PennantPark Investment (NASDAQ:PNNT) Sees Strong Trading Volume Following Insider Buying Activity

PennantPark Investment Corp. (NASDAQ:PNNT) saw unusually-high trading volume on Wednesday after an insider bought additional shares in the company. Approximately 1,114,932 shares were traded during trading, an increase of 282% from the previous session’s volume of 291,813 shares.The stock last traded at $6.32 and had previously closed at $6.12.

Specifically, CEO Arthur H. Penn purchased 16,000 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were purchased at an average cost of $6.17 per share, with a total value of $98,720.00. Following the transaction, the chief executive officer now directly owns 193,410 shares in the company, valued at approximately $1,193,339.70. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 2.00% of the company’s stock.

PNNT has been the topic of a number of analyst reports. BidaskClub raised PennantPark Investment from a “strong sell” rating to a “sell” rating in a research report on Tuesday. JPMorgan Chase & Co. lowered shares of PennantPark Investment from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $6.50 to $6.00 in a report on Tuesday, October 29th. Zacks Investment Research upgraded shares of PennantPark Investment from a “sell” rating to a “hold” rating in a report on Thursday, November 21st. Finally, ValuEngine upgraded shares of PennantPark Investment from a “sell” rating to a “hold” rating in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $7.25.

The company has a market capitalization of $410.96 million, a PE ratio of 9.58 and a beta of 1.12. The business’s fifty day moving average is $6.08 and its two-hundred day moving average is $6.31. The company has a current ratio of 3.29, a quick ratio of 3.29 and a debt-to-equity ratio of 1.18.

PennantPark Investment (NASDAQ:PNNT) last announced its quarterly earnings data on Thursday, November 21st. The asset manager reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.03). PennantPark Investment had a return on equity of 7.51% and a net margin of 14.20%. The firm had revenue of $27.93 million during the quarter, compared to analysts’ expectations of $28.50 million. As a group, equities research analysts anticipate that PennantPark Investment Corp. will post 0.71 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in PNNT. Virtus ETF Advisers LLC purchased a new stake in PennantPark Investment during the 2nd quarter valued at $4,274,000. Millennium Management LLC raised its stake in PennantPark Investment by 19,455.7% during the 3rd quarter. Millennium Management LLC now owns 488,893 shares of the asset manager’s stock valued at $3,065,000 after buying an additional 486,393 shares during the last quarter. Ancora Advisors LLC raised its stake in PennantPark Investment by 238.6% during the 2nd quarter. Ancora Advisors LLC now owns 118,500 shares of the asset manager’s stock valued at $749,000 after buying an additional 83,500 shares during the last quarter. Van ECK Associates Corp raised its stake in PennantPark Investment by 8.5% during the 2nd quarter. Van ECK Associates Corp now owns 628,766 shares of the asset manager’s stock valued at $3,974,000 after buying an additional 49,496 shares during the last quarter. Finally, Selway Asset Management raised its stake in PennantPark Investment by 71.8% during the 2nd quarter. Selway Asset Management now owns 113,390 shares of the asset manager’s stock valued at $717,000 after buying an additional 47,390 shares during the last quarter. Institutional investors own 39.08% of the company’s stock.

About PennantPark Investment (NASDAQ:PNNT)

PennantPark Investment Corporation 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 building and real estate, hotels and gaming, electronics, healthcare, education and childcare, financial services, printing and publishing, consumer products, business services, energy and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, manufacturing industries and retail.

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