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

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

Separately, Raymond James started coverage on PennantPark Floating Rate Capital in a research report on Friday, December 20th. They set a “market perform” rating for the company.

PennantPark Floating Rate Capital Trading Up 0.7 %

Shares of NASDAQ:PFLT opened at $11.10 on Wednesday. PennantPark Floating Rate Capital has a fifty-two week low of $10.28 and a fifty-two week high of $12.02. 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 company has a market cap of $923.44 million, a PE ratio of 7.76 and a beta of 1.65. The company’s 50-day moving average price is $11.00 and its 200 day moving average price is $11.26.

Institutional Trading of PennantPark Floating Rate Capital

A number of hedge funds and other institutional investors have recently made changes to their positions in PFLT. Graypoint LLC increased its stake in shares of PennantPark Floating Rate Capital by 2.7% during the fourth quarter. Graypoint LLC now owns 71,156 shares of the asset manager’s stock valued at $778,000 after acquiring an additional 1,897 shares during the period. JPMorgan Chase & Co. increased its position in shares of PennantPark Floating Rate Capital by 72.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 251,733 shares of the asset manager’s stock valued at $2,913,000 after purchasing an additional 105,855 shares during the period. Tidal Investments LLC raised its stake in shares of PennantPark Floating Rate Capital by 7.4% in the 3rd quarter. Tidal Investments LLC now owns 101,012 shares of the asset manager’s stock worth $1,169,000 after buying an additional 6,966 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of PennantPark Floating Rate Capital in the 3rd quarter worth $39,000. Finally, XTX Topco Ltd acquired a new stake in shares of PennantPark Floating Rate Capital in the third quarter valued at $182,000. 19.77% of the stock is currently owned by 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.