Zacks Investment Research Downgrades Solar Senior Capital Ltd. (SUNS) to Sell
Solar Senior Capital Ltd. (NASDAQ:SUNS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.
According to Zacks, “Solar Senior Capital Ltd. operates as a business development company under the Investment Company Act of 1940. The Company invests primarily in senior secured loans, including first lien, unitranche and second lien debt instruments, made to private middle-market companies whose debt is rated below investment grade. “
Separately, BidaskClub downgraded shares of Solar Senior Capital from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. Solar Senior Capital has a consensus rating of “Hold” and an average price target of $17.88.
Solar Senior Capital (NASDAQ:SUNS) traded down 0.28% during midday trading on Wednesday, reaching $17.56. 21,410 shares of the company traded hands. Solar Senior Capital has a 1-year low of $15.06 and a 1-year high of $18.46. The firm has a 50-day moving average of $16.56 and a 200-day moving average of $17.22.
Solar Senior Capital (NASDAQ:SUNS) last released its quarterly earnings data on Tuesday, August 1st. The asset manager reported $0.35 EPS for the quarter, meeting the consensus estimate of $0.35. The business had revenue of $7.66 million for the quarter, compared to the consensus estimate of $8.24 million. Solar Senior Capital had a net margin of 76.07% and a return on equity of 7.98%. On average, equities analysts expect that Solar Senior Capital will post $1.36 EPS for the current fiscal year.
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A number of large investors have recently made changes to their positions in the business. Acadian Asset Management LLC boosted its position in Solar Senior Capital by 46.6% in the 2nd quarter. Acadian Asset Management LLC now owns 399,623 shares of the asset manager’s stock worth $6,691,000 after purchasing an additional 126,982 shares in the last quarter. PVG Asset Management Corp acquired a new stake in shares of Solar Senior Capital during the 1st quarter worth approximately $1,315,000. Bank of Montreal Can grew its stake in shares of Solar Senior Capital by 2,438.2% during the 2nd quarter. Bank of Montreal Can now owns 73,912 shares of the asset manager’s stock worth $1,237,000 after purchasing an additional 71,000 shares during the period. UBS Group AG grew its stake in shares of Solar Senior Capital by 21.4% during the 1st quarter. UBS Group AG now owns 396,851 shares of the asset manager’s stock worth $7,135,000 after purchasing an additional 70,058 shares during the period. Finally, Intrinsic Edge Capital Management LLC acquired a new stake in shares of Solar Senior Capital during the 2nd quarter worth approximately $837,000. 32.84% of the stock is owned by institutional investors.
Solar Senior Capital Company Profile
Solar Senior Capital Ltd. is a closed-end, externally managed, non-diversified management investment company. The Company’s investment objective is to seek to maximize current income consistent with the preservation of capital. The Company seeks to achieve its investment objective by directly and indirectly investing in senior loans, including first lien, unitranche, and second lien debt instruments, made to private middle-market companies whose debt is rated below investment grade, which it refers to collectively as senior loans.
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