Prospect Capital (NASDAQ:PSEC) Price Target Lowered to $3.50 at Wells Fargo & Company

Prospect Capital (NASDAQ:PSEC - Get Free Report) had its price target decreased by analysts at Wells Fargo & Company from $4.00 to $3.50 in a research report issued on Monday,Benzinga reports. The firm presently has an "underweight" rating on the financial services provider's stock. Wells Fargo & Company's price target indicates a potential downside of 4.24% from the company's current price.

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

Prospect Capital Trading Up 0.1 %

PSEC traded up $0.01 during midday trading on Monday, hitting $3.66. 365,951 shares of the company were exchanged, compared to its average volume of 2,764,097. The firm's 50 day moving average price is $4.03 and its 200-day moving average price is $4.38. Prospect Capital has a 1-year low of $3.39 and a 1-year high of $5.72. The firm has a market capitalization of $1.63 billion, a P/E ratio of -18.33 and a beta of 0.85. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.60.

Insiders Place Their Bets

In related news, CEO John F. Barry bought 2,000,000 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The shares were bought at an average price of $4.32 per share, for a total transaction of $8,640,000.00. Following the transaction, the chief executive officer now directly owns 81,501,933 shares of the company's stock, valued at approximately $352,088,350.56. The trade was a 2.52 % 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 this hyperlink. Also, Director William Gremp purchased 19,100 shares of Prospect Capital stock in a transaction on Tuesday, March 18th. The stock was bought at an average price of $4.29 per share, with a total value of $81,939.00. Following the completion of the acquisition, the director now directly owns 75,153 shares of the company's stock, valued at approximately $322,406.37. This trade represents a 34.07 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 2,548,000 shares of company stock worth $10,970,715. 28.25% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Virtu Financial LLC boosted its holdings in Prospect Capital by 175.2% during the 3rd quarter. Virtu Financial LLC now owns 162,844 shares of the financial services provider's stock worth $871,000 after acquiring an additional 103,679 shares during the last quarter. Legacy Wealth Management LLC MS bought a new position in shares of Prospect Capital during the third quarter valued at about $451,000. Ridgeline Wealth LLC purchased a new position in Prospect Capital during the fourth quarter worth about $407,000. Family Wealth Partners LLC grew its position 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 worth $91,000 after purchasing an additional 7,327 shares in the last quarter. Finally, Merit Financial Group LLC bought a new position in shares of Prospect Capital during the 4th quarter worth approximately $79,000. Hedge funds and other institutional investors own 9.06% of the company's stock.

About Prospect Capital

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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