SuRo Capital Corp. (NASDAQ:SSSS) Stock Jumps After Quarterly Earnings

On October 10, SuRo Capital Corp. (NASDAQ:SSSS) came up with a preliminary update regarding its investment portfolio for the third fiscal quarter ended on September 30, 2024. Investors possibly liked the announcement given the stock soared by 27% on Friday.

The Update

In the news release, it was noted that so far 2024 had been one of the most active investing periods for SuRo Capital Corp. in the last 10 years. The company made an investment of $17.5 million in OpenAI during the third quarter. OpenAI is currently one of the biggest artificial intelligence solution developers in the world.

Some of the other moves from SuRo Capital Corp included increasing its position in CoreWeave, an AI cloud computing outfit, through a secondary transaction worth $5 million and a $12 million investment in the AI infrastructure data platform operator VAST Data.

Further Information

The investments made by the company in the quarter took its aggregate investments in the AI infrastructure space to $55 million. It was also asserted that owing to the massive addressable market for AI, SuRo Capital Corp. decided to allocate a significant portion of its portfolio towards AI-related investments. The net assets of the company at the end of the quarter stood at $212 million, which worked out to $8.41 a share. 

Key Quote

“For over a decade, SuRo Capital has been the public’s gateway to curated venture capital. This access, once reserved only for venture capitalists, has provided exposure to some of the largest, most compelling, and highly sought-after private companies in the world before they become publicly traded. Our current portfolio offers exposure to the infrastructure for artificial intelligence, growing consumer brands, and exciting consumer and enterprise software names, among others,” said Mark Klein, Chairman and Chief Executive Officer of SuRo Capital.

Technicals

+/- EMA(20)	4.12 (+13.59%)
+/- SMA(50)	3.94 (+18.78%)
+/- SMA(200)	4.01 (+16.71%)