PennantPark Floating Rate Capital (NASDAQ:PFLT) Upgraded to “Hold” at StockNews.com

PennantPark Floating Rate Capital (NASDAQ:PFLT) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Monday.

Other research analysts have also issued reports about the company. Maxim Group upgraded PennantPark Floating Rate Capital from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research report on Monday, August 12th. JMP Securities lowered their price objective on PennantPark Floating Rate Capital from $12.50 to $12.00 and set a “market outperform” rating for the company in a research report on Tuesday, July 30th.

PennantPark Floating Rate Capital Trading Down 0.5 %

PennantPark Floating Rate Capital stock traded down $0.05 during mid-day trading on Monday, hitting $11.02. The company’s stock had a trading volume of 891,613 shares, compared to its average volume of 776,445. The firm has a market capitalization of $809.10 million, a PE ratio of 6.80 and a beta of 1.69. PennantPark Floating Rate Capital has a 1 year low of $10.28 and a 1 year high of $12.63. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 0.60. The stock’s fifty day moving average is $11.42 and its two-hundred day moving average is $11.37.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PFLT. Quadrature Capital Ltd purchased a new position in shares of PennantPark Floating Rate Capital during the first quarter worth $498,000. Tidal Investments LLC boosted its position in shares of PennantPark Floating Rate Capital by 5.8% during the first quarter. Tidal Investments LLC now owns 85,821 shares of the asset manager’s stock worth $977,000 after buying an additional 4,700 shares during the period. Garner Asset Management Corp purchased a new position in shares of PennantPark Floating Rate Capital during the first quarter worth $205,000. Virtu Financial LLC purchased a new position in shares of PennantPark Floating Rate Capital during the first quarter worth $254,000. Finally, Catalina Capital Group LLC purchased a new position in shares of PennantPark Floating Rate Capital during the second quarter worth $117,000. 19.77% of the stock is currently owned by hedge funds and other institutional investors.

PennantPark Floating Rate Capital Company Profile

PennantPark Floating Rate Capital Ltd. is a business development company. It seeks to make secondary direct, debt, equity, and loan investments. The fund seeks to invest through floating rate loans in private or thinly traded or small market-cap, public middle market companies. It primarily invests in the United States and to a limited extent non-U.S.