In a notable insider purchase amid Horizon Technology (NASDAQ:HRZN) Finance Corp's (NASDAQ:HRZN) trading near its 52-week low of $9.07, President and Director Gerald A. Michaud acquired 8,000 shares of the company's common stock. The shares were acquired at an average price of $9.3149 each, amounting to a total transaction value of $74,519. Following this purchase, Michaud now holds 169,309 shares directly, with an additional 485 shares indirectly owned through his spouse. The $353.6M market cap company currently offers a substantial 15.85% dividend yield and has maintained dividend payments for 15 consecutive years. For detailed analysis and additional insights, check out the comprehensive research report available on InvestingPro.
In other recent news, Horizon Technology Finance Corporation reported its Q3 2024 earnings, noting a net investment income (NII) of $0.32 per share, slightly below its declared distribution level. The company also announced monthly distributions of $0.11 per share through March 2025, and a 6% growth in its portfolio to $684 million. Despite a lower NII compared to the same quarter last year and a decline in net asset value (NAV) per share, the firm remains optimistic about future growth, particularly in the technology and life sciences sectors.
Horizon Technology Finance made nine new debt investments totaling $93 million and reported a debt portfolio yield of 15.9%, one of the highest in the Business Development Company (BDC) industry. The company also raised over $18 million through an at-the-market (ATM) program and $20 million via convertible notes in October. With a debt-to-equity ratio of 1.28, the company's potential new investment capacity stands at $356 million.
These recent developments reflect Horizon Technology Finance's strategic balance of growth and stability. Despite a decrease in investment income for Q3 compared to the previous year, the company's strong liquidity position, with $125 million available and no outstanding borrowings, supports its optimistic outlook for sourcing new high-quality venture debt investments and future portfolio growth.
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