Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) Sees Large Decline in Short Interest
Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) was the target of a significant decline in short interest in January. As of January 31st, there was short interest totalling 219,800 shares, a decline of 19.2% from the January 15th total of 272,000 shares. Based on an average daily volume of 154,900 shares, the short-interest ratio is presently 1.4 days. Approximately 0.6% of the shares of the company are sold short.
Shares of PFLT traded down $0.08 during mid-day trading on Friday, hitting $12.59. 153,200 shares of the company’s stock were exchanged, compared to its average volume of 141,516. Pennantpark Floating Rate Capital has a fifty-two week low of $11.14 and a fifty-two week high of $13.42. The firm has a market capitalization of $486.04 million, a P/E ratio of 29.98 and a beta of 0.74. The business’s 50 day moving average is $12.26 and its two-hundred day moving average is $11.87. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 0.45.
Pennantpark Floating Rate Capital (NASDAQ:PFLT) last released its quarterly earnings results on Wednesday, November 20th. The asset manager reported $0.29 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.29. The firm had revenue of $23.88 million for the quarter, compared to analyst estimates of $23.53 million. Pennantpark Floating Rate Capital had a return on equity of 9.01% and a net margin of 17.37%. On average, equities research analysts forecast that Pennantpark Floating Rate Capital will post 1.19 earnings per share for the current year.
A number of equities research analysts have weighed in on the company. Maxim Group reiterated a “buy” rating and issued a $14.00 price objective on shares of Pennantpark Floating Rate Capital in a research note on Friday, November 22nd. ValuEngine upgraded shares of Pennantpark Floating Rate Capital from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. BidaskClub raised shares of Pennantpark Floating Rate Capital from a “strong sell” rating to a “sell” rating in a report on Tuesday, January 28th. Finally, Zacks Investment Research cut shares of Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. Pennantpark Floating Rate Capital currently has an average rating of “Hold” and a consensus price target of $13.50.
In other news, CEO Arthur H. Penn purchased 9,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were purchased at an average price of $11.78 per share, for a total transaction of $106,020.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Arthur H. Penn purchased 8,000 shares of the business’s stock in a transaction on Monday, November 25th. The shares were purchased at an average cost of $12.03 per share, for a total transaction of $96,240.00. The disclosure for this purchase can be found here. 1.00% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of PFLT. Caxton Associates LP acquired a new stake in shares of Pennantpark Floating Rate Capital during the fourth quarter worth $159,000. B. Riley Wealth Management Inc. increased its stake in Pennantpark Floating Rate Capital by 1.8% in the fourth quarter. B. Riley Wealth Management Inc. now owns 245,610 shares of the asset manager’s stock valued at $2,992,000 after purchasing an additional 4,327 shares during the last quarter. Bank of America Corp DE increased its stake in Pennantpark Floating Rate Capital by 57.0% in the fourth quarter. Bank of America Corp DE now owns 6,558 shares of the asset manager’s stock valued at $80,000 after purchasing an additional 2,380 shares during the last quarter. Marshall Wace LLP acquired a new position in Pennantpark Floating Rate Capital in the fourth quarter valued at $991,000. Finally, Marshall Wace North America L.P. purchased a new position in Pennantpark Floating Rate Capital during the fourth quarter worth about $43,000. 36.85% of the stock is owned by institutional investors.
About Pennantpark Floating Rate Capital
PennantPark Floating Rate Capital Ltd. is a business development company. It seeks to make secondary direct, debt, equity, and loan investments. The fund seeks to invest through floating rate loans in private or thinly traded or small market-cap, public middle market companies. It primarily invests in the United States and to a limited extent non-U.S.
Read More: Price to Earnings Ratio (PE) Basics
Receive News & Ratings for Pennantpark Floating Rate Capital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pennantpark Floating Rate Capital and related companies with MarketBeat.com's FREE daily email newsletter.