Wells Fargo & Company Issues Pessimistic Forecast for Prospect Capital (NASDAQ:PSEC) Stock Price

Prospect Capital (NASDAQ:PSEC) had its price target cut by equities research analysts at Wells Fargo & Company from $3.50 to $3.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “underweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target suggests a potential downside of 18.26% from the stock’s previous close.

Separately, StockNews.com raised shares of Prospect Capital from a “sell” rating to a “hold” rating in a research note on Saturday, April 12th.

Prospect Capital Price Performance

NASDAQ:PSEC opened at $3.67 on Monday. Prospect Capital has a one year low of $3.39 and a one year high of $5.72. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a market cap of $1.64 billion, a price-to-earnings ratio of -18.35 and a beta of 0.93. The firm’s fifty day moving average is $3.84 and its two-hundred day moving average is $4.25.

Prospect Capital (NASDAQ:PSEC) last posted its quarterly earnings results on Thursday, May 8th. The financial services provider reported $0.19 EPS for the quarter, beating the consensus estimate of $0.14 by $0.05. Prospect Capital had a net margin of 1.18% and a return on equity of 12.31%. The company had revenue of $170.72 million for the quarter, compared to analyst estimates of $174.29 million.

Insider Activity at Prospect Capital

In other Prospect Capital news, CEO John F. Barry acquired 2,000,000 shares of the business’s stock in a transaction on Tuesday, March 11th. The stock was bought at an average price of $4.32 per share, for a total transaction of $8,640,000.00. Following the acquisition, the chief executive officer now owns 81,501,933 shares in the company, valued at approximately $352,088,350.56. The trade was a 2.52% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William Gremp acquired 19,100 shares of the business’s stock in a transaction on Tuesday, March 18th. The stock was acquired at an average price of $4.29 per share, with a total value of $81,939.00. Following the acquisition, the director now owns 75,153 shares in the company, valued at $322,406.37. The trade was a 34.07% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 2,548,000 shares of company stock valued at $10,970,715. 28.25% of the stock is owned by corporate insiders.

Institutional Trading of Prospect Capital

A number of hedge funds have recently bought and sold shares of the business. Ethos Financial Group LLC acquired a new stake in Prospect Capital in the 1st quarter valued at about $178,000. Aigen Investment Management LP acquired a new stake in shares of Prospect Capital during the 1st quarter worth approximately $206,000. Headlands Technologies LLC increased its holdings in shares of Prospect Capital by 6,611.9% during the 1st quarter. Headlands Technologies LLC now owns 63,025 shares of the financial services provider’s stock worth $258,000 after buying an additional 62,086 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Prospect Capital by 187.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 104,338 shares of the financial services provider’s stock worth $428,000 after buying an additional 68,034 shares during the last quarter. Finally, IFG Advisory LLC acquired a new stake in shares of Prospect Capital during the 1st quarter worth approximately $136,000. Institutional investors and hedge funds own 9.06% of the company’s stock.

Prospect Capital Company Profile

Prospect Capital Corporation is a business development company. It specializes in middle market, mature, mezzanine finance, later stage, emerging growth, leveraged buyouts, refinancing, acquisitions, recapitalizations, turnaround, growth capital, development, capital expenditures and subordinated debt tranches of collateralized loan obligations, cash flow term loans, market place lending and bridge transactions.