PennantPark Investment Corp. (PNNT) Sees Strong Trading Volume
Shares of PennantPark Investment Corp. (NASDAQ:PNNT) saw unusually-high trading volume on Wednesday . Approximately 575,978 shares were traded during mid-day trading, an increase of 88% from the previous session’s volume of 306,681 shares.The stock last traded at $7.72 and had previously closed at $7.73.
PNNT has been the subject of several recent research reports. Zacks Investment Research cut PennantPark Investment Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, May 10th. JPMorgan Chase & Co. cut PennantPark Investment Corp. from an “overweight” rating to a “neutral” rating and set a $7.00 price objective for the company. in a research report on Monday, July 18th. FBR & Co upped their price objective on PennantPark Investment Corp. from $7.50 to $8.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 9th. DA Davidson cut PennantPark Investment Corp. from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $10.00 to $7.00 in a research report on Wednesday, July 27th. Finally, JMP Securities upped their price objective on PennantPark Investment Corp. from $7.50 to $8.50 and gave the stock a “market outperform” rating in a research report on Wednesday, August 10th. Eight equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. PennantPark Investment Corp. currently has a consensus rating of “Hold” and a consensus price target of $7.36.
The stock’s 50 day moving average is $7.39 and its 200-day moving average is $6.54.
PennantPark Investment Corp. (NASDAQ:PNNT) last released its quarterly earnings results on Monday, August 8th. The company reported $0.25 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.25. The company had revenue of $35.54 million for the quarter, compared to analyst estimates of $35.47 million. During the same quarter last year, the firm posted $0.28 EPS. PennantPark Investment Corp.’s revenue for the quarter was down 12.5% on a year-over-year basis. On average, equities research analysts anticipate that PennantPark Investment Corp. will post $1.03 earnings per share for the current year.
A hedge fund recently raised its stake in PennantPark Investment Corp. stock. West Family Investments Inc. increased its position in shares of PennantPark Investment Corp. (NASDAQ:PNNT) by 15.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 748,056 shares of the company’s stock after buying an additional 101,000 shares during the period. PennantPark Investment Corp. comprises 1.2% of West Family Investments Inc.’s investment portfolio, making the stock its 21st largest position. West Family Investments Inc.’s holdings in PennantPark Investment Corp. were worth $4,623,000 at the end of the most recent reporting period.
PennantPark Investment Corporation (PennantPark Investment) is a business development company focused on generating income and capital appreciation through debt and equity investments in the United States middle-market companies in the form of senior secured loans, mezzanine debt and equity investments.
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