Michael Rovner Purchases 7,000 Shares of Runway Growth Finance (NASDAQ:RWAY) Stock

Runway Growth Finance Corp. (NASDAQ:RWAY) CEO Michael Rovner bought 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 9th. The shares were bought at an average price of $6.57 per share, with a total value of $45,990.00. Following the transaction, the chief executive officer directly owned 7,000 shares in the company, valued at $45,990. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Runway Growth Finance Price Performance

Shares of RWAY stock opened at $6.61 on Friday. The stock’s fifty day simple moving average is $6.12 and its 200 day simple moving average is $6.43. Runway Growth Finance Corp. has a one year low of $5.19 and a one year high of $10.69. The firm has a market cap of $277.03 million, a price-to-earnings ratio of 60.10 and a beta of 0.70. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.93 and a quick ratio of 0.93.

Runway Growth Finance (NASDAQ:RWAY) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.14. Runway Growth Finance had a return on equity of 11.73% and a net margin of 5.82%.The firm had revenue of $37.03 million during the quarter, compared to analyst estimates of $31.06 million. On average, analysts expect that Runway Growth Finance Corp. will post 1.39 earnings per share for the current fiscal year.

Runway Growth Finance Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 31st. Shareholders of record on Monday, August 17th were given a $0.33 dividend. The ex-dividend date was Monday, August 17th. This represents a $1.32 dividend on an annualized basis and a yield of 20.0%. Runway Growth Finance’s payout ratio is 1,200.00%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on RWAY shares. Wall Street Zen upgraded shares of Runway Growth Finance from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. B. Riley Financial restated a “buy” rating and set a $11.00 price target (up from $10.00) on shares of Runway Growth Finance in a research report on Thursday, August 13th. Weiss Ratings cut Runway Growth Finance from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, June 16th. Bank of America cut Runway Growth Finance from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $9.00 to $5.50 in a report on Monday, June 15th. Finally, Zacks Research upgraded Runway Growth Finance from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $8.40.

Institutional Investors Weigh In On Runway Growth Finance

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RWAY. Kestra Advisory Services LLC bought a new position in shares of Runway Growth Finance in the fourth quarter worth about $42,000. Raymond James Financial Inc. bought a new position in Runway Growth Finance in the 2nd quarter worth approximately $51,000. Osaic Holdings Inc. raised its position in Runway Growth Finance by 92.6% in the 2nd quarter. Osaic Holdings Inc. now owns 5,515 shares of the company’s stock worth $59,000 after purchasing an additional 2,651 shares during the last quarter. Tower Research Capital LLC TRC raised its position in Runway Growth Finance by 74,437.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,963 shares of the company’s stock worth $64,000 after purchasing an additional 5,955 shares during the last quarter. Finally, Perigon Wealth Management LLC acquired a new position in Runway Growth Finance during the 2nd quarter worth $56,000. Institutional investors and hedge funds own 64.61% of the company’s stock.

Runway Growth Finance Company Profile

Runway Growth Finance, Inc is a publicly traded business development company that provides customized debt and equity financing solutions to high‐growth, venture‐backed companies. The firm specializes in structuring senior secured loans, unitranche facilities, second‐lien financings, convertible notes and equity co‐investments designed to extend the cash runway for late‐stage companies. Runway’s flexible capital offerings are aimed at supporting technology, life sciences and other innovation‐driven sectors as they pursue growth initiatives and prepare for liquidity events.

Originally launched in 2017 under the name Saratoga Investment Corp., the company rebranded as Runway Growth Finance in 2020 following the acquisition of an established middle‐market credit manager.