Runway Growth Finance Corp. (NASDAQ:RWAY) Sees Large Growth in Short Interest

Runway Growth Finance Corp. (NASDAQ:RWAY) was the recipient of a significant increase in short interest in the month of November. As of November 15th, there was short interest totalling 1,150,000 shares, an increase of 21.3% from the October 31st total of 948,300 shares. Based on an average daily volume of 261,200 shares, the days-to-cover ratio is currently 4.4 days. Currently, 3.0% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

A number of research firms have commented on RWAY. Wells Fargo & Company decreased their price objective on shares of Runway Growth Finance from $11.00 to $10.00 and set an “equal weight” rating for the company in a report on Tuesday, October 29th. Compass Point raised shares of Runway Growth Finance from a “neutral” rating to a “buy” rating and reduced their price target for the company from $12.75 to $11.25 in a report on Thursday, August 15th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $11.79.

Runway Growth Finance Stock Performance

Shares of RWAY opened at $10.41 on Monday. Runway Growth Finance has a 1 year low of $9.87 and a 1 year high of $13.74. The company has a market cap of $389.33 million, a price-to-earnings ratio of 10.01 and a beta of 0.58. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.36 and a current ratio of 0.36. The firm has a fifty day moving average of $10.34 and a 200-day moving average of $10.98.

Runway Growth Finance Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 15.37%. The ex-dividend date is Monday, November 18th. Runway Growth Finance’s dividend payout ratio is currently 153.85%.

Institutional Investors Weigh In On Runway Growth Finance

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP bought a new stake in shares of Runway Growth Finance during the second quarter valued at about $53,000. Quest Partners LLC bought a new stake in shares of Runway Growth Finance during the third quarter valued at about $92,000. Quantbot Technologies LP raised its stake in shares of Runway Growth Finance by 640.1% during the third quarter. Quantbot Technologies LP now owns 15,593 shares of the company’s stock valued at $160,000 after purchasing an additional 13,486 shares in the last quarter. Verition Fund Management LLC bought a new stake in shares of Runway Growth Finance during the third quarter valued at about $165,000. Finally, Norden Group LLC raised its stake in shares of Runway Growth Finance by 14.9% during the second quarter. Norden Group LLC now owns 19,475 shares of the company’s stock valued at $229,000 after purchasing an additional 2,525 shares in the last quarter. 64.61% of the stock is currently owned by institutional investors.

About Runway Growth Finance

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 products sectors.