The stock of Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) hit a new 52-week high and has $14.67 target or 5.00% above today’s $13.97 share price. The 7 months bullish chart indicates low risk for the $371.27M company. The 1-year high was reported on Dec, 1 by Barchart.com. If the $14.67 price target is reached, the company will be worth $18.56 million 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 0.87% or $0.12 on December 1, hitting $13.97. About 92,012 shares traded hands or 2.11% up from the average. Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) has risen 15.13% since April 28, 2016 and is uptrending. It has outperformed by 9.20% 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. Maxim Group maintained Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) on Friday, November 25 with “Buy” rating. As per Wednesday, August 26, the company rating was maintained by Wood. The firm has “Buy” rating by Maxim Group given on Monday, November 16. The rating was upgraded by Zacks to “Hold” on Wednesday, August 26.
Insitutional Activity: The institutional sentiment increased to 1.57 in 2016 Q2. Its up 0.41, from 1.16 in 2016Q1. The ratio increased, 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.
Yorktown Mgmt & Rech last reported 0.16% of its portfolio in the stock. Bank & Trust Of America Corporation De, a North Carolina-based fund reported 11,969 shares. Plante Moran Fincl Advsrs Limited Liability Com accumulated 0% or 130 shares. Savings Bank Of Montreal Can owns 1,003 shares or 0% of their US portfolio. The Illinois-based Sphinx Trading Lp has invested 0.04% in Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT). Blackrock Limited Liability Company reported 1,500 shares or 0% of all its holdings. Taylor Frigon Mgmt Ltd Liability accumulated 1.4% or 107,953 shares. Vsr Fin Inc, a Kansas-based fund reported 11,395 shares. Tower Rech Ltd Company (Trc) owns 796 shares or 0% of their US portfolio. Punch & Investment Mgmt Inc accumulated 917,383 shares or 1.31% of the stock. Atwood Palmer last reported 640 shares in the company. Jbf Capital accumulated 0.01% or 6,245 shares. Yakira Cap Mgmt holds 0.4% of its portfolio in Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) for 85,210 shares. The New York-based Focused Wealth Inc has invested 0% in Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT). Moreover, Polar Llp has 0.11% invested in Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) for 472,500 shares.
More recent Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) news were published by: Nasdaq.com which released: “PennantPark Floating Rate Capital Ltd. (PFLT) Ex-Dividend Date Scheduled for …” on November 15, 2016. Also Prnewswire.com published the news titled: “PennantPark Floating Rate Capital Ltd. and MCG Capital Corporation Announce …” on August 18, 2015. Prnewswire.com‘s news article titled: “Stockholders of PennantPark Floating Rate Capital Ltd. and MCG Capital …” with publication date: August 14, 2015 was also an interesting one.
PennantPark Floating Rate Capital Ltd. is a business development company. The company has a market cap of $371.27 million. The Firm is a closed-end, externally managed, non-diversified investment company. It has a 11.15 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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