Downgrade Alert for PennantPark Investment (PNNT)
PennantPark Investment (NASDAQ:PNNT) was downgraded from Overweight to Neutral at JP Morgan today. The stock closed yesterday at $7.20 on volume of 300,000 shares, above average daily volume of 278,000.
In the past 52 weeks, PennantPark Investment share prices have been bracketed by a low of $4.65 and a high of $9.72 and closed yesterday at $7.20, 55% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has advanced 0.9%.
PennantPark Investment Corporation is a business development company which primarily invests in senior debt, subordinated debt and equity of U.S. middle market companies.
Potential upside of 13.7% exists for PennantPark Investment, based on a current level of $7.20 and analysts' average consensus price target of $8.19. The stock should find initial support at its 200-day moving average (MA) of $6.58 and further support at its 50-day MA of $6.22.
SmarTrend recommended that subscribers consider buying shares of PennantPark Investment on March 1st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $5.89. Since that recommendation, shares of PennantPark Investment have risen 23.1%. We continue to monitor PNNT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades pennantpark investment