Maxim Group Sticks to Their Hold Rating for Pennantpark Floating Rate (PFLT)

By Austin Angelo

Maxim Group analyst Michael Diana maintained a Hold rating on Pennantpark Floating Rate (PFLTResearch Report) yesterday. The company’s shares closed last Monday at $8.51.

According to TipRanks.com, Diana has 0 stars on 0-5 stars ranking scale with an average return of -2.9% and a 49.0% success rate. Diana covers the Financial sector, focusing on stocks such as First Eagle Alternative Capital BDC, First Savings Financial Group, and Arlington Asset Investment.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Pennantpark Floating Rate with a $10.50 average price target.

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Based on Pennantpark Floating Rate’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $26.33 million and GAAP net loss of $21.1 million. In comparison, last year the company earned revenue of $22.88 million and had a net profit of $4.52 million.

Based on the recent corporate insider activity of 16 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PFLT in relation to earlier this year.

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PennantPark Floating Rate Capital Ltd. is a closed-end, externally managed, non-diversified investment company. It invests primarily in loans bearing a variable-rate of interest or floating rate loans, and other investments made to U.S. middle-market companies. The company was founded by Arthur Howard Penn on October 28, 2010 and is headquartered in New York, NY.