Wells Fargo & Company Has Lowered Expectations for TriplePoint Venture Growth BDC (NYSE:TPVG) Stock Price

TriplePoint Venture Growth BDC (NYSE:TPVG) had its target price dropped by stock analysts at Wells Fargo & Company from $5.50 to $5.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “underweight” rating on the investment management company’s stock. Wells Fargo & Company‘s price objective would indicate a potential downside of 6.72% from the company’s current price.

Several other brokerages have also commented on TPVG. Wall Street Zen upgraded shares of TriplePoint Venture Growth BDC from a “sell” rating to a “hold” rating in a report on Saturday, December 6th. Zacks Research raised TriplePoint Venture Growth BDC from a “strong sell” rating to a “hold” rating in a research report on Monday, December 8th. Finally, Weiss Ratings upgraded TriplePoint Venture Growth BDC from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, February 9th. Six research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $6.15.

TriplePoint Venture Growth BDC Stock Performance

Shares of NYSE TPVG traded up $0.09 during mid-day trading on Thursday, reaching $5.36. 415,246 shares of the company’s stock were exchanged, compared to its average volume of 376,974. The company’s 50-day moving average is $6.07 and its 200-day moving average is $6.10. The firm has a market capitalization of $216.54 million, a price-to-earnings ratio of 6.31 and a beta of 1.37. TriplePoint Venture Growth BDC has a 52-week low of $5.03 and a 52-week high of $7.66.

TriplePoint Venture Growth BDC (NYSE:TPVG) last issued its quarterly earnings data on Wednesday, March 4th. The investment management company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.01). The company had revenue of $3.42 million during the quarter, compared to analysts’ expectations of $23.78 million. TriplePoint Venture Growth BDC had a net margin of 36.02% and a return on equity of 12.88%. As a group, equities analysts predict that TriplePoint Venture Growth BDC will post 1.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO James Labe acquired 23,799 shares of the firm’s stock in a transaction on Monday, January 12th. The stock was bought at an average price of $6.66 per share, for a total transaction of $158,501.34. Following the completion of the purchase, the chief executive officer directly owned 1,998,489 shares of the company’s stock, valued at approximately $13,309,936.74. The trade was a 1.21% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Sajal Srivastava acquired 23,799 shares of the company’s stock in a transaction on Monday, January 12th. The shares were purchased at an average cost of $6.66 per share, for a total transaction of $158,501.34. Following the acquisition, the insider owned 1,998,489 shares of the company’s stock, valued at approximately $13,309,936.74. The trade was a 1.21% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders purchased 1,318,182 shares of company stock valued at $8,540,309. 1.46% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On TriplePoint Venture Growth BDC

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TPVG. Nomura Asset Management Co. Ltd. purchased a new position in TriplePoint Venture Growth BDC during the second quarter worth about $26,000. Northwestern Mutual Wealth Management Co. purchased a new position in shares of TriplePoint Venture Growth BDC during the 2nd quarter worth approximately $35,000. Advisory Services Network LLC acquired a new stake in shares of TriplePoint Venture Growth BDC in the 3rd quarter valued at approximately $33,000. Farmers & Merchants Investments Inc. boosted its stake in shares of TriplePoint Venture Growth BDC by 221.7% in the fourth quarter. Farmers & Merchants Investments Inc. now owns 10,293 shares of the investment management company’s stock valued at $67,000 after buying an additional 7,093 shares in the last quarter. Finally, AXQ Capital LP acquired a new position in TriplePoint Venture Growth BDC during the fourth quarter worth $72,000. Hedge funds and other institutional investors own 12.77% of the company’s stock.

TriplePoint Venture Growth BDC Company Profile

TriplePoint Venture Growth BDC Inc is a closed-end management investment company externally managed by TriplePoint Capital LLC. The firm specializes in providing customized debt and equity financing to growth-stage, venture capital– and private equity–backed companies. Its financing solutions include senior secured loans, unitranche facilities, subordinated debt and selective equity co-investments tailored to support expansion, working capital needs and strategic initiatives.

Launched in September 2018 and listed on the New York Stock Exchange under the symbol TPVG, TriplePoint Venture Growth BDC leverages the deep industry expertise and established underwriting capabilities of TriplePoint Capital, a venture lender since 2003.