Horizon Technology Finance (HRZN)

• Market cap: $306M
• 1 day: -5.66%
• 5 days: -9.57%
• 1 month: -11.46%
• 3 months: -7.71%
• 6 months: -19.81%
• Year to date: -6.70%
• 1 year: -24.44%
• 5 years: 14.09%
• 10 years: -39.11%
• Sector: Financials
• Industry: Asset Management

About: Horizon Technology Finance Corp is a specialty finance company. Its investment objective is to maximize its investment portfolio's total return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. It lends to and invests in development-stage companies in the technology, life science, healthcare information and services and sustainability industries.

Fund manager confidence

Based on 2024 Q4 regulatory disclosures by fund managers ($100M+ AUM)

100% more first-time investments, than exits

New positions opened: 26 | Existing positions closed: 13

29% more repeat investments, than reductions

Existing positions increased: 22 | Existing positions reduced: 17

18% more funds holding

Funds holding: 65 [Q3] → 77 (+12) [Q4]

13% more capital invested

Capital invested by funds: $26.8M [Q3] → $30.2M (+$3.41M) [Q4]

2.19% more ownership

Funds ownership: 7.12% [Q3] → 9.3% (+2.19%) [Q4]

0% more funds holding in top 10

Funds holding in top 10: 1 [Q3] → 1 (+0) [Q4]

48% less call options, than puts

Call options by funds: $647K | Put options by funds: $1.24M

Research analyst outlook

2 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $8 6% downside
• Avg. target: $10.50 24% upside
• High target: $13 53% upside

2 analyst ratings

• positive: 1 50%
• neutral: 0 0%
• negative: 1 50%

Maxim Group Michael Diana 38% 1-year accuracy 5 / 13 met price target	53% upside $13	Buy Maintained	10 Mar 2025
Keefe, Bruyette & Woods Paul Johnson 58% 1-year accuracy 7 / 12 met price target	6% downside $8	Underperform Maintained	7 Mar 2025