Penumbra (NYSE:PEN) Shares Up 10.5% on Better-Than-Expected Earnings

Shares of Penumbra, Inc. (NYSE:PENGet Rating) shot up 10.5% during mid-day trading on Friday following a better than expected earnings announcement. The company traded as high as $162.10 and last traded at $158.19. 5,546 shares changed hands during mid-day trading, a decline of 99% from the average session volume of 438,353 shares. The stock had previously closed at $143.14.

The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.07. Penumbra had a positive return on equity of 1.97% and a negative net margin of 0.83%. The business had revenue of $208.30 million during the quarter, compared to analyst estimates of $206.24 million. During the same quarter in the previous year, the firm earned $0.21 EPS. Penumbra’s revenue was up 13.0% on a year-over-year basis.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Wells Fargo & Company reduced their price target on shares of Penumbra from $321.00 to $265.00 in a research report on Wednesday, May 4th. Citigroup cut their price objective on Penumbra from $280.00 to $220.00 in a research note on Tuesday, May 17th. Canaccord Genuity Group cut their price objective on Penumbra from $244.00 to $189.00 and set a “buy” rating for the company in a research note on Friday. Truist Financial dropped their price target on Penumbra to $180.00 in a research note on Friday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on Penumbra from $250.00 to $163.00 in a research note on Thursday, July 21st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $218.78.

Insider Activity at Penumbra

In related news, Director Thomas Wilder sold 248 shares of the stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $123.64, for a total transaction of $30,662.72. Following the sale, the director now owns 462 shares in the company, valued at approximately $57,121.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have sold 451 shares of company stock worth $57,968. Company insiders own 5.50% of the company’s stock.

Institutional Trading of Penumbra

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Comerica Bank increased its stake in shares of Penumbra by 2.0% during the first quarter. Comerica Bank now owns 16,072 shares of the company’s stock valued at $3,282,000 after buying an additional 320 shares during the period. Teacher Retirement System of Texas boosted its position in Penumbra by 21.7% during the fourth quarter. Teacher Retirement System of Texas now owns 6,722 shares of the company’s stock valued at $1,931,000 after purchasing an additional 1,199 shares in the last quarter. CWM LLC bought a new stake in Penumbra during the fourth quarter valued at about $1,439,000. AGF Investments Inc. boosted its position in Penumbra by 149.3% during the fourth quarter. AGF Investments Inc. now owns 1,496 shares of the company’s stock valued at $430,000 after purchasing an additional 896 shares in the last quarter. Finally, Private Advisor Group LLC bought a new stake in Penumbra during the fourth quarter valued at about $239,000. Hedge funds and other institutional investors own 80.50% of the company’s stock.

Penumbra Stock Performance

The business has a 50-day moving average of $132.06 and a two-hundred day moving average of $174.66. The company has a market cap of $6.29 billion, a P/E ratio of -981.30 and a beta of 0.73. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.31 and a quick ratio of 3.20.

About Penumbra

(Get Rating)

Penumbra, Inc designs, develops, manufactures, and markets medical devices in the United States and internationally. The company offers aspiration based thrombectomy systems and accessory devices, including revascularization device for mechanical thrombectomy, such as Penumbra System under the Penumbra RED, JET, ACE, 3D Revascularization Device, and Penumbra ENGINE brands, as well as components and accessories; neurovascular embolization coiling systems to treat patients with various sizes of aneurysms and other neurovascular lesions under the Penumbra Coil 400, POD400, PAC400, and Penumbra SMART Coil brand names; and neurovascular access systems designed to provide intracranial access for use in a range of neurovascular therapies under the Neuron, Neuron MAX, Select, BENCHMARK, BMX96, DDC, and PX SLIM brands.

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