PennantPark Floating Rate Capital (NASDAQ:PFLT) Stock Price Expected to Rise, UBS Group Analyst Says

PennantPark Floating Rate Capital (NASDAQ:PFLT) had its price target hoisted by investment analysts at UBS Group from $10.50 to $10.75 in a report released on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the asset manager’s stock. UBS Group’s price target suggests a potential downside of 0.69% from the stock’s previous close.

A number of other analysts also recently issued reports on PFLT. Citigroup reaffirmed an “outperform” rating on shares of PennantPark Floating Rate Capital in a research report on Tuesday, June 24th. Wall Street Zen downgraded PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a research report on Tuesday, May 13th. LADENBURG THALM/SH SH raised PennantPark Floating Rate Capital from a “neutral” rating to a “buy” rating and set a $10.50 target price on the stock in a research report on Tuesday, May 13th. Maxim Group set a $11.50 target price on PennantPark Floating Rate Capital and gave the company a “buy” rating in a research report on Wednesday, May 14th. Finally, JMP Securities lowered their target price on PennantPark Floating Rate Capital from $12.00 to $11.00 and set a “market outperform” rating on the stock in a research report on Tuesday, June 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, PennantPark Floating Rate Capital currently has a consensus rating of “Hold” and a consensus target price of $10.96.

PennantPark Floating Rate Capital Stock Performance

PFLT opened at $10.83 on Wednesday. The business’s 50-day moving average price is $10.34 and its two-hundred day moving average price is $10.62. PennantPark Floating Rate Capital has a 1 year low of $8.82 and a 1 year high of $11.90. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of 7.73 and a beta of 0.95. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.15 and a quick ratio of 0.15.

Insider Buying and Selling

In other PennantPark Floating Rate Capital news, Director Jose A. Briones purchased 9,840 shares of PennantPark Floating Rate Capital stock in a transaction that occurred on Wednesday, May 14th. The stock was acquired at an average price of $10.15 per share, for a total transaction of $99,876.00. Following the completion of the acquisition, the director owned 329,438 shares of the company’s stock, valued at approximately $3,343,795.70. This trade represents a 3.08% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quarry LP boosted its holdings in shares of PennantPark Floating Rate Capital by 190.2% during the fourth quarter. Quarry LP now owns 3,674 shares of the asset manager’s stock worth $40,000 after acquiring an additional 2,408 shares during the period. Mpwm Advisory Solutions LLC bought a new stake in shares of PennantPark Floating Rate Capital during the fourth quarter worth approximately $55,000. Miracle Mile Advisors LLC bought a new stake in shares of PennantPark Floating Rate Capital during the first quarter worth approximately $124,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of PennantPark Floating Rate Capital during the fourth quarter worth approximately $140,000. Finally, Nebula Research & Development LLC bought a new stake in shares of PennantPark Floating Rate Capital during the fourth quarter worth approximately $140,000. Institutional investors own 19.77% of the company’s stock.

PennantPark Floating Rate Capital Company Profile

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.