Finance

Runway Growth Finance (NASDAQ:RWAY) Shares Gap Up on Insider Buying Activity

 

Runway Growth Finance logoRunway Growth Finance Corp. (NASDAQ:RWAY – Get Rating) shares gapped up before the market opened on Friday after an insider bought additional shares in the company. The stock had previously closed at $11.92, but opened at $12.25. Runway Growth Finance shares last traded at $12.55, with a volume of 600 shares traded.

Specifically, insider Thomas B. Raterman purchased 6,415 shares of the stock in a transaction that occurred on Tuesday, December 13th. The shares were acquired at an average price of $11.73 per share, for a total transaction of $75,247.95. Following the acquisition, the insider now directly owns 91,747 shares in the company, valued at approximately $1,076,192.31. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, R CEO David Spreng bought 7,705 shares of the stock in a transaction on Wednesday, December 14th. The shares were purchased at an average price of $11.75 per share, for a total transaction of $90,533.75. Following the acquisition, the chief executive officer now owns 99,452 shares in the company, valued at $1,168,561. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Thomas B. Raterman bought 6,415 shares of the stock in a transaction on Tuesday, December 13th. The shares were bought at an average price of $11.73 per share, for a total transaction of $75,247.95. Following the acquisition, the insider now owns 91,747 shares in the company, valued at approximately $1,076,192.31. The disclosure for this purchase can be found here. Insiders have bought a total of 26,104 shares of company stock worth $310,882 in the last quarter. Company insiders own 0.63% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on RWAY. B. Riley increased their target price on Runway Growth Finance from $12.50 to $13.50 and gave the company a “buy” rating in a report on Monday, October 31st. Hovde Group increased their target price on Runway Growth Finance to $14.50 in a report on Tuesday, November 15th. Finally, Wells Fargo & Company increased their price target on Runway Growth Finance from $13.50 to $14.00 and gave the stock an “overweight” rating in a research note on Monday, October 24th.

Runway Growth Finance Stock Up 1.6 %

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The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $490.75 million, a PE ratio of 14.59 and a beta of 0.71. The firm has a 50-day moving average of $12.09 and a two-hundred day moving average of $12.27.

Runway Growth Finance (NASDAQ:RWAY – Get Rating) last issued its earnings results on Thursday, November 3rd. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.01. The business had revenue of $27.33 million for the quarter, compared to analyst estimates of $27.82 million. Runway Growth Finance had a return on equity of 8.89% and a net margin of 37.01%. On average, equity research analysts forecast that Runway Growth Finance Corp. will post 1.4 EPS for the current year.

Runway Growth Finance Increases Dividends

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 22nd. Shareholders of record on Tuesday, November 8th were given a $0.36 dividend. The ex-dividend date of this dividend was Monday, November 7th. This is a positive change from Runway Growth Finance’s previous quarterly dividend of $0.33. This represents a $1.44 annualized dividend and a yield of 11.89%. Runway Growth Finance’s dividend payout ratio (DPR) is 173.50%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Edge Capital Group LLC raised its position in Runway Growth Finance by 1.4% in the second quarter. Edge Capital Group LLC now owns 68,019 shares of the company’s stock valued at $769,000 after purchasing an additional 945 shares during the period. Advisory Research Inc. raised its position in Runway Growth Finance by 6.0% in the second quarter. Advisory Research Inc. now owns 50,444 shares of the company’s stock valued at $571,000 after purchasing an additional 2,835 shares during the period. Tower Research Capital LLC TRC raised its position in Runway Growth Finance by 342.0% in the third quarter. Tower Research Capital LLC TRC now owns 3,960 shares of the company’s stock valued at $45,000 after purchasing an additional 3,064 shares during the period. Citadel Advisors LLC raised its position in Runway Growth Finance by 32.2% in the second quarter. Citadel Advisors LLC now owns 17,986 shares of the company’s stock valued at $203,000 after purchasing an additional 4,385 shares during the period. Finally, UBS Group AG raised its position in Runway Growth Finance by 14.5% in the second quarter. UBS Group AG now owns 44,251 shares of the company’s stock valued at $501,000 after purchasing an additional 5,615 shares during the period. 63.22% of the stock is owned by hedge funds and other institutional investors.

Runway Growth Finance Company Profile

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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 product sectors.

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