Runway Growth Finance Corp. (NASDAQ:RWAY – Get Rating) saw a large growth in short interest during the month of August. As of August 15th, there was short interest totalling 68,700 shares, a growth of 41.9% from the July 31st total of 48,400 shares. Currently, 0.2% of the company’s stock are sold short. Based on an average daily volume of 73,900 shares, the days-to-cover ratio is presently 0.9 days.
Runway Growth Finance Stock Performance
NASDAQ:RWAY traded down $0.16 during midday trading on Friday, reaching $12.49. 56,031 shares of the company traded hands, compared to its average volume of 86,118. Runway Growth Finance has a twelve month low of $10.76 and a twelve month high of $14.92. The firm has a market capitalization of $509.09 million and a price-to-earnings ratio of 14.69. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.03 and a quick ratio of 1.03. The company has a fifty day moving average price of $12.52 and a 200 day moving average price of $13.16.
Runway Growth Finance Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 23rd. Investors of record on Tuesday, August 9th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Monday, August 8th. This represents a $1.32 dividend on an annualized basis and a yield of 10.57%. This is a positive change from Runway Growth Finance’s previous quarterly dividend of $0.30. Runway Growth Finance’s payout ratio is currently 155.29%.
Insiders Place Their Bets
In other Runway Growth Finance news, CEO R David Spreng acquired 5,000 shares of the company’s stock in a transaction on Tuesday, June 21st. The shares were bought at an average cost of $11.75 per share, for a total transaction of $58,750.00. Following the acquisition, the chief executive officer now directly owns 49,604 shares of the company’s stock, valued at $582,847. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.63% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Catalyst Capital Advisors LLC acquired a new position in Runway Growth Finance during the 1st quarter valued at approximately $35,000. Bulldog Investors LLP bought a new stake in Runway Growth Finance during the 4th quarter valued at $154,000. Hennion & Walsh Asset Management Inc. bought a new stake in Runway Growth Finance during the 1st quarter valued at $161,000. Citadel Advisors LLC raised its stake in Runway Growth Finance by 32.2% during the 2nd quarter. Citadel Advisors LLC now owns 17,986 shares of the company’s stock valued at $203,000 after acquiring an additional 4,385 shares in the last quarter. Finally, B. Riley Wealth Management Inc. bought a new stake in Runway Growth Finance during the 1st quarter valued at $213,000.
Analysts Set New Price Targets
Separately, Hovde Group dropped their price objective on Runway Growth Finance to $13.50 in a report on Friday, May 20th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $15.25.
About Runway Growth Financ
Runway Growth Finance Corp. is a business development company specializing investments in senior-secured loans to late stage and growth companies. It prefers to make investments in companies engaged in the technology, life sciences, healthcare and information services, business services and select consumer services and products sectors.News Source: Market Beat