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

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

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

PennantPark Floating Rate Capital Price Performance

NASDAQ PFLT traded down $0.05 during trading hours on Monday, reaching $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 price-to-earnings 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 debt-to-equity ratio of 0.60, a current ratio of 0.22 and a quick ratio of 0.22. The company’s 50-day moving average is $11.42 and its two-hundred day moving average is $11.37.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

A number of hedge funds have recently made changes to their positions in PFLT. Quadrature Capital Ltd acquired a new position in shares of PennantPark Floating Rate Capital during the first quarter valued at approximately $498,000. Tidal Investments LLC grew its position in shares of PennantPark Floating Rate Capital by 5.8% in the first quarter. Tidal Investments LLC now owns 85,821 shares of the asset manager’s stock valued at $977,000 after purchasing an additional 4,700 shares in the last quarter. Garner Asset Management Corp purchased a new stake in shares of PennantPark Floating Rate Capital in the first quarter valued at approximately $205,000. Virtu Financial LLC purchased a new stake in shares of PennantPark Floating Rate Capital in the first quarter valued at approximately $254,000. Finally, Catalina Capital Group LLC purchased a new stake in shares of PennantPark Floating Rate Capital in the second quarter valued at approximately $117,000. Institutional investors and hedge funds own 19.77% of the company’s stock.

About PennantPark Floating Rate Capital

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.