PennantPark Investment (NASDAQ:PNNT) Stock Price Crosses Above 200-Day Moving Average – Here’s What Happened

Shares of PennantPark Investment Co. (NASDAQ:PNNT) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $7.00 and traded as high as $7.11. PennantPark Investment shares last traded at $7.08, with a volume of 353,550 shares changing hands.

Analyst Ratings Changes

Separately, LADENBURG THALM/SH SH downgraded shares of PennantPark Investment from a “buy” rating to a “neutral” rating in a research report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $6.00.

PennantPark Investment Stock Performance

The stock has a market cap of $461.97 million, a PE ratio of 27.21 and a beta of 1.45. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.47 and a current ratio of 0.47. The firm’s 50-day moving average is $7.09 and its 200 day moving average is $7.00.

PennantPark Investment Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a yield of 13.57%. PennantPark Investment’s payout ratio is currently 369.23%.

Hedge Funds Weigh In On PennantPark Investment

A number of large investors have recently bought and sold shares of the company. Cornerstone Wealth Management LLC raised its position in PennantPark Investment by 2.8% during the 4th quarter. Cornerstone Wealth Management LLC now owns 118,991 shares of the asset manager’s stock worth $842,000 after buying an additional 3,210 shares during the last quarter. Thrivent Financial for Lutherans raised its position in PennantPark Investment by 7.6% during the 4th quarter. Thrivent Financial for Lutherans now owns 46,704 shares of the asset manager’s stock worth $331,000 after buying an additional 3,283 shares during the last quarter. NewEdge Wealth LLC raised its position in PennantPark Investment by 1.2% during the 4th quarter. NewEdge Wealth LLC now owns 286,789 shares of the asset manager’s stock worth $2,030,000 after buying an additional 3,470 shares during the last quarter. Founders Financial Alliance LLC grew its stake in shares of PennantPark Investment by 8.0% during the 4th quarter. Founders Financial Alliance LLC now owns 58,642 shares of the asset manager’s stock worth $415,000 after purchasing an additional 4,352 shares during the period. Finally, Ameriflex Group Inc. acquired a new position in shares of PennantPark Investment during the 4th quarter worth $39,000. Hedge funds and other institutional investors own 26.62% of the company’s stock.

About PennantPark Investment

PennantPark Investment Corporation, a business development company is a private equity fund 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 buildings and real estate, hotels, gaming and leisure, technology, telecommunications, transportation, information technology services, electronics, healthcare & pharmaceuticals, education and childcare, financial services, printing and publishing, consumer products, business services, energy & Related Services and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, building materials, capital equipment, chemicals, plastics, & rubber, food & beverage, wholesale, manufacturing and basic industries and retail.