HighTower Advisors LLC recently announced the acquisition of new stake in Runway Growth Finance Corp. (NASDAQ:RWAY). The institutional investor has increased its shareholding in the Financial company by 12.18% to 0.9 million shares with purchase of 98211.0 shares. This fresh investment now brings its stake to 2.23% valued currently at $10.48 million. In addition, Bulldog Investors LLP raised its holdings by 70825.0 to 0.29 million shares. And BlackRock Advisors has lifted its position by 92.96% or 48177.0 shares – to 100000.0 shares.
With over 0.1 million Runway Growth Finance Corp. (RWAY) shares trading Tuesday and a closing price of $12.78 on the day, the dollar volume was approximately $1.33 million. The shares have shown a positive half year performance of 0.08% and its price on 01/24/23 gained nearly 1.83%. Currently, there are 40.77M common shares owned by the public and among those 40.26M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for RWAY have a consensus price objective of $14.69. The analysts have set the share’s price value over the next 12 months at a high of $15.50 and a low of $14.00. The average price target is 13.53% above its recent price level and an upside to the estimated low will see the stock gain 8.71% over that period. But an upside of 17.55% will see the stock hit the forecast high price target while median target price for the stock is $14.50.
Insiders at the company have transacted a total of 65 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 65 of these insider trades were purchases, accounting for 961,798 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.
The top 3 mutual fund holders in Runway Growth Finance Corp. are Special Opportunities Fund, Inc., High Income Securities Fund, and iShares II Plc – Listed Private E. Special Opportunities Fund, Inc. owns 0.24 million shares of the company’s stock, all valued at over $2.8 million. The company bought an additional 56825.0 shares recently to bring their total holdings to about 0.60% of the shares outstanding. High Income Securities Fund sold 2887.0 shares to see its total holdings shrink to 0.11 million shares valued at over $1.29 million and representing 0.27% of the shares outstanding. iShares II Plc – Listed Private E now owns shares totaling to 0.25% of the shares outstanding.
Shares of Runway Growth Finance Corp. (NASDAQ: RWAY) opened at $12.53, down -$0.02 from a prior closing price of $12.55. However, the script later moved the day high at 12.84, up 1.83%. The company’s stock has a 5-day price change of -0.85% and 6.95% over the past three months. RWAY shares are trading 10.27% year to date (YTD), with the 12-month market performance down to -0.54% lower. It has a 12-month low price of $10.76 and touched a high of $14.92 over the same period. RWAY has an average intraday trading volume of 114.26K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 4.34%, 5.73%, and 1.76% respectively.
Institutional ownership of Runway Growth Finance Corp. (NASDAQ: RWAY) shares accounts for 61.80% of the company’s 40.77M shares outstanding. Mutual fund holders own 52.02%, while other institutional holders and individual stakeholders account for 60.18% and 1.33% respectively.
It has a market capitalization of $518.36M. The stock’s trailing 12-month PE ratio is 15.53, while the earnings-per-share (ttm) stands at $0.82. The company has a PEG of 1.73 and the debt-to-equity ratio at 0.59. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.60% over the week and 2.95% over the month.
Analysts forecast that Runway Growth Finance Corp. (RWAY) will achieve an EPS of $0.35 for the current quarter, $0.37 for the next quarter and $1.64 for 2023. The lowest estimate earnings-per-share for the quarter is $0.32 while analysts give the company a high EPS estimate of $0.38. Earnings per share for the fiscal year are expected to decrease by -21.50%, and 19.01% over the next financial year. EPS should shrink at an annualized rate of 9.00% over the next five years, compared to 15.10% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate Runway Growth Finance Corp. (RWAY) as a “Strong Buy” at a consensus score of 1.60. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 0 of the 8 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the RWAY, a number of firms have released research notes about the stock. B. Riley Securities stated their Buy rating for the stock in a research note on September 16, 2022, with the firm’s price target at $12.50. Ladenburg Thalmann coverage for the Runway Growth Finance Corp. (RWAY) stock in a research note released on April 22, 2022 offered a Buy rating with a price target of $15.50. B. Riley Securities was of a view on February 28, 2022 that the stock is Buy, while Hovde Group gave the stock Outperform rating on November 19, 2021, issuing a price target of $14.50. Wells Fargo on their part issued Overweight rating on November 15, 2021.