Horizon Technology Finance (NASDAQ:HRZN) Cut to “Strong Sell” at Zacks Research

Zacks Research lowered shares of Horizon Technology Finance (NASDAQ:HRZN) from a hold rating to a strong sell rating in a report issued on Thursday morning,Zacks.com reports.

A number of other analysts have also recently commented on the stock. Keefe, Bruyette & Woods upgraded shares of Horizon Technology Finance from an “underperform” rating to a “market perform” rating and set a $5.00 price target on the stock in a research note on Thursday. B. Riley Financial reduced their price objective on shares of Horizon Technology Finance from $7.00 to $5.50 and set a “neutral” rating for the company in a research note on Friday. Weiss Ratings restated a “sell (d)” rating on shares of Horizon Technology Finance in a research report on Thursday, January 22nd. Wall Street Zen lowered Horizon Technology Finance from a “buy” rating to a “hold” rating in a report on Saturday. Finally, UBS Group boosted their price objective on Horizon Technology Finance from $6.25 to $6.50 and gave the company a “neutral” rating in a research note on Wednesday, November 19th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $6.20.

Horizon Technology Finance Stock Performance

Shares of HRZN opened at $4.20 on Thursday. Horizon Technology Finance has a fifty-two week low of $4.16 and a fifty-two week high of $9.52. The business has a 50-day moving average of $6.41 and a 200 day moving average of $6.47. The firm has a market cap of $200.80 million, a P/E ratio of -26.25 and a beta of 0.97.

Horizon Technology Finance (NASDAQ:HRZN) last released its quarterly earnings data on Tuesday, March 3rd. The investment management company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.12). The business had revenue of $0.58 million for the quarter, compared to analysts’ expectations of $25.64 million. Horizon Technology Finance had a negative net margin of 2.77% and a positive return on equity of 14.52%. As a group, research analysts predict that Horizon Technology Finance will post 1.38 earnings per share for the current fiscal year.

Horizon Technology Finance Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Tuesday, June 16th. Shareholders of record on Monday, May 18th will be issued a $0.06 dividend. This represents a c) annualized dividend and a yield of 17.1%. The ex-dividend date of this dividend is Monday, May 18th. Horizon Technology Finance’s dividend payout ratio (DPR) is presently -825.00%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Eagle Point Credit Management LLC bought a new stake in Horizon Technology Finance during the fourth quarter valued at $2,385,000. Millennium Management LLC bought a new position in Horizon Technology Finance in the 3rd quarter worth about $1,099,000. Green Alpha Advisors LLC increased its stake in Horizon Technology Finance by 29.0% in the 3rd quarter. Green Alpha Advisors LLC now owns 500,029 shares of the investment management company’s stock worth $3,050,000 after acquiring an additional 112,303 shares during the last quarter. Magnetar Financial LLC purchased a new stake in shares of Horizon Technology Finance in the 3rd quarter valued at about $435,000. Finally, Aquatic Capital Management LLC bought a new stake in shares of Horizon Technology Finance during the 3rd quarter valued at about $395,000. Institutional investors own 4.94% of the company’s stock.

Horizon Technology Finance Company Profile

Horizon Technology Finance Corporation is a specialty finance company organized as a business development company (BDC) that provides private credit solutions to venture capital and private equity-backed technology, life science and healthcare companies. The firm targets companies at various stages of development, offering secured debt financing structures such as first‐lien and second‐lien loans, as well as equity co‐investment opportunities in select portfolio companies.

Horizon Technology Finance’s investment strategy emphasizes deployment of capital in U.S.‐based enterprises with proven technology, strong management teams and clear paths to growth.