TriplePoint Venture Growth BDC (NYSE:TPVG) Rating Increased to Buy at Zacks Investment Research

TriplePoint Venture Growth BDC (NYSE:TPVGGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, Zacks.com reports. The firm currently has a $17.00 price target on the investment management company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 12.88% from the company’s previous close.

According to Zacks, “TriplePoint Venture Growth BDC Corp. is an externally managed, closed-end, non-diversified management investment company. The Company’s investment objective is to maximize its total return to stockholders primarily in the form of current income and, to a lesser extent, capital appreciation by primarily lending with warrants to venture growth stage companies focused in technology, life sciences and other high growth industries backed by a select group of leading venture capital investors. TriplePoint Venture Growth BDC Corp. is based in United States. “

Several other brokerages also recently commented on TPVG. StockNews.com began coverage on TriplePoint Venture Growth BDC in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Wells Fargo & Company increased their price objective on TriplePoint Venture Growth BDC from $17.50 to $18.00 and gave the stock an “overweight” rating in a research note on Monday, April 25th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $17.35.

TPVG stock traded up $0.27 during trading on Tuesday, reaching $15.06. 140,891 shares of the stock were exchanged, compared to its average volume of 187,058. The firm’s 50 day moving average is $15.89 and its 200 day moving average is $16.70. TriplePoint Venture Growth BDC has a twelve month low of $13.70 and a twelve month high of $19.25. The firm has a market cap of $467.46 million, a P/E ratio of 6.61 and a beta of 1.73.

TriplePoint Venture Growth BDC (NYSE:TPVGGet Rating) last posted its quarterly earnings results on Wednesday, May 4th. The investment management company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.06. TriplePoint Venture Growth BDC had a return on equity of 10.77% and a net margin of 75.42%. During the same quarter in the prior year, the company posted $0.29 EPS. As a group, sell-side analysts predict that TriplePoint Venture Growth BDC will post 1.59 EPS for the current year.

Institutional investors and hedge funds have recently modified their holdings of the stock. Ahrens Investment Partners LLC purchased a new stake in shares of TriplePoint Venture Growth BDC during the fourth quarter valued at approximately $36,000. Lazard Asset Management LLC bought a new position in TriplePoint Venture Growth BDC during the first quarter valued at $39,000. Geneos Wealth Management Inc. grew its holdings in TriplePoint Venture Growth BDC by 101.6% during the fourth quarter. Geneos Wealth Management Inc. now owns 5,841 shares of the investment management company’s stock valued at $104,000 after purchasing an additional 2,943 shares during the period. Moors & Cabot Inc. bought a new position in TriplePoint Venture Growth BDC during the third quarter valued at $153,000. Finally, Calton & Associates Inc. bought a new position in TriplePoint Venture Growth BDC during the first quarter valued at $175,000. 22.75% of the stock is owned by institutional investors.

TriplePoint Venture Growth BDC Company Profile (Get Rating)

TriplePoint Venture Growth BDC Corp. is a business development company specializing investments in venture capital-backed companies at the growth stage investments. It also provides debt financing to venture growth space companies which includes growth capital loans, secured and customized loans, equipment financings, revolving loans and direct equity investments.

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