Wells Fargo & Company Cuts Runway Growth Finance (NASDAQ:RWAY) Price Target to $7.00

Runway Growth Finance (NASDAQ:RWAY) had its price objective dropped by equities research analysts at Wells Fargo & Company from $10.00 to $7.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 2.56% from the stock’s current price.

A number of other research firms also recently issued reports on RWAY. Weiss Ratings reissued a “hold (c-)” rating on shares of Runway Growth Finance in a research report on Monday, December 29th. UBS Group decreased their price objective on shares of Runway Growth Finance from $12.50 to $12.00 and set a “buy” rating for the company in a research note on Wednesday, November 19th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Runway Growth Finance from $9.50 to $7.00 and set a “neutral” rating for the company in a research report on Friday. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Runway Growth Finance has an average rating of “Hold” and an average target price of $10.00.

Runway Growth Finance Trading Up 2.9%

Runway Growth Finance stock traded up $0.20 during midday trading on Monday, reaching $6.83. The stock had a trading volume of 192,412 shares, compared to its average volume of 398,147. The stock’s 50-day simple moving average is $8.66 and its 200 day simple moving average is $9.35. Runway Growth Finance has a twelve month low of $6.61 and a twelve month high of $11.40. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market capitalization of $246.59 million, a PE ratio of 7.42 and a beta of 0.70.

Runway Growth Finance (NASDAQ:RWAY) last released its quarterly earnings data on Thursday, March 12th. The company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.04). The firm had revenue of $30.04 million during the quarter, compared to analysts’ expectations of $31.60 million. Runway Growth Finance had a return on equity of 11.52% and a net margin of 24.79%. Analysts expect that Runway Growth Finance will post 1.67 EPS for the current year.

Institutional Trading of Runway Growth Finance

Large investors have recently bought and sold shares of the company. Sound Income Strategies LLC raised its stake in shares of Runway Growth Finance by 18.6% during the fourth quarter. Sound Income Strategies LLC now owns 1,671,360 shares of the company’s stock valued at $15,694,000 after purchasing an additional 261,768 shares during the period. North Ground Capital boosted its stake in shares of Runway Growth Finance by 102.5% in the fourth quarter. North Ground Capital now owns 1,569,050 shares of the company’s stock valued at $14,012,000 after purchasing an additional 794,050 shares during the period. HighTower Advisors LLC grew its holdings in Runway Growth Finance by 3.6% during the 3rd quarter. HighTower Advisors LLC now owns 1,442,345 shares of the company’s stock valued at $14,654,000 after purchasing an additional 49,685 shares in the last quarter. Bulldog Investors LLP grew its holdings in Runway Growth Finance by 15.3% during the 4th quarter. Bulldog Investors LLP now owns 1,200,872 shares of the company’s stock valued at $10,724,000 after purchasing an additional 159,588 shares in the last quarter. Finally, UBS Group AG increased its stake in Runway Growth Finance by 57.0% during the 4th quarter. UBS Group AG now owns 638,503 shares of the company’s stock worth $5,702,000 after buying an additional 231,744 shares during the period. Institutional investors and hedge funds own 64.61% of the company’s stock.

About Runway Growth Finance

Runway Growth Finance, Inc is a publicly traded business development company that provides customized debt and equity financing solutions to high‐growth, venture‐backed companies. The firm specializes in structuring senior secured loans, unitranche facilities, second‐lien financings, convertible notes and equity co‐investments designed to extend the cash runway for late‐stage companies. Runway’s flexible capital offerings are aimed at supporting technology, life sciences and other innovation‐driven sectors as they pursue growth initiatives and prepare for liquidity events.

Originally launched in 2017 under the name Saratoga Investment Corp., the company rebranded as Runway Growth Finance in 2020 following the acquisition of an established middle‐market credit manager.