TriplePoint Venture Growth BDC (NYSE:TPVG) Upgraded to "Hold" at Zacks Research

Key Points

• TriplePoint Venture Growth BDC (NYSE:TPVG) was upgraded from a "strong sell" to a "hold" rating by Zacks Research, signifying a notable shift in analysts' perspectives on the stock.
• The stock has an average target price of $6.55 with ratings from six analysts, reflecting a cautious outlook amidst recent performance linked to disappointing quarterly earnings.
• CEO James Labe and insider Sajal Srivastava each purchased 80,000 shares at $6.48, indicating confidence in the company's potential despite its current market challenges.

TriplePoint Venture Growth BDC (NYSE:TPVG - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued to investors on Tuesday,Zacks.com reports.

TPVG has been the topic of several other reports. Weiss Ratings reissued a "hold (c-)" rating on shares of TriplePoint Venture Growth BDC in a research note on Wednesday. UBS Group reaffirmed a "neutral" rating and issued a $7.00 target price (up previously from $6.50) on shares of TriplePoint Venture Growth BDC in a report on Wednesday, July 16th. Finally, Piper Sandler set a $6.00 price target on shares of TriplePoint Venture Growth BDC in a research note on Thursday. Six equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Reduce" and an average target price of $6.55.

TriplePoint Venture Growth BDC Stock Performance

Shares of NYSE:TPVG opened at $5.57 on Tuesday. TriplePoint Venture Growth BDC has a 52 week low of $5.49 and a 52 week high of $8.50. The company's 50 day moving average is $6.33 and its two-hundred day moving average is $6.58. The company has a market cap of $224.60 million, a PE ratio of 5.36 and a beta of 1.47.

TriplePoint Venture Growth BDC (NYSE:TPVG - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The investment management company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.02). TriplePoint Venture Growth BDC had a return on equity of 13.78% and a net margin of 42.16%.The company had revenue of $23.28 million for the quarter, compared to analysts' expectations of $23.75 million. As a group, equities research analysts expect that TriplePoint Venture Growth BDC will post 1.4 EPS for the current year.

Insider Activity

In other news, CEO James Labe acquired 80,000 shares of TriplePoint Venture Growth BDC stock in a transaction that occurred on Monday, August 25th. The stock was purchased at an average cost of $6.48 per share, with a total value of $518,400.00. Following the completion of the acquisition, the chief executive officer owned 297,657 shares in the company, valued at $1,928,817.36. This trade represents a 36.76% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Sajal Srivastava purchased 80,000 shares of TriplePoint Venture Growth BDC stock in a transaction on Monday, August 25th. The stock was acquired at an average cost of $6.48 per share, for a total transaction of $518,400.00. Following the acquisition, the insider directly owned 297,657 shares of the company's stock, valued at approximately $1,928,817.36. This represents a 36.76% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 1,292,100 shares of company stock worth $8,437,508 over the last 90 days. 1.46% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On TriplePoint Venture Growth BDC

A number of institutional investors have recently modified their holdings of TPVG. Nomura Asset Management Co. Ltd. purchased a new position in shares of TriplePoint Venture Growth BDC during the second quarter valued at approximately $26,000. Quarry LP lifted its stake in shares of TriplePoint Venture Growth BDC by 53.6% during the 1st quarter. Quarry LP now owns 4,669 shares of the investment management company's stock worth $33,000 after purchasing an additional 1,629 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new position in shares of TriplePoint Venture Growth BDC during the 2nd quarter worth $35,000. HighTower Advisors LLC purchased a new stake in shares of TriplePoint Venture Growth BDC in the first quarter valued at $72,000. Finally, Private Advisor Group LLC acquired a new position in TriplePoint Venture Growth BDC in the first quarter valued at $72,000. Institutional investors and hedge funds own 12.77% of the company's stock.

TriplePoint Venture Growth BDC Company Profile

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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