Insulet Co. (NASDAQ:PODD) Sees Significant Decrease in Short Interest

Insulet Co. (NASDAQ:PODD) was the recipient of a significant decrease in short interest during the month of March. As of March 31st, there was short interest totalling 2,400,000 shares, a decrease of 16.7% from the March 15th total of 2,880,000 shares. Based on an average trading volume of 775,100 shares, the short-interest ratio is presently 3.1 days. Approximately 3.4% of the company’s shares are sold short.

Insulet Stock Down 1.6 %

NASDAQ PODD opened at $246.80 on Monday. The stock has a 50 day moving average price of $263.29 and a 200-day moving average price of $261.21. Insulet has a one year low of $160.19 and a one year high of $289.46. The company has a debt-to-equity ratio of 1.21, a quick ratio of 2.80 and a current ratio of 3.68. The company has a market capitalization of $17.33 billion, a P/E ratio of 42.63, a P/E/G ratio of 3.62 and a beta of 1.30.

Insulet (NASDAQ:PODD) last issued its quarterly earnings data on Thursday, February 20th. The medical instruments supplier reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.15. The business had revenue of $597.50 million during the quarter, compared to analysts’ expectations of $582.02 million. Insulet had a net margin of 20.19% and a return on equity of 24.46%. As a group, equities analysts predict that Insulet will post 3.92 EPS for the current fiscal year.

Insider Activity

In other Insulet news, EVP Eric Benjamin sold 12,394 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $280.00, for a total value of $3,470,320.00. Following the sale, the executive vice president now directly owns 11,383 shares of the company’s stock, valued at approximately $3,187,240. The trade was a 52.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Wayne A.I. Frederick sold 1,825 shares of Insulet stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $275.00, for a total transaction of $501,875.00. Following the completion of the transaction, the director now directly owns 3,231 shares of the company’s stock, valued at $888,525. This trade represents a 36.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.47% of the company’s stock.

Institutional Investors Weigh In On Insulet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PODD. MML Investors Services LLC raised its stake in shares of Insulet by 9.3% in the third quarter. MML Investors Services LLC now owns 2,655 shares of the medical instruments supplier’s stock valued at $618,000 after acquiring an additional 225 shares during the period. Virtu Financial LLC bought a new position in shares of Insulet during the third quarter valued at approximately $616,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Insulet in the third quarter worth approximately $114,000. Tidal Investments LLC lifted its stake in shares of Insulet by 5.2% during the 3rd quarter. Tidal Investments LLC now owns 9,365 shares of the medical instruments supplier’s stock worth $2,180,000 after acquiring an additional 466 shares during the last quarter. Finally, Synovus Financial Corp boosted its stake in shares of Insulet by 36.1% during the third quarter. Synovus Financial Corp now owns 2,929 shares of the medical instruments supplier’s stock valued at $682,000 after purchasing an additional 777 shares during the period.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Citigroup raised their price target on shares of Insulet from $310.00 to $355.00 and gave the company a “buy” rating in a report on Friday, February 21st. Canaccord Genuity Group raised their target price on shares of Insulet from $304.00 to $324.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Stifel Nicolaus upped their price objective on Insulet from $245.00 to $293.00 and gave the company a “hold” rating in a research report on Friday, February 21st. TD Cowen increased their target price on Insulet from $264.00 to $324.00 and gave the company a “buy” rating in a report on Friday, January 3rd. Finally, Piper Sandler boosted their price target on Insulet from $285.00 to $310.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $292.06.

Insulet Company Profile

Insulet Corporation develops, manufactures, and sells insulin delivery systems for people with insulin-dependent diabetes. The company's Omnipod platform includes the Omnipod 5 Automated Insulin Delivery System (Omnipod 5) which includes a proprietary AID algorithm embedded in the Pod that integrates with a third-party continuous glucose monitor to obtain glucose values through wireless bluetooth communication; Omnipod DASH that features a bluetooth enabled Pod that is controlled by a smartphone-like Personal Diabetes Manager with a color touch screen user interface; and Omnipod GO, a standalone, wearable, insulin delivery system that provides a fixed rate of continuous rapid-acting insulin for 72 hours.