Blue Owl Technology Finance (NYSE:OTF) Rating Lowered to Strong Sell at Zacks Research

Blue Owl Technology Finance (NYSE:OTF) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other brokerages also recently commented on OTF. Keefe, Bruyette & Woods reduced their target price on shares of Blue Owl Technology Finance from $13.00 to $12.00 and set a “market perform” rating on the stock in a research note on Tuesday. Truist Financial reduced their price target on shares of Blue Owl Technology Finance from $17.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, February 23rd. Wells Fargo & Company dropped their price objective on shares of Blue Owl Technology Finance from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Friday, May 8th. Finally, Citizens Jmp cut their target price on shares of Blue Owl Technology Finance from $17.00 to $16.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 22nd. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $14.00.

Blue Owl Technology Finance Trading Up 1.4%

Shares of OTF stock opened at $10.88 on Tuesday. The firm has a market capitalization of $5.03 billion and a price-to-earnings ratio of 12.08. The stock’s 50 day simple moving average is $11.70. Blue Owl Technology Finance has a 12 month low of $10.67 and a 12 month high of $21.62.

Blue Owl Technology Finance (NYSE:OTF) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.02). The firm had revenue of $325.94 million for the quarter. Blue Owl Technology Finance had a return on equity of 7.43% and a net margin of 32.78%.During the same quarter in the previous year, the firm earned $0.41 earnings per share. On average, equities analysts expect that Blue Owl Technology Finance will post 1.12 EPS for the current fiscal year.

Blue Owl Technology Finance declared that its board has authorized a stock buyback program on Wednesday, February 18th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Blue Owl Technology Finance

In other Blue Owl Technology Finance news, Director Chris Temple purchased 5,000 shares of the stock in a transaction on Wednesday, February 25th. The stock was bought at an average cost of $11.49 per share, for a total transaction of $57,450.00. Following the completion of the acquisition, the director directly owned 5,000 shares of the company’s stock, valued at $57,450. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders bought 7,000 shares of company stock valued at $79,630 over the last ninety days. 0.05% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Blue Owl Technology Finance

Several institutional investors and hedge funds have recently modified their holdings of the business. NewEdge Wealth LLC raised its holdings in Blue Owl Technology Finance by 3.3% during the 4th quarter. NewEdge Wealth LLC now owns 69,925 shares of the company’s stock worth $1,017,000 after buying an additional 2,218 shares during the period. Lido Advisors LLC boosted its holdings in shares of Blue Owl Technology Finance by 22.6% in the fourth quarter. Lido Advisors LLC now owns 14,545 shares of the company’s stock valued at $208,000 after buying an additional 2,683 shares during the period. Newbridge Financial Services Group Inc. bought a new stake in shares of Blue Owl Technology Finance during the fourth quarter worth $44,000. Kestra Advisory Services LLC raised its holdings in shares of Blue Owl Technology Finance by 39.1% during the first quarter. Kestra Advisory Services LLC now owns 12,241 shares of the company’s stock worth $152,000 after acquiring an additional 3,443 shares during the period. Finally, Blair William & Co. IL lifted its position in Blue Owl Technology Finance by 41.4% in the 4th quarter. Blair William & Co. IL now owns 14,807 shares of the company’s stock valued at $215,000 after acquiring an additional 4,334 shares in the last quarter.

About Blue Owl Technology Finance

Blue Owl Technology Finance (NYSE: OTF) is a publicly traded business development company (BDC) sponsored by alternative asset manager Blue Owl. The firm focuses on providing customized debt and structured capital solutions to technology and technology-enabled companies, with an emphasis on growth-stage and middle-market borrowers. As a BDC, its primary activities include originating, structuring and managing private credit investments tailored to the financing needs of fast-growing businesses.

Its investment approach typically centers on direct lending and credit-oriented products, including senior secured loans, unitranche and subordinated debt, as well as selective equity-linked instruments and structured financings.