The stock of Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) hit a new 52-week high and has $14.66 target or 7.00% above today’s $13.70 share price. The 5 months bullish chart indicates low risk for the $364.30 million company. The 1-year high was reported on Nov, 25 by Barchart.com. If the $14.66 price target is reached, the company will be worth $25.50M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. The stock increased 2.16% or $0.29 during the last trading session, hitting $13.7. About 84,569 shares traded hands. Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) has risen 11.29% since April 22, 2016 and is uptrending. It has outperformed by 5.88% the S&P500.
Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) Ratings Coverage
Out of 4 analysts covering PennantPark Floating Rate Capital (NASDAQ:PFLT), 2 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 50% are positive. PennantPark Floating Rate Capital has been the topic of 6 analyst reports since August 26, 2015 according to StockzIntelligence Inc. The rating was upgraded by Zacks on Wednesday, August 26 to “Hold”. As per Wednesday, August 26, the company rating was maintained by Wood. The stock of Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) has “Buy” rating given on Friday, November 25 by Maxim Group. The firm has “Buy” rating by Maxim Group given on Monday, November 16.
Insitutional Activity: The institutional sentiment increased to 1.57 in Q2 2016. Its up 0.41, from 1.16 in 2016Q1. The ratio improved, as 8 funds sold all Pennantpark Floating Rate Capital Ltd shares owned while 17 reduced positions. 8 funds bought stakes while 21 increased positions. They now own 6.80 million shares or 6.54% more from 6.39 million shares in 2016Q1.
Citigroup Inc accumulated 0% or 13,986 shares. D E Shaw And Inc, a New York-based fund reported 53,889 shares. Manufacturers Life The has invested 0% of its portfolio in Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT). Blackrock Investment Mgmt Ltd has 1,500 shares for 0% of their US portfolio. Bancorp Of Montreal Can last reported 0% of its portfolio in the stock. Envestnet Asset Management has invested 0% of its portfolio in Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT). State Bank Of America Corp De, a North Carolina-based fund reported 11,969 shares. Moreover, Greenwich Invest Mngmt has 0.73% invested in Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) for 55,230 shares. The New York-based Allsquare Wealth Limited Liability has invested 0.27% in Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT). Hightower Limited Co owns 97,896 shares or 0.02% of their US portfolio. Muzinich has 1.27% invested in the company for 223,902 shares. Edge Wealth Mgmt Lc accumulated 0.01% or 2,000 shares. Goldman Sachs Group Inc has 12,353 shares for 0% of their US portfolio. Blackrock Grp Inc Limited last reported 0% of its portfolio in the stock. Focused Wealth holds 750 shares or 0% of its portfolio.
More news for Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) were recently published by: Nasdaq.com, which released: “PennantPark Floating Rate Capital Ltd. (PFLT) Ex-Dividend Date Scheduled for …” on November 15, 2016. Prnewswire.com‘s article titled: “PennantPark Floating Rate Capital Ltd. and MCG Capital Corporation Announce …” and published on August 18, 2015 is yet another important article.
PennantPark Floating Rate Capital Ltd. is a business development company. The company has a market cap of $364.30 million. The Firm is a closed-end, externally managed, non-diversified investment company. It has a 10.94 P/E ratio. The Company’s objective is to generate current income and capital appreciation by investing primarily in loans bearing a variable-rate of interest, or Floating Rate Loans, and other investments made to the United States middle-market companies.
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