Runway Growth Finance (NASDAQ:RWAY) Price Target Cut to $10.00 by Analysts at B. Riley Financial

Runway Growth Finance (NASDAQ:RWAY) had its price objective lowered by stock analysts at B. Riley Financial from $12.00 to $10.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley Financial’s target price indicates a potential upside of 41.26% from the stock’s previous close.

RWAY has been the subject of several other research reports. UBS Group cut their target price on Runway Growth Finance from $12.50 to $12.00 and set a “buy” rating for the company in a research report on Wednesday, November 19th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Runway Growth Finance in a research report on Monday, December 29th. JPMorgan Chase & Co. dropped their price objective on Runway Growth Finance from $9.50 to $7.00 and set a “neutral” rating for the company in a research note on Friday. Finally, Wells Fargo & Company cut their price objective on Runway Growth Finance from $10.00 to $7.00 and set an “equal weight” rating for the company in a report on Monday. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $9.60.

Runway Growth Finance Price Performance

NASDAQ:RWAY traded up $0.34 during mid-day trading on Tuesday, hitting $7.08. The company’s stock had a trading volume of 162,003 shares, compared to its average volume of 407,324. Runway Growth Finance has a fifty-two week low of $6.61 and a fifty-two week high of $11.40. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $255.76 million, a price-to-earnings ratio of 7.67 and a beta of 0.70. The stock has a fifty day moving average of $8.61 and a 200-day moving average of $9.32.

Runway Growth Finance (NASDAQ:RWAY) last released its quarterly earnings data on Thursday, March 12th. The company reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.04). Runway Growth Finance had a net margin of 24.79% and a return on equity of 11.52%. The company had revenue of $30.04 million for the quarter, compared to analyst estimates of $31.60 million. As a group, equities analysts forecast that Runway Growth Finance will post 1.67 EPS for the current fiscal year.

Institutional Investors Weigh In On Runway Growth Finance

A number of hedge funds and other institutional investors have recently made changes to their positions in RWAY. Invesco Ltd. boosted its stake in shares of Runway Growth Finance by 4.6% in the second quarter. Invesco Ltd. now owns 22,034 shares of the company’s stock valued at $236,000 after buying an additional 969 shares during the period. Tidal Investments LLC increased its stake in Runway Growth Finance by 2.2% during the 2nd quarter. Tidal Investments LLC now owns 46,333 shares of the company’s stock worth $497,000 after acquiring an additional 1,018 shares during the period. Envestnet Asset Management Inc. increased its stake in Runway Growth Finance by 5.6% during the 3rd quarter. Envestnet Asset Management Inc. now owns 21,021 shares of the company’s stock worth $214,000 after acquiring an additional 1,120 shares during the period. State of Wyoming raised its holdings in Runway Growth Finance by 18.2% in the 2nd quarter. State of Wyoming now owns 11,252 shares of the company’s stock valued at $121,000 after acquiring an additional 1,732 shares in the last quarter. Finally, PharVision Advisers LLC raised its holdings in Runway Growth Finance by 9.3% in the 3rd quarter. PharVision Advisers LLC now owns 22,929 shares of the company’s stock valued at $233,000 after acquiring an additional 1,955 shares in the last quarter. 64.61% of the stock is currently owned by institutional investors and hedge funds.

About Runway Growth Finance

Runway Growth Finance, Inc is a publicly traded business development company that provides customized debt and equity financing solutions to high‐growth, venture‐backed companies. The firm specializes in structuring senior secured loans, unitranche facilities, second‐lien financings, convertible notes and equity co‐investments designed to extend the cash runway for late‐stage companies. Runway’s flexible capital offerings are aimed at supporting technology, life sciences and other innovation‐driven sectors as they pursue growth initiatives and prepare for liquidity events.

Originally launched in 2017 under the name Saratoga Investment Corp., the company rebranded as Runway Growth Finance in 2020 following the acquisition of an established middle‐market credit manager.