PennantPark Investment (NASDAQ:PNNT) Sees Large Volume Increase After Insider Buying Activity

Shares of PennantPark Investment Corp. (NASDAQ:PNNT) saw unusually-high trading volume on Wednesday after an insider bought additional shares in the company. Approximately 1,114,932 shares traded hands during trading, an increase of 282% from the previous session’s volume of 291,813 shares.The stock last traded at $6.32 and had previously closed at $6.12.

Specifically, CEO Arthur H. Penn acquired 16,000 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were bought at an average price of $6.17 per share, for a total transaction of $98,720.00. Following the completion of the transaction, the chief executive officer now owns 193,410 shares of the company’s stock, valued at approximately $1,193,339.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.00% of the company’s stock.

PNNT has been the topic of a number of research reports. ValuEngine upgraded PennantPark Investment from a “sell” rating to a “hold” rating in a research report on Tuesday. Zacks Investment Research upgraded PennantPark Investment from a “sell” rating to a “hold” rating in a research report on Thursday, November 21st. BidaskClub upgraded PennantPark Investment from a “strong sell” rating to a “sell” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. downgraded PennantPark Investment from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $6.50 to $6.00 in a research report on Tuesday, October 29th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $7.25.

The stock has a 50-day simple moving average of $6.08 and a two-hundred day simple moving average of $6.31. The company has a quick ratio of 3.29, a current ratio of 3.29 and a debt-to-equity ratio of 1.18. The firm has a market cap of $410.96 million, a PE ratio of 9.58 and a beta of 1.12.

PennantPark Investment (NASDAQ:PNNT) last released its quarterly earnings results on Thursday, November 21st. The asset manager reported $0.15 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.03). The firm had revenue of $27.93 million for the quarter, compared to analysts’ expectations of $28.50 million. PennantPark Investment had a net margin of 14.20% and a return on equity of 7.51%. Research analysts expect that PennantPark Investment Corp. will post 0.71 earnings per share for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in PNNT. Selway Asset Management increased its holdings in shares of PennantPark Investment by 71.8% in the second quarter. Selway Asset Management now owns 113,390 shares of the asset manager’s stock worth $717,000 after buying an additional 47,390 shares during the period. Aperio Group LLC increased its holdings in shares of PennantPark Investment by 6.0% in the second quarter. Aperio Group LLC now owns 82,992 shares of the asset manager’s stock worth $525,000 after buying an additional 4,665 shares during the period. GSA Capital Partners LLP increased its holdings in shares of PennantPark Investment by 125.8% in the second quarter. GSA Capital Partners LLP now owns 40,416 shares of the asset manager’s stock worth $255,000 after buying an additional 22,515 shares during the period. Mckinley Capital Management LLC Delaware increased its holdings in shares of PennantPark Investment by 3.9% in the second quarter. Mckinley Capital Management LLC Delaware now owns 317,454 shares of the asset manager’s stock worth $2,006,000 after buying an additional 11,851 shares during the period. Finally, Van ECK Associates Corp increased its holdings in shares of PennantPark Investment by 8.5% in the second quarter. Van ECK Associates Corp now owns 628,766 shares of the asset manager’s stock worth $3,974,000 after buying an additional 49,496 shares during the period. Hedge funds and other institutional investors own 39.08% of the company’s stock.

About PennantPark Investment (NASDAQ:PNNT)

PennantPark Investment Corporation specializes in direct and mezzanine investments in middle market companies. It invests in the form of mezzanine debt, senior secured loans, and equity investments. The fund typically invests in building and real estate, hotels and gaming, electronics, healthcare, education and childcare, financial services, printing and publishing, consumer products, business services, energy and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, manufacturing industries and retail.

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