Prospect Capital (PSEC) Upgraded to Buy by Zacks Investment Research

Prospect Capital (NASDAQ:PSEC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $7.75 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 14.64% from the stock’s previous close.

According to Zacks, “Prospect Capital Corporation is a closed-end investment company that lends to and invests in private and microcap public businesses. Prospect Capital’s investment objective is to generate both current income and capital appreciation through debt and equity investments. “

A number of other analysts also recently commented on PSEC. TheStreet downgraded shares of Prospect Capital from a “b-” rating to a “c+” rating in a report on Wednesday, September 27th. National Securities cut their price objective on shares of Prospect Capital from $6.00 to $5.00 and set a “sell” rating for the company in a report on Thursday, October 12th. BMO Capital Markets cut their price objective on shares of Prospect Capital from $7.00 to $6.00 and set a “market perform” rating for the company in a report on Friday, November 10th. ValuEngine upgraded shares of Prospect Capital from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Finally, BidaskClub upgraded shares of Prospect Capital from a “hold” rating to a “buy” rating in a report on Friday, December 22nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Prospect Capital has an average rating of “Hold” and an average target price of $6.81.

Prospect Capital (PSEC) traded down $0.08 on Wednesday, hitting $6.76. 1,883,600 shares of the company traded hands, compared to its average volume of 2,033,820. Prospect Capital has a 52-week low of $5.51 and a 52-week high of $9.58. The company has a debt-to-equity ratio of 0.78, a quick ratio of 2.63 and a current ratio of 2.63. The firm has a market cap of $2,430.00, a P/E ratio of 13.25 and a beta of 0.56.

Prospect Capital (NASDAQ:PSEC) last released its quarterly earnings results on Wednesday, November 8th. The financial services provider reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). Prospect Capital had a return on equity of 8.63% and a net margin of 27.00%. The company had revenue of $158.58 million for the quarter, compared to analyst estimates of $161.00 million. During the same quarter last year, the company earned $0.22 EPS. The firm’s revenue for the quarter was down 11.8% on a year-over-year basis. sell-side analysts expect that Prospect Capital will post 0.72 earnings per share for the current year.

In other news, insider John F. Barry purchased 995,883 shares of the business’s stock in a transaction dated Monday, November 20th. The stock was acquired at an average price of $6.98 per share, for a total transaction of $6,951,263.34. Following the acquisition, the insider now directly owns 25,219,413 shares of the company’s stock, valued at $176,031,502.74. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John F. Barry purchased 993,900 shares of the business’s stock in a transaction dated Friday, December 22nd. The shares were purchased at an average price of $7.21 per share, with a total value of $7,166,019.00. Following the acquisition, the insider now directly owns 32,187,564 shares in the company, valued at $232,072,336.44. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 4,604,521 shares of company stock valued at $31,784,051. 7.10% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in PSEC. Trexquant Investment LP acquired a new stake in shares of Prospect Capital during the 3rd quarter worth approximately $108,000. Jane Street Group LLC purchased a new position in shares of Prospect Capital during the 3rd quarter worth approximately $127,000. Advisory Services Network LLC boosted its position in shares of Prospect Capital by 0.6% during the 2nd quarter. Advisory Services Network LLC now owns 17,741 shares of the financial services provider’s stock worth $144,000 after purchasing an additional 105 shares during the period. Global X MANAGEMENT CO LLC boosted its position in shares of Prospect Capital by 70.9% during the 3rd quarter. Global X MANAGEMENT CO LLC now owns 26,456 shares of the financial services provider’s stock worth $178,000 after purchasing an additional 10,977 shares during the period. Finally, Verition Fund Management LLC boosted its position in shares of Prospect Capital by 86.0% during the 2nd quarter. Verition Fund Management LLC now owns 25,520 shares of the financial services provider’s stock worth $207,000 after purchasing an additional 11,803 shares during the period. Institutional investors and hedge funds own 15.60% of the company’s stock.

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Prospect Capital Company Profile

Prospect Capital Corporation is a financial services company. The Company primarily lends to and invests in middle market privately held companies. The Company is a closed-end investment company. Its investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

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