PennantPark Investment’s (PNNT) “Sell” Rating Reaffirmed at Compass Point

PennantPark Investment (NASDAQ:PNNT)‘s stock had its “sell” rating reissued by research analysts at Compass Point in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $5.75 price objective on the asset manager’s stock, down from their previous price objective of $6.00. Compass Point’s price objective would suggest a potential downside of 16.79% from the stock’s current price.

PNNT has been the subject of a number of other research reports. StockNews.com upgraded PennantPark Investment from a “sell” rating to a “hold” rating in a research note on Wednesday, May 14th. LADENBURG THALM/SH SH raised shares of PennantPark Investment to a “hold” rating in a report on Wednesday, May 14th. Finally, JPMorgan Chase & Co. dropped their price objective on PennantPark Investment from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Thursday, April 24th.

PennantPark Investment Stock Up 0.1%

Shares of NASDAQ:PNNT opened at $6.91 on Wednesday. PennantPark Investment has a 52-week low of $5.72 and a 52-week high of $8.04. The firm has a market cap of $451.20 million, a P/E ratio of 26.58 and a beta of 1.02. The business’s 50 day simple moving average is $6.63 and its two-hundred day simple moving average is $6.88. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.47 and a current ratio of 0.47.

Insider Activity

In related news, Director Jose A. Briones purchased 3,640 shares of PennantPark Investment stock in a transaction dated Wednesday, May 14th. The stock was purchased at an average cost of $6.88 per share, for a total transaction of $25,043.20. Following the completion of the purchase, the director now directly owns 268,972 shares of the company’s stock, valued at $1,850,527.36. The trade was a 1.37% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 3.00% of the company’s stock.

Institutional Trading of PennantPark Investment

A number of hedge funds have recently bought and sold shares of PNNT. Janney Montgomery Scott LLC increased its stake in shares of PennantPark Investment by 12.1% in the fourth quarter. Janney Montgomery Scott LLC now owns 130,907 shares of the asset manager’s stock worth $927,000 after purchasing an additional 14,124 shares in the last quarter. Cornerstone Wealth Management LLC raised its holdings in shares of PennantPark Investment by 2.8% in the fourth quarter. Cornerstone Wealth Management LLC now owns 118,991 shares of the asset manager’s stock valued at $842,000 after acquiring an additional 3,210 shares in the last quarter. Grimes & Company Inc. purchased a new stake in PennantPark Investment during the fourth quarter worth $443,000. EMC Capital Management boosted its stake in PennantPark Investment by 58.4% in the fourth quarter. EMC Capital Management now owns 31,789 shares of the asset manager’s stock valued at $225,000 after acquiring an additional 11,721 shares in the last quarter. Finally, Strategic Financial Concepts LLC acquired a new stake in PennantPark Investment in the 4th quarter worth approximately $115,000. Hedge funds and other institutional investors own 26.62% of the company’s stock.

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.