TriplePoint Venture Growth BDC (NYSE:TPVG) Stock Price Passes Below 200-Day Moving Average - Here's What Happened

Key Points

• TriplePoint's stock fell below its 200-day moving average of $5.81, trading as low as $5.43 and last at $5.6450 on volume of 483,982 shares.
• Several brokers cut ratings and targets (Weiss to sell, KBW/Piper/Wells Fargo trimmed targets), leaving a consensus rating of "Reduce" and a consensus target price of $5.63.
• The firm reported Q1 EPS of $0.25 (missed by $0.01) and revenue of $3.42M versus $23.78M expected, and it pays a $0.23 quarterly dividend (16.3% yield) with a 74.8% payout ratio.

TriplePoint Venture Growth BDC Corp. (NYSE:TPVG - Get Free Report)'s stock price crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $5.81 and traded as low as $5.43. TriplePoint Venture Growth BDC shares last traded at $5.6450, with a volume of 483,982 shares trading hands.

Analyst Ratings Changes

Several brokerages recently commented on TPVG. Weiss Ratings lowered shares of TriplePoint Venture Growth BDC from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Thursday, March 12th. Keefe, Bruyette & Woods dropped their target price on shares of TriplePoint Venture Growth BDC from $7.00 to $6.50 and set a "market perform" rating for the company in a research report on Thursday, March 5th. Piper Sandler dropped their target price on shares of TriplePoint Venture Growth BDC from $6.00 to $5.50 and set a "neutral" rating for the company in a research report on Tuesday, April 7th. Finally, Wells Fargo & Company dropped their target price on shares of TriplePoint Venture Growth BDC from $5.50 to $5.00 and set an "underweight" rating for the company in a research report on Thursday, March 5th. Four research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus target price of $5.63.

TriplePoint Venture Growth BDC Trading Up 4.5%

The stock has a market capitalization of $228.57 million, a P/E ratio of 4.59 and a beta of 1.32. The stock's fifty day moving average price is $5.25 and its two-hundred day moving average price is $5.81.

TriplePoint Venture Growth BDC (NYSE:TPVG - Get Free Report) last announced its quarterly earnings data on Wednesday, March 4th. The investment management company reported $0.25 earnings per share for the quarter, missing analysts' consensus estimates of $0.26 by ($0.01). TriplePoint Venture Growth BDC had a return on equity of 12.04% and a net margin of 54.12%.The business had revenue of $3.42 million during the quarter, compared to the consensus estimate of $23.78 million. As a group, analysts expect that TriplePoint Venture Growth BDC Corp. will post 1.4 earnings per share for the current fiscal year.

TriplePoint Venture Growth BDC Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th were paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 16.3%. The ex-dividend date of this dividend was Tuesday, March 17th. TriplePoint Venture Growth BDC's payout ratio is presently 74.80%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Advisory Services Network LLC purchased a new position in TriplePoint Venture Growth BDC during the 3rd quarter valued at $33,000. Northwestern Mutual Wealth Management Co. purchased a new position in TriplePoint Venture Growth BDC during the 2nd quarter valued at $35,000. Rockefeller Capital Management L.P. increased its position in TriplePoint Venture Growth BDC by 75.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 7,000 shares of the investment management company's stock valued at $46,000 after purchasing an additional 3,000 shares during the period. Farmers & Merchants Investments Inc. increased its position in TriplePoint Venture Growth BDC by 221.7% during the 4th quarter. Farmers & Merchants Investments Inc. now owns 10,293 shares of the investment management company's stock valued at $67,000 after purchasing an additional 7,093 shares during the period. Finally, AXQ Capital LP purchased a new position in TriplePoint Venture Growth BDC during the 4th quarter valued at $72,000. 12.77% of the stock is owned by hedge funds and other institutional investors.

TriplePoint Venture Growth BDC Company Profile

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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