Portman Ridge Finance Co. (NASDAQ:PTMN) Sees Large Growth in Short Interest

Portman Ridge Finance Co. (NASDAQ:PTMN) was the recipient of a significant increase in short interest in February. As of February 15th, there was short interest totalling 89,800 shares, an increase of 72.0% from the January 31st total of 52,200 shares. Approximately 1.0% of the company’s stock are sold short. Based on an average daily volume of 46,800 shares, the short-interest ratio is presently 1.9 days.

Portman Ridge Finance Stock Down 1.9 %

NASDAQ PTMN traded down $0.33 on Tuesday, reaching $16.92. The company had a trading volume of 39,841 shares, compared to its average volume of 33,747. The company has a quick ratio of 3.14, a current ratio of 3.14 and a debt-to-equity ratio of 1.41. The company’s fifty day moving average is $16.79 and its 200 day moving average is $17.55. Portman Ridge Finance has a 52-week low of $15.94 and a 52-week high of $20.84. The stock has a market capitalization of $155.88 million, a P/E ratio of 45.73 and a beta of 1.01.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods decreased their price target on shares of Portman Ridge Finance from $19.00 to $18.00 and set a “market perform” rating for the company in a research note on Thursday, November 14th.

Institutional Trading of Portman Ridge Finance

Institutional investors and hedge funds have recently made changes to their positions in the company. International Assets Investment Management LLC grew its position in Portman Ridge Finance by 1,340.3% in the 3rd quarter. International Assets Investment Management LLC now owns 43,166 shares of the company’s stock worth $801,000 after purchasing an additional 40,169 shares in the last quarter. Two Sigma Investments LP grew its holdings in shares of Portman Ridge Finance by 25.3% in the fourth quarter. Two Sigma Investments LP now owns 106,165 shares of the company’s stock valued at $1,735,000 after acquiring an additional 21,425 shares in the last quarter. Two Sigma Advisers LP increased its position in shares of Portman Ridge Finance by 39.5% during the fourth quarter. Two Sigma Advisers LP now owns 178,200 shares of the company’s stock valued at $2,912,000 after acquiring an additional 50,500 shares during the last quarter. Bulldog Investors LLP lifted its holdings in Portman Ridge Finance by 155.0% during the fourth quarter. Bulldog Investors LLP now owns 216,546 shares of the company’s stock worth $3,539,000 after acquiring an additional 131,630 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Portman Ridge Finance during the fourth quarter worth $1,702,000. Hedge funds and other institutional investors own 30.14% of the company’s stock.

About Portman Ridge Finance

Portman Ridge Finance Corporation is a business development company specializing in investments in unitranche loans (including last out), first lien loans, second lien loans, subordinated debt, equity co-investment, mezzanine, buyout in middle market companies. It also makes acquisitions in businesses complementary to the firm's business.