Wells Fargo & Company Cuts TriplePoint Venture Growth BDC (NYSE:TPVG) Price Target to $5.00

TriplePoint Venture Growth BDC (NYSE:TPVG) had its price target trimmed by Wells Fargo & Company from $5.50 to $5.00 in a report published on Thursday,Benzinga reports. The brokerage currently has an underweight rating on the investment management company’s stock.

Several other equities research analysts have also commented on the stock. Zacks Research raised shares of TriplePoint Venture Growth BDC from a “strong sell” rating to a “hold” rating in a report on Monday, December 8th. Weiss Ratings raised shares of TriplePoint Venture Growth BDC from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, February 9th. Finally, Wall Street Zen upgraded shares of TriplePoint Venture Growth BDC from a “sell” rating to a “hold” rating in a research report on Saturday, December 6th. Six equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $6.05.

TriplePoint Venture Growth BDC Trading Down 1.7%

Shares of TPVG stock opened at $5.27 on Thursday. TriplePoint Venture Growth BDC has a 12-month low of $5.03 and a 12-month high of $7.66. The business’s 50 day moving average is $6.03 and its two-hundred day moving average is $6.08. The company has a market capitalization of $213.39 million, a P/E ratio of 4.28 and a beta of 1.37.

TriplePoint Venture Growth BDC (NYSE:TPVG) last posted its quarterly earnings data on Wednesday, March 4th. The investment management company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). The business had revenue of $3.42 million during the quarter, compared to analysts’ expectations of $23.78 million. TriplePoint Venture Growth BDC had a net margin of 54.12% and a return on equity of 12.04%. On average, research analysts predict that TriplePoint Venture Growth BDC will post 1.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Sajal Srivastava purchased 23,799 shares of the company’s stock in a transaction that occurred on Monday, January 12th. The stock was purchased at an average cost of $6.66 per share, for a total transaction of $158,501.34. Following the completion of the transaction, the insider owned 1,998,489 shares of the company’s stock, valued at $13,309,936.74. This trade represents a 1.21% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO James Labe acquired 23,799 shares of TriplePoint Venture Growth BDC stock in a transaction that occurred on Monday, January 12th. The stock was purchased at an average cost of $6.66 per share, with a total value of $158,501.34. Following the completion of the purchase, the chief executive officer owned 1,998,489 shares in the company, valued at $13,309,936.74. The trade was a 1.21% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought 1,222,700 shares of company stock worth $7,890,076 over the last ninety days. Corporate insiders own 1.46% of the company’s stock.

Institutional Investors Weigh In On TriplePoint Venture Growth BDC

A number of hedge funds have recently modified their holdings of the business. Samalin Investment Counsel LLC grew its stake in TriplePoint Venture Growth BDC by 13.1% during the 2nd quarter. Samalin Investment Counsel LLC now owns 92,636 shares of the investment management company’s stock valued at $649,000 after acquiring an additional 10,730 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in TriplePoint Venture Growth BDC in the 2nd quarter worth approximately $131,000. Ethos Financial Group LLC lifted its stake in TriplePoint Venture Growth BDC by 84.9% in the 2nd quarter. Ethos Financial Group LLC now owns 46,627 shares of the investment management company’s stock worth $327,000 after purchasing an additional 21,411 shares in the last quarter. Farmers & Merchants Investments Inc. boosted its holdings in shares of TriplePoint Venture Growth BDC by 221.7% during the 4th quarter. Farmers & Merchants Investments Inc. now owns 10,293 shares of the investment management company’s stock worth $67,000 after purchasing an additional 7,093 shares during the last quarter. Finally, Eagle Global Advisors LLC acquired a new position in shares of TriplePoint Venture Growth BDC during the 4th quarter worth approximately $182,000. 12.77% of the stock is currently owned by institutional investors and hedge funds.

TriplePoint Venture Growth BDC Company Profile

TriplePoint Venture Growth BDC Inc is a closed-end management investment company externally managed by TriplePoint Capital LLC. The firm specializes in providing customized debt and equity financing to growth-stage, venture capital– and private equity–backed companies. Its financing solutions include senior secured loans, unitranche facilities, subordinated debt and selective equity co-investments tailored to support expansion, working capital needs and strategic initiatives.

Launched in September 2018 and listed on the New York Stock Exchange under the symbol TPVG, TriplePoint Venture Growth BDC leverages the deep industry expertise and established underwriting capabilities of TriplePoint Capital, a venture lender since 2003.