Short Interest in PennantPark Investment Co. (NASDAQ:PNNT) Rises By 317.7%

PennantPark Investment Co. (NASDAQ:PNNT) saw a significant growth in short interest during the month of December. As of December 31st, there was short interest totalling 635,700 shares, a growth of 317.7% from the December 15th total of 152,200 shares. Currently, 1.0% of the company’s shares are short sold. Based on an average trading volume of 496,400 shares, the days-to-cover ratio is presently 1.3 days.

In related news, Director Samuel L. Katz acquired 9,490 shares of the stock in a transaction dated Tuesday, December 15th. The stock was bought at an average cost of $4.47 per share, for a total transaction of $42,420.30. Following the completion of the transaction, the director now directly owns 29,210 shares of the company’s stock, valued at $130,568.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.00% of the stock is owned by company insiders.

A number of institutional investors have recently modified their holdings of PNNT. Morgan Stanley lifted its holdings in PennantPark Investment by 20.6% during the first quarter. Morgan Stanley now owns 927,488 shares of the asset manager’s stock worth $2,402,000 after acquiring an additional 158,587 shares during the period. Claybrook Capital LLC lifted its holdings in PennantPark Investment by 84.5% during the third quarter. Claybrook Capital LLC now owns 119,012 shares of the asset manager’s stock worth $380,000 after acquiring an additional 54,500 shares during the period. ArrowMark Colorado Holdings LLC lifted its holdings in PennantPark Investment by 1.9% during the second quarter. ArrowMark Colorado Holdings LLC now owns 2,611,479 shares of the asset manager’s stock worth $9,166,000 after acquiring an additional 48,385 shares during the period. BlackRock Inc. lifted its holdings in PennantPark Investment by 11.8% during the third quarter. BlackRock Inc. now owns 447,530 shares of the asset manager’s stock worth $1,428,000 after acquiring an additional 47,171 shares during the period. Finally, Van ECK Associates Corp lifted its holdings in PennantPark Investment by 5.2% during the third quarter. Van ECK Associates Corp now owns 933,794 shares of the asset manager’s stock worth $2,979,000 after acquiring an additional 46,377 shares during the period. Institutional investors and hedge funds own 32.48% of the company’s stock.

PNNT has been the subject of a number of research analyst reports. Compass Point upgraded PennantPark Investment from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $3.50 to $4.75 in a report on Thursday, November 19th. Zacks Investment Research downgraded PennantPark Investment from a “hold” rating to a “sell” rating in a report on Wednesday, November 25th. LADENBURG THALM/SH SH upgraded PennantPark Investment from a “neutral” rating to a “buy” rating in a report on Friday, November 20th. ValuEngine raised PennantPark Investment from a “strong sell” rating to a “sell” rating in a research note on Tuesday, December 1st. Finally, BidaskClub raised PennantPark Investment from a “hold” rating to a “buy” rating in a research note on Friday, January 1st. Two equities research analysts have rated the stock with a sell rating and four have issued a buy rating to the company. PennantPark Investment currently has an average rating of “Hold” and an average price target of $4.42.

Shares of NASDAQ:PNNT opened at $5.00 on Thursday. The stock has a market cap of $335.23 million, a price-to-earnings ratio of -20.00 and a beta of 1.63. The company has a quick ratio of 3.07, a current ratio of 3.07 and a debt-to-equity ratio of 1.62. PennantPark Investment has a 12-month low of $1.76 and a 12-month high of $6.74. The business’s 50 day moving average is $4.58 and its 200 day moving average is $3.64.

PennantPark Investment (NASDAQ:PNNT) last announced its earnings results on Wednesday, November 18th. The asset manager reported $0.14 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by ($0.01). The company had revenue of $21.28 million for the quarter, compared to analysts’ expectations of $23.84 million. PennantPark Investment had a negative net margin of 16.10% and a positive return on equity of 7.43%. As a group, equities research analysts expect that PennantPark Investment will post 0.62 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, January 4th. Investors of record on Thursday, December 17th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, December 16th. This represents a $0.48 annualized dividend and a dividend yield of 9.60%. PennantPark Investment’s payout ratio is 72.73%.

About PennantPark Investment

PennantPark Investment Corporation is a business development company. It 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.

See Also: What’s a Black Swan?

Receive News & Ratings for PennantPark Investment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PennantPark Investment and related companies with MarketBeat.com's FREE daily email newsletter.