StockNews.com Downgrades PennantPark Floating Rate Capital (NASDAQ:PFLT) to Sell

PennantPark Floating Rate Capital (NASDAQ:PFLT) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

Separately, Raymond James initiated coverage on shares of PennantPark Floating Rate Capital in a research note on Friday, December 20th. They set a “market perform” rating on the stock.

PennantPark Floating Rate Capital Stock Performance

Shares of PFLT traded down $0.11 during mid-day trading on Tuesday, hitting $11.20. 841,669 shares of the company’s stock were exchanged, compared to its average volume of 812,968. The firm has a market capitalization of $931.76 million, a P/E ratio of 7.83 and a beta of 1.65. PennantPark Floating Rate Capital has a fifty-two week low of $10.28 and a fifty-two week high of $12.02. The business’s 50 day moving average is $11.01 and its two-hundred day moving average is $11.22. The company has a current ratio of 0.18, a quick ratio of 0.18 and a debt-to-equity ratio of 0.63.

Institutional Trading of PennantPark Floating Rate Capital

Hedge funds have recently bought and sold shares of the company. Sound Income Strategies LLC boosted its holdings in shares of PennantPark Floating Rate Capital by 12.0% during the fourth quarter. Sound Income Strategies LLC now owns 3,320,039 shares of the asset manager’s stock worth $36,288,000 after purchasing an additional 356,781 shares during the last quarter. Van ECK Associates Corp boosted its stake in PennantPark Floating Rate Capital by 22.5% in the 3rd quarter. Van ECK Associates Corp now owns 1,798,265 shares of the asset manager’s stock worth $20,554,000 after buying an additional 330,731 shares during the last quarter. Millennium Management LLC grew its holdings in PennantPark Floating Rate Capital by 391.3% in the 2nd quarter. Millennium Management LLC now owns 783,912 shares of the asset manager’s stock valued at $9,046,000 after buying an additional 624,342 shares during the period. Strategic Financial Concepts LLC increased its stake in shares of PennantPark Floating Rate Capital by 1,080.4% during the 4th quarter. Strategic Financial Concepts LLC now owns 723,566 shares of the asset manager’s stock valued at $7,909,000 after acquiring an additional 662,266 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its holdings in shares of PennantPark Floating Rate Capital by 9.2% during the 3rd quarter. Advisors Asset Management Inc. now owns 281,626 shares of the asset manager’s stock worth $3,258,000 after acquiring an additional 23,836 shares during the period. Institutional investors and hedge funds own 19.77% of the company’s stock.

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.