Compass Point Upgrades PennantPark Investment (NASDAQ:PNNT) to “Neutral”

PennantPark Investment (NASDAQ:PNNT) was upgraded by equities research analysts at Compass Point from a “sell” rating to a “neutral” rating in a report released on Wednesday, MarketBeat Ratings reports. The brokerage presently has a $5.50 price target on the asset manager’s stock, down from their prior price target of $5.75. Compass Point’s price target suggests a potential downside of 4.76% from the company’s previous close.

Several other research analysts have also recently weighed in on PNNT. Truist Financial dropped their price objective on shares of PennantPark Investment from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, November 26th. JPMorgan Chase & Co. lowered their target price on PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating for the company in a research note on Wednesday, November 26th. Finally, Keefe, Bruyette & Woods dropped their target price on PennantPark Investment from $6.25 to $5.50 and set an “underperform” rating for the company in a research report on Wednesday, November 26th. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, PennantPark Investment presently has a consensus rating of “Hold” and a consensus target price of $5.88.

PennantPark Investment Trading Up 0.6%

Shares of NASDAQ PNNT opened at $5.78 on Wednesday. PennantPark Investment has a 1-year low of $5.66 and a 1-year high of $7.53. The company has a 50-day moving average of $6.39 and a two-hundred day moving average of $6.79. The company has a market cap of $377.08 million, a PE ratio of 22.21 and a beta of 0.62. 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 Activity at PennantPark Investment

In related news, Director Jeffrey Flug sold 21,100 shares of PennantPark Investment stock in a transaction on Monday, December 1st. The stock was sold at an average price of $6.04, for a total transaction of $127,444.00. Following the completion of the sale, the director directly owned 207,218 shares of the company’s stock, valued at $1,251,596.72. The trade was a 9.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 61,100 shares of company stock worth $369,094 over the last ninety days. 3.00% of the stock is owned by insiders.

Hedge Funds Weigh In On PennantPark Investment

Institutional investors have recently modified their holdings of the stock. Atria Wealth Solutions Inc. increased its stake in shares of PennantPark Investment by 32.1% in the 1st quarter. Atria Wealth Solutions Inc. now owns 25,541 shares of the asset manager’s stock valued at $182,000 after acquiring an additional 6,206 shares during the last quarter. Founders Financial Alliance LLC grew its holdings in PennantPark Investment by 8.3% during the first quarter. Founders Financial Alliance LLC now owns 63,494 shares of the asset manager’s stock valued at $446,000 after purchasing an additional 4,852 shares during the period. Condor Capital Management increased its stake in PennantPark Investment by 4.4% in the first quarter. Condor Capital Management now owns 206,171 shares of the asset manager’s stock valued at $1,449,000 after purchasing an additional 8,738 shares in the last quarter. Ethos Financial Group LLC bought a new stake in PennantPark Investment in the first quarter valued at approximately $198,000. Finally, BI Asset Management Fondsmaeglerselskab A S raised its holdings in PennantPark Investment by 7.5% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 89,022 shares of the asset manager’s stock worth $626,000 after purchasing an additional 6,230 shares during the period. 26.62% of the stock is currently owned by institutional investors and hedge funds.

About PennantPark Investment

PennantPark Investment Corporation, a business development company is a private equity fund specializes in direct and mezzanine investments in middle market companies. It invests in the form of mezzanine debt, senior secured loans, and equity investments. The fund typically invests in buildings and real estate, hotels, gaming and leisure, technology, telecommunications, transportation, information technology services, electronics, healthcare & pharmaceuticals, education and childcare, financial services, printing and publishing, consumer products, business services, energy & Related Services and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, building materials, capital equipment, chemicals, plastics, & rubber, food & beverage, wholesale, manufacturing and basic industries and retail.