovack Advisors Inc. grew its position in shares of Prospect Capital by 1.9% during the 4th quarter. Kovack Advisors Inc. now owns 145,095 shares of the financial services provider's stock valued at $625,000 after acquiring an additional 2,732 shares during the period. Modern Wealth Management LLC boosted its holdings in shares of Prospect Capital by 9.3% during the 4th quarter. Modern Wealth Management LLC now owns 32,566 shares of the financial services provider's stock valued at $136,000 after purchasing an additional 2,774 shares during the last quarter. Cutter & CO Brokerage Inc. boosted its holdings in shares of Prospect Capital by 27.8% during the 4th quarter. Cutter & CO Brokerage Inc. now owns 15,940 shares of the financial services provider's stock valued at $69,000 after purchasing an additional 3,467 shares during the last quarter. Global Assets Advisory LLC boosted its holdings in shares of Prospect Capital by 33.4% during the 4th quarter. Global Assets Advisory LLC now owns 15,998 shares of the financial services provider's stock valued at $69,000 after purchasing an additional 4,006 shares during the last quarter. Finally, D.A. Davidson & CO. boosted its holdings in shares of Prospect Capital by 1.2% during the 1st quarter. D.A. Davidson & CO. now owns 346,881 shares of the financial services provider's stock valued at $1,422,000 after purchasing an additional 4,050 shares during the last quarter. Hedge funds and other institutional investors own 9.06% of the company's stock.

Prospect Capital Company Profile

Prospect Capital Corporation is a business development company. It specializes in middle market, mature, mezzanine finance, later stage, emerging growth, leveraged buyouts, refinancing, acquisitions, recapitalizations, turnaround, growth capital, development, capital expenditures and subordinated debt tranches of collateralized loan obligations, cash flow term loans, market place lending and bridge transactions.

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