TriplePoint Venture Growth BDC (NYSE:TPVG) Given New $6.50 Price Target at Wells Fargo & Company

TriplePoint Venture Growth BDC (NYSE:TPVG) had its price target reduced by Wells Fargo & Company from $8.00 to $6.50 in a report published on Tuesday, Marketbeat reports. Wells Fargo & Company currently has an underweight rating on the investment management company’s stock.

A number of other research analysts have also recently weighed in on the stock. Piper Sandler reduced their price target on shares of TriplePoint Venture Growth BDC from $9.50 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. LADENBURG THALM/SH SH lowered shares of TriplePoint Venture Growth BDC from a “buy” rating to a “neutral” rating and reduced their target price for the company from $8.50 to $8.00 in a report on Friday, August 9th. Finally, Keefe, Bruyette & Woods lowered their price target on TriplePoint Venture Growth BDC from $9.00 to $8.00 and set an “underperform” rating for the company in a report on Friday, August 9th. Three research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. Based on data from MarketBeat, TriplePoint Venture Growth BDC has a consensus rating of “Hold” and a consensus price target of $7.85.

TriplePoint Venture Growth BDC Stock Performance

TPVG stock opened at $6.59 on Tuesday. The business has a fifty day simple moving average of $7.04 and a 200-day simple moving average of $8.13. TriplePoint Venture Growth BDC has a 52 week low of $6.52 and a 52 week high of $11.58.

TriplePoint Venture Growth BDC (NYSE:TPVG) last announced its quarterly earnings results on Wednesday, August 7th. The investment management company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.10). The firm had revenue of $27.11 million for the quarter, compared to analyst estimates of $28.77 million. TriplePoint Venture Growth BDC had a positive return on equity of 18.24% and a negative net margin of 8.03%. During the same quarter in the prior year, the company earned $0.53 earnings per share. Research analysts expect that TriplePoint Venture Growth BDC will post 1.4 EPS for the current year.

TriplePoint Venture Growth BDC Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 18.22%. The ex-dividend date was Monday, September 16th. TriplePoint Venture Growth BDC’s dividend payout ratio (DPR) is -399.99%.

Insiders Place Their Bets

In other TriplePoint Venture Growth BDC news, President Sajal Srivastava bought 11,298 shares of the stock in a transaction dated Monday, August 12th. The stock was bought at an average cost of $7.02 per share, for a total transaction of $79,311.96. Following the completion of the purchase, the president now directly owns 250,858 shares of the company’s stock, valued at approximately $1,761,023.16. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.01% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On TriplePoint Venture Growth BDC

Several institutional investors and hedge funds have recently made changes to their positions in TPVG. Quarry LP bought a new stake in shares of TriplePoint Venture Growth BDC in the second quarter worth $35,000. EverSource Wealth Advisors LLC acquired a new position in TriplePoint Venture Growth BDC during the 2nd quarter worth $62,000. Diversify Wealth Management LLC bought a new stake in shares of TriplePoint Venture Growth BDC in the 3rd quarter worth about $82,000. Farmers & Merchants Investments Inc. raised its stake in shares of TriplePoint Venture Growth BDC by 116.9% in the 1st quarter. Farmers & Merchants Investments Inc. now owns 9,833 shares of the investment management company’s stock valued at $93,000 after purchasing an additional 5,300 shares in the last quarter. Finally, Diversify Advisory Services LLC lifted its position in shares of TriplePoint Venture Growth BDC by 31.2% during the third quarter. Diversify Advisory Services LLC now owns 14,191 shares of the investment management company’s stock worth $94,000 after purchasing an additional 3,378 shares during the last quarter. 12.77% of the stock is currently owned by hedge funds and other institutional investors.

TriplePoint Venture Growth BDC Company Profile

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.