Runway Growth Finance’s (RWAY) Buy Rating Reaffirmed at B. Riley Financial

by · The Markets Daily

Runway Growth Finance (NASDAQ:RWAY – Get Free Report)‘s stock had its “buy” rating reiterated by investment analysts at B. Riley Financial in a research note issued on Thursday,Benzinga reports. They currently have a $11.00 target price on the stock, up from their prior target price of $10.00. B. Riley Financial’s target price suggests a potential upside of 59.30% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. Bank of America cut Runway Growth Finance from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $9.00 to $5.50 in a research note on Monday, June 15th. Wells Fargo & Company lowered their price target on Runway Growth Finance to $6.50 and set an “equal weight” rating for the company in a report on Thursday, May 14th. Weiss Ratings downgraded Runway Growth Finance from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, June 16th. Zacks Research upgraded shares of Runway Growth Finance from a “strong sell” rating to a “hold” rating in a report on Tuesday. Finally, Wall Street Zen raised shares of Runway Growth Finance from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $8.40.

Check Out Our Latest Stock Analysis on RWAY

Runway Growth Finance Trading Up 1.8%

Shares of Runway Growth Finance stock traded up $0.12 during mid-day trading on Thursday, hitting $6.91. The stock had a trading volume of 102,678 shares, compared to its average volume of 576,424. The firm has a 50-day moving average of $5.70 and a two-hundred day moving average of $6.76. The firm has a market cap of $289.39 million, a P/E ratio of 62.59 and a beta of 0.66. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.38. Runway Growth Finance has a 12-month low of $5.19 and a 12-month high of $11.02.

Runway Growth Finance (NASDAQ:RWAY – Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.29 by $0.14. Runway Growth Finance had a net margin of 5.82% and a return on equity of 11.73%. The firm had revenue of $37.03 million for the quarter, compared to analyst estimates of $31.06 million. Sell-side analysts forecast that Runway Growth Finance will post 1.24 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RWAY. Royal Bank of Canada raised its holdings in shares of Runway Growth Finance by 52.3% in the 1st quarter. Royal Bank of Canada now owns 21,252 shares of the company’s stock valued at $220,000 after buying an additional 7,299 shares during the period. Invesco Ltd. boosted its holdings in Runway Growth Finance by 4.6% during the 2nd quarter. Invesco Ltd. now owns 22,034 shares of the company’s stock valued at $236,000 after acquiring an additional 969 shares during the period. Jump Financial LLC boosted its holdings in Runway Growth Finance by 704.0% during the 2nd quarter. Jump Financial LLC now owns 102,912 shares of the company’s stock valued at $1,104,000 after acquiring an additional 90,112 shares during the period. Raymond James Financial Inc. acquired a new position in Runway Growth Finance in the 2nd quarter valued at about $51,000. Finally, Bank of America Corp DE grew its position in Runway Growth Finance by 32.9% in the 2nd quarter. Bank of America Corp DE now owns 379,143 shares of the company’s stock valued at $4,068,000 after acquiring an additional 93,755 shares in the last quarter. 64.61% of the stock is currently owned by hedge funds and other institutional investors.

About Runway Growth Finance

(Get Free Report)

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.

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