Zacks Investment Research Upgrades TriplePoint Venture Growth BDC (NYSE:TPVG) to “Buy”

Posted by on Jun 7th, 2022

TriplePoint Venture Growth BDC (NYSE:TPVG – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, Zacks.com reports. The firm presently has a $17.00 price target on the investment management company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 12.88% from the stock’s previous close.

According to Zacks, “TriplePoint Venture Growth BDC Corp. is an externally managed, closed-end, non-diversified management investment company. The Company’s investment objective is to maximize its total return to stockholders primarily in the form of current income and, to a lesser extent, capital appreciation by primarily lending with warrants to venture growth stage companies focused in technology, life sciences and other high growth industries backed by a select group of leading venture capital investors. TriplePoint Venture Growth BDC Corp. is based in United States. “

Other equities analysts have also issued research reports about the company. Wells Fargo & Company increased their target price on TriplePoint Venture Growth BDC from $17.50 to $18.00 and gave the company an “overweight” rating in a research note on Monday, April 25th. StockNews.com assumed coverage on TriplePoint Venture Growth BDC in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $17.35.

NYSE:TPVG traded up $0.27 during mid-day trading on Tuesday, hitting $15.06. The company had a trading volume of 140,891 shares, compared to its average volume of 187,058. TriplePoint Venture Growth BDC has a fifty-two week low of $13.70 and a fifty-two week high of $19.25. The business’s fifty day moving average is $15.89 and its two-hundred day moving average is $16.70. The firm has a market cap of $467.46 million, a P/E ratio of 6.61 and a beta of 1.73.

TriplePoint Venture Growth BDC (NYSE:TPVG – Get Rating) last released its earnings results on Wednesday, May 4th. The investment management company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.06. TriplePoint Venture Growth BDC had a return on equity of 10.77% and a net margin of 75.42%. During the same period last year, the business earned $0.29 EPS. As a group, research analysts anticipate that TriplePoint Venture Growth BDC will post 1.59 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of TPVG. Bank of America Corp DE boosted its stake in shares of TriplePoint Venture Growth BDC by 697.5% during the 1st quarter. Bank of America Corp DE now owns 17,147 shares of the investment management company’s stock worth $299,000 after acquiring an additional 14,997 shares during the period. Advisors Asset Management Inc. raised its holdings in TriplePoint Venture Growth BDC by 8.4% in the 1st quarter. Advisors Asset Management Inc. now owns 324,132 shares of the investment management company’s stock valued at $5,659,000 after acquiring an additional 25,015 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in TriplePoint Venture Growth BDC by 58.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 9,253 shares of the investment management company’s stock valued at $161,000 after acquiring an additional 3,412 shares in the last quarter. Bramshill Investments LLC raised its holdings in TriplePoint Venture Growth BDC by 31.1% in the 1st quarter. Bramshill Investments LLC now owns 79,755 shares of the investment management company’s stock valued at $1,393,000 after acquiring an additional 18,920 shares in the last quarter. Finally, UBS Group AG raised its holdings in TriplePoint Venture Growth BDC by 9.6% in the 1st quarter. UBS Group AG now owns 57,170 shares of the investment management company’s stock valued at $998,000 after acquiring an additional 5,031 shares in the last quarter. Hedge funds and other institutional investors own 22.75% of the company’s stock.

TriplePoint Venture Growth BDC Company Profile (Get Rating)

TriplePoint Venture Growth BDC Corp. is a business development company specializing investments in venture capital-backed companies at the growth stage investments. It also provides debt financing to venture growth space companies which includes growth capital loans, secured and customized loans, equipment financings, revolving loans and direct equity investments.

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