Portman Ridge Finance (NASDAQ:PTMN) Stock Price Down 0.5% – Here’s Why

Shares of Portman Ridge Finance Corporation (NASDAQ:PTMN) dropped 0.5% during trading on Wednesday . The stock traded as low as $7.29 and last traded at $7.30. 63,930 shares changed hands during mid-day trading, an increase of 37% from the average session volume of 46,716 shares. The stock had previously closed at $7.34.

Portman Ridge Finance Stock Down 0.5%

The stock’s 50-day moving average price is $7.49 and its two-hundred day moving average price is $9.23. The stock has a market capitalization of $96.30 million, a P/E ratio of -7.85 and a beta of 0.60. The company has a current ratio of 3.11, a quick ratio of 3.11 and a debt-to-equity ratio of 1.54.

Hedge Funds Weigh In On Portman Ridge Finance

Several institutional investors and hedge funds have recently bought and sold shares of the company. Punch & Associates Investment Management Inc. purchased a new stake in Portman Ridge Finance in the third quarter worth $4,210,000. Wealth Enhancement Advisory Services LLC lifted its position in shares of Portman Ridge Finance by 7.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 250,085 shares of the company’s stock valued at $2,999,000 after buying an additional 17,731 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Portman Ridge Finance during the 2nd quarter worth $822,000. Cruiser Capital Advisors LLC bought a new position in shares of Portman Ridge Finance during the 3rd quarter worth $236,000. Finally, Royal Bank of Canada increased its holdings in Portman Ridge Finance by 69.9% in the 1st quarter. Royal Bank of Canada now owns 16,354 shares of the company’s stock worth $235,000 after acquiring an additional 6,730 shares during the last quarter. 30.14% of the stock is owned by institutional investors.

About Portman Ridge Finance

Portman Ridge Finance (NASDAQ: PTMN) is a publicly traded, closed-end management investment company that has elected to be regulated as a Business Development Company (BDC) under the Investment Company Act of 1940. Since its formation in 2015, the firm has focused on providing customized financing solutions to U.S. middle-market companies, including senior secured loans, unitranche instruments, mezzanine debt and select equity co‐investments. Its flexible approach allows Portman Ridge to structure transactions that address a range of sponsor-backed and privately negotiated financing needs.

The company’s portfolio spans a variety of industry sectors such as healthcare, business services, consumer goods and industrials.