Runway Growth Finance (NASDAQ:RWAY) CEO Michael Rovner Buys 7,000 Shares of Stock

Runway Growth Finance Corp. (NASDAQ:RWAY) CEO Michael Rovner purchased 7,000 shares of Runway Growth Finance stock in a transaction on Wednesday, September 9th. The shares were acquired at an average price of $6.57 per share, for a total transaction of $45,990.00. Following the completion of the transaction, the chief executive officer directly owned 7,000 shares of the company’s stock, valued at approximately $45,990. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Runway Growth Finance Trading Down 0.5%

Shares of RWAY traded down $0.03 during mid-day trading on Thursday, reaching $6.51. The company’s stock had a trading volume of 286,046 shares, compared to its average volume of 568,348. The stock has a market cap of $272.83 million, a PE ratio of 59.19 and a beta of 0.70. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.38. Runway Growth Finance Corp. has a 52 week low of $5.19 and a 52 week high of $10.69. The company’s fifty day moving average price is $6.08 and its two-hundred day moving average price is $6.44.

Runway Growth Finance (NASDAQ:RWAY) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.14. Runway Growth Finance had a net margin of 5.82% and a return on equity of 11.73%. The company had revenue of $37.03 million during the quarter, compared to analysts’ expectations of $31.06 million. On average, analysts predict that Runway Growth Finance Corp. will post 1.39 earnings per share for the current fiscal year.

Runway Growth Finance Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Monday, August 17th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 20.3%. The ex-dividend date was Monday, August 17th. Runway Growth Finance’s dividend payout ratio is presently 1,200.00%.

Analyst Ratings Changes

Several research analysts have recently commented on RWAY shares. Bank of America downgraded Runway Growth Finance from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $9.00 to $5.50 in a report on Monday, June 15th. Zacks Research upgraded Runway Growth Finance from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 11th. Weiss Ratings lowered Runway Growth Finance from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, June 16th. Wall Street Zen raised Runway Growth Finance from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Wells Fargo & Company lowered their price objective on Runway Growth Finance to $6.50 and set an “equal weight” rating for the company in a research report on Thursday, May 14th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $8.40.

Hedge Funds Weigh In On Runway Growth Finance

A number of hedge funds have recently modified their holdings of RWAY. Kestra Advisory Services LLC bought a new position in shares of Runway Growth Finance during the fourth quarter valued at about $42,000. Raymond James Financial Inc. bought a new stake in shares of Runway Growth Finance in the second quarter worth about $51,000. Perigon Wealth Management LLC purchased a new position in Runway Growth Finance during the 2nd quarter valued at about $56,000. Osaic Holdings Inc. increased its holdings in Runway Growth Finance by 92.6% during the 2nd quarter. Osaic Holdings Inc. now owns 5,515 shares of the company’s stock valued at $59,000 after purchasing an additional 2,651 shares during the period. Finally, Tower Research Capital LLC TRC raised its position in Runway Growth Finance by 74,437.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,963 shares of the company’s stock valued at $64,000 after purchasing an additional 5,955 shares during the last quarter. Hedge funds and other institutional investors own 64.61% of the company’s stock.

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.