Penumbra Inc (NYSE:PEN) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 2,820,000 shares, an increase of 19.0% from the August 15th total of 2,370,000 shares. Approximately 8.4% of the company’s shares are sold short. Based on an average trading volume of 268,900 shares, the days-to-cover ratio is presently 10.5 days.
PEN has been the topic of a number of research reports. BofA Securities lowered shares of Penumbra from a “buy” rating to a “neutral” rating in a report on Tuesday, September 8th. Bank of America lowered shares of Penumbra from a “buy” rating to a “neutral” rating in a report on Tuesday, September 8th. Canaccord Genuity raised their price objective on shares of Penumbra from $200.00 to $245.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Citigroup raised their price objective on shares of Penumbra from $214.00 to $264.00 and gave the company a “buy” rating in a report on Tuesday, August 4th. Finally, Wells Fargo & Company raised their price objective on shares of Penumbra from $205.00 to $255.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. Penumbra has a consensus rating of “Hold” and a consensus target price of $225.50.
Shares of NYSE PEN traded down $1.88 during mid-day trading on Wednesday, reaching $196.00. The company had a trading volume of 390,821 shares, compared to its average volume of 301,986. The company has a current ratio of 7.42, a quick ratio of 5.06 and a debt-to-equity ratio of 0.04. The firm has a 50 day simple moving average of $220.51 and a two-hundred day simple moving average of $185.52. The stock has a market cap of $7.08 billion, a P/E ratio of 675.89 and a beta of 0.64. Penumbra has a 52-week low of $121.80 and a 52-week high of $241.81.
Penumbra (NYSE:PEN) last posted its earnings results on Monday, August 3rd. The company reported ($0.30) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.39) by $0.09. The firm had revenue of $105.11 million for the quarter, compared to the consensus estimate of $100.75 million. Penumbra had a net margin of 2.02% and a return on equity of 1.25%. The company’s revenue was down 21.7% on a year-over-year basis. During the same period last year, the firm posted $0.27 EPS. On average, equities analysts expect that Penumbra will post -0.24 EPS for the current year.
In other Penumbra news, CEO Adam Elsesser sold 8,000 shares of the stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $191.90, for a total transaction of $1,535,200.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Lynn Rothman sold 200 shares of the stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $195.00, for a total transaction of $39,000.00. Following the sale, the executive vice president now owns 12,532 shares in the company, valued at $2,443,740. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,216 shares of company stock worth $9,728,935. Company insiders own 8.90% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Penumbra in the 2nd quarter valued at $38,000. Private Capital Group LLC purchased a new position in Penumbra during the 1st quarter worth $50,000. CSat Investment Advisory L.P. grew its position in Penumbra by 236.1% during the 2nd quarter. CSat Investment Advisory L.P. now owns 410 shares of the company’s stock worth $73,000 after purchasing an additional 288 shares during the last quarter. Private Advisor Group LLC purchased a new position in Penumbra during the 2nd quarter worth $100,000. Finally, Parallel Advisors LLC grew its position in Penumbra by 37.8% during the 2nd quarter. Parallel Advisors LLC now owns 933 shares of the company’s stock worth $166,000 after purchasing an additional 256 shares during the last quarter. 84.02% of the stock is currently owned by hedge funds and other institutional investors.
Penumbra, Inc designs, develops, manufactures, and markets medical devices in the United States, Europe, Canada, Australia, Japan, and internationally. The company offers neurovascular access systems designed to provide intracranial access for use in a range of neurovascular therapies under the Neuron, Neuron MAX, Select, BENCHMARK, DDC, and PX SLIM brands; aspiration based thrombectomy systems and accessory devices, including revascularization device for mechanical thrombectomy, such as Penumbra System under the ACE and the 3D Revascularization Device brands.
Read More: How are the companies in the S&P 500 selected?
Receive News & Ratings for Penumbra Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Penumbra and related companies with MarketBeat.com's FREE daily email newsletter.