Prospect Capital (NASDAQ:PSEC - Get Free Report) had its price objective cut by Wells Fargo & Company from $3.50 to $3.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an "underweight" rating on the financial services provider's stock. Wells Fargo & Company's price objective suggests a potential downside of 18.70% from the company's current price.
Separately, StockNews.com raised Prospect Capital from a "sell" rating to a "hold" rating in a research note on Saturday, April 12th.
Read Our Latest Report on PSEC
Prospect Capital Price Performance
Shares of NASDAQ:PSEC traded up $0.05 during trading on Monday, hitting $3.69. 2,929,006 shares of the stock were exchanged, compared to its average volume of 2,846,520. The company has a fifty day moving average price of $3.80 and a two-hundred day moving average price of $4.22. The company has a market cap of $1.64 billion, a PE ratio of -18.45 and a beta of 0.93. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.60. Prospect Capital has a 12-month low of $3.39 and a 12-month high of $5.72.
Prospect Capital (NASDAQ:PSEC - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The financial services provider reported $0.19 EPS for the quarter, topping 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 business had revenue of $170.72 million for the quarter, compared to analyst estimates of $174.29 million.
Insider Transactions at Prospect Capital
In related news, Director William Gremp purchased 19,100 shares of the stock in a transaction that occurred on Tuesday, March 18th. The stock was purchased at an average cost of $4.29 per share, for a total transaction of $81,939.00. Following the acquisition, the director now owns 75,153 shares in the company, valued at approximately $322,406.37. This trade represents a 34.07% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John F. Barry purchased 2,000,000 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was bought at an average price of $4.32 per share, with a total value of $8,640,000.00. Following the completion of the acquisition, the chief executive officer now owns 81,501,933 shares in the company, valued at $352,088,350.56. This represents a 2.52% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 2,548,000 shares of company stock worth $10,970,715 in the last ninety days. Insiders own 28.25% of the company's stock.
Institutional Trading of Prospect Capital
Several large investors have recently added to or reduced their stakes in PSEC. Family Wealth Partners LLC increased its holdings in Prospect Capital by 52.8% in the 4th quarter. Family Wealth Partners LLC now owns 21,215 shares of the financial services provider's stock valued at $91,000 after purchasing an additional 7,327 shares in the last quarter. Merit Financial Group LLC purchased a new position in Prospect Capital in the 4th quarter valued at about $79,000. Inspire Investing LLC boosted its position in Prospect Capital by 21.2% in the 4th quarter. Inspire Investing LLC now owns 93,199 shares of the financial services provider's stock valued at $402,000 after buying an additional 16,314 shares during the last quarter. Navis Wealth Advisors LLC purchased a new position in Prospect Capital in the 4th quarter valued at about $263,000. Finally, Cherry Creek Investment Advisors Inc. boosted its position in Prospect Capital by 199.8% in the 4th quarter. Cherry Creek Investment Advisors Inc. now owns 47,838 shares of the financial services provider's stock valued at $206,000 after buying an additional 31,879 shares during the last quarter. 9.06% of the stock is currently owned by institutional investors and hedge funds.
About Prospect Capital
(
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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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