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

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

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

PennantPark Floating Rate Capital Price Performance

PennantPark Floating Rate Capital stock opened at $10.96 on Tuesday. The stock has a market cap of $911.78 million, a price-to-earnings ratio of 7.66 and a beta of 1.65. The company has a quick ratio of 0.18, a current ratio of 0.18 and a debt-to-equity ratio of 0.63. The business has a 50-day simple moving average of $11.01 and a 200 day simple moving average of $11.22. PennantPark Floating Rate Capital has a 52 week low of $10.28 and a 52 week high of $12.02.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Quarry LP purchased a new position in shares of PennantPark Floating Rate Capital during the 2nd quarter valued at about $34,000. Wilmington Savings Fund Society FSB bought a new position in PennantPark Floating Rate Capital during the third quarter valued at approximately $39,000. Calton & Associates Inc. purchased a new position in shares of PennantPark Floating Rate Capital during the third quarter worth approximately $119,000. Jmac Enterprises LLC bought a new stake in shares of PennantPark Floating Rate Capital in the 3rd quarter worth approximately $120,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of PennantPark Floating Rate Capital in the 4th quarter valued at $131,000. 19.77% of the stock is currently owned by hedge funds and other institutional investors.

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.