Portman Ridge Finance (NASDAQ:PTMN) Trading Up 1.2% – Still a Buy?

Portman Ridge Finance Corporation (NASDAQ:PTMN) traded up 1.2% during trading on Thursday . The company traded as high as $11.95 and last traded at $11.94. 61,569 shares traded hands during trading, an increase of 17% from the average session volume of 52,829 shares. The stock had previously closed at $11.80.

Portman Ridge Finance Trading Up 1.2%

The company has a debt-to-equity ratio of 1.54, a current ratio of 3.11 and a quick ratio of 3.11. The firm has a fifty day simple moving average of $12.14 and a two-hundred day simple moving average of $12.17. The firm has a market capitalization of $157.51 million, a P/E ratio of -12.84 and a beta of 0.60.

Hedge Funds Weigh In On Portman Ridge Finance

Several large investors have recently modified their holdings of PTMN. Punch & Associates Investment Management Inc. purchased a new position in Portman Ridge Finance in the 3rd quarter valued at approximately $4,210,000. Bulldog Investors LLP boosted its holdings in shares of Portman Ridge Finance by 112.4% in the third quarter. Bulldog Investors LLP now owns 460,007 shares of the company’s stock worth $5,304,000 after acquiring an additional 243,461 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Portman Ridge Finance in the third quarter valued at $2,684,000. JB Capital Partners LP purchased a new position in shares of Portman Ridge Finance in the third quarter valued at $1,412,000. Finally, Marex Group plc bought a new stake in shares of Portman Ridge Finance during the 2nd quarter valued at $1,029,000. Hedge funds and other institutional investors own 30.14% of the company’s stock.

Portman Ridge Finance Company Profile

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.