Keefe, Bruyette & Woods Has Lowered Expectations for PennantPark Investment (NASDAQ:PNNT) Stock Price

PennantPark Investment (NASDAQ:PNNT) had its price target decreased by investment analysts at Keefe, Bruyette & Woods from $5.50 to $5.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “underperform” rating on the asset manager’s stock. Keefe, Bruyette & Woods’ price objective suggests a potential downside of 3.57% from the stock’s current price.

PNNT has been the subject of several other reports. Compass Point raised shares of PennantPark Investment from a “sell” rating to a “neutral” rating and lowered their price target for the stock from $5.75 to $5.50 in a research note on Wednesday, December 3rd. Truist Financial lowered their target price on PennantPark Investment from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, November 26th. Finally, JPMorgan Chase & Co. reduced their price target on PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating on the stock in a research report on Wednesday, November 26th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, PennantPark Investment presently has a consensus rating of “Hold” and a consensus target price of $5.75.

PennantPark Investment Stock Performance

Shares of NASDAQ PNNT opened at $5.19 on Friday. The stock’s 50-day moving average is $5.88 and its 200 day moving average is $6.42. The stock has a market cap of $338.56 million, a price-to-earnings ratio of 19.94 and a beta of 0.64. PennantPark Investment has a 1-year low of $5.08 and a 1-year high of $7.53. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.56.

Insider Buying and Selling

In related news, Director Jeffrey Flug sold 121,533 shares of PennantPark Investment stock in a transaction on Monday, December 8th. The shares were sold at an average price of $5.92, for a total value of $719,475.36. Following the sale, the director owned 32,382 shares in the company, valued at $191,701.44. The trade was a 78.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last three months, insiders sold 235,936 shares of company stock worth $1,397,761. Corporate insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On PennantPark Investment

Institutional investors and hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC increased its position in shares of PennantPark Investment by 100.6% during the second quarter. EverSource Wealth Advisors LLC now owns 3,695 shares of the asset manager’s stock valued at $25,000 after buying an additional 1,853 shares during the period. BNP Paribas Financial Markets purchased a new position in shares of PennantPark Investment during the 3rd quarter worth approximately $32,000. First Horizon Advisors Inc. bought a new position in shares of PennantPark Investment in the 2nd quarter worth approximately $35,000. Advisory Services Network LLC purchased a new position in shares of PennantPark Investment in the 3rd quarter valued at approximately $38,000. Finally, Kestra Advisory Services LLC purchased a new position in shares of PennantPark Investment in the 4th quarter valued at approximately $52,000. 26.62% of the stock is owned by hedge funds and other institutional investors.

PennantPark Investment Company Profile

PennantPark Investment Corporation is a publicly traded closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Since its formation in 2006, PennantPark has focused on providing customized financing solutions to middle-market companies across the United States. The firm’s investment advisory services are provided by PennantPark Investment Advisers, LLC, which sources and structures transactions tailored to the unique needs of its portfolio companies.

The company’s core strategy centers on debt and equity investments in U.S.-based businesses, typically those with annual revenues between $10 million and $200 million.