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

TriplePoint Venture Growth BDC Corp. (NYSE:TPVG - Get Free Report)'s share price passed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $6.47 and traded as high as $7.36. TriplePoint Venture Growth BDC shares last traded at $7.22, with a volume of 449,344 shares traded.

Analysts Set New Price Targets

TPVG has been the subject of several research analyst reports. Piper Sandler dropped their target price on shares of TriplePoint Venture Growth BDC from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. UBS Group dropped their price target on shares of TriplePoint Venture Growth BDC from $7.50 to $6.00 and set a "neutral" rating on the stock in a research note on Thursday, April 17th. Keefe, Bruyette & Woods dropped their price objective on TriplePoint Venture Growth BDC from $7.50 to $7.00 and set a "market perform" rating for the company in a research note on Tuesday, April 8th. Wells Fargo & Company reduced their price objective on TriplePoint Venture Growth BDC from $6.50 to $5.50 and set an "underweight" rating on the stock in a research note on Monday, April 28th. Finally, Compass Point reduced their price objective on TriplePoint Venture Growth BDC from $8.00 to $7.25 and set a "neutral" rating on the stock in a research note on Tuesday, March 18th. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $6.79.

TriplePoint Venture Growth BDC Stock Performance

The firm has a market capitalization of $290.48 million, a PE ratio of 34.38 and a beta of 1.47. The company's 50-day moving average price is $6.47 and its 200-day moving average price is $7.22.

TriplePoint Venture Growth BDC (NYSE:TPVG - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The investment management company reported $0.27 EPS for the quarter, missing analysts' consensus estimates of $0.30 by ($0.03). The company had revenue of $22.45 million for the quarter, compared to analysts' expectations of $24.90 million. TriplePoint Venture Growth BDC had a return on equity of 16.86% and a net margin of 9.01%. As a group, analysts anticipate that TriplePoint Venture Growth BDC Corp. will post 1.4 earnings per share for the current year.

TriplePoint Venture Growth BDC Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a $0.30 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 16.62%. TriplePoint Venture Growth BDC's payout ratio is currently 129.03%.

Hedge Funds Weigh In On TriplePoint Venture Growth BDC

A number of hedge funds have recently modified their holdings of TPVG. Quarry LP raised its holdings in TriplePoint Venture Growth BDC by 53.6% during the first quarter. Quarry LP now owns 4,669 shares of the investment management company's stock valued at $33,000 after buying an additional 1,629 shares in the last quarter. Summit Securities Group LLC acquired a new stake in TriplePoint Venture Growth BDC in the fourth quarter worth about $41,000. Avenir Corp acquired a new stake in shares of TriplePoint Venture Growth BDC during the fourth quarter worth $74,000. EverSource Wealth Advisors LLC raised its holdings in TriplePoint Venture Growth BDC by 25.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 10,000 shares of the investment management company's stock worth $74,000 after purchasing an additional 2,000 shares during the period. Finally, HighTower Advisors LLC acquired a new position in shares of TriplePoint Venture Growth BDC in the 1st quarter valued at approximately $72,000. 12.77% of the stock is currently owned by institutional investors and hedge funds.

About TriplePoint Venture Growth BDC

TriplePoint Venture Growth BDC Corp. is a business development company specializing investments in venture capital-backed companies at the growth stage investments. It also provides debt financing to venture growth space companies which includes growth capital loans, secured and customized loans, equipment financings, revolving loans and direct equity investments.

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