Insulet (NASDAQ:PODD) Shares Gap Up on Better-Than-Expected Earnings

Insulet Co. (NASDAQ:PODD) shares gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $257.00, but opened at $289.32. Insulet shares last traded at $297.61, with a volume of 8,391 shares.

The medical instruments supplier reported $1.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.21. The business had revenue of $569.00 million during the quarter, compared to analysts’ expectations of $543.20 million. Insulet had a return on equity of 24.46% and a net margin of 20.19%. The firm’s revenue for the quarter was up 28.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.73 earnings per share.

Analyst Upgrades and Downgrades

PODD has been the subject of a number of recent research reports. Wolfe Research downgraded Insulet from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, April 29th. Raymond James reissued an “outperform” rating and set a $328.00 price target (up from $294.00) on shares of Insulet in a research note on Friday, February 21st. Piper Sandler raised their price objective on shares of Insulet from $285.00 to $310.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Royal Bank of Canada initiated coverage on Insulet in a research report on Thursday, March 6th. They issued an “outperform” rating and a $340.00 price target on the stock. Finally, Oppenheimer boosted their target price on Insulet from $312.00 to $324.00 and gave the stock an “outperform” rating in a research report on Friday. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $301.24.

Insiders Place Their Bets

In other Insulet news, Director Wayne A.I. Frederick sold 1,825 shares of the firm’s stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $275.00, for a total transaction of $501,875.00. Following the completion of the sale, the director now directly owns 3,231 shares in the company, valued at $888,525. This trade represents a 36.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.47% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Larson Financial Group LLC raised its stake in Insulet by 426.3% in the 1st quarter. Larson Financial Group LLC now owns 100 shares of the medical instruments supplier’s stock worth $26,000 after purchasing an additional 81 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in Insulet during the fourth quarter worth about $36,000. Itau Unibanco Holding S.A. acquired a new position in shares of Insulet in the 4th quarter valued at approximately $42,000. SRS Capital Advisors Inc. boosted its position in shares of Insulet by 43.1% during the 4th quarter. SRS Capital Advisors Inc. now owns 186 shares of the medical instruments supplier’s stock worth $49,000 after acquiring an additional 56 shares in the last quarter. Finally, Ramirez Asset Management Inc. bought a new position in shares of Insulet in the first quarter worth about $53,000.

Insulet Stock Performance

The company has a current ratio of 3.68, a quick ratio of 2.80 and a debt-to-equity ratio of 1.21. The firm has a market capitalization of $21.84 billion, a price-to-earnings ratio of 53.61, a PEG ratio of 3.62 and a beta of 1.26. The stock’s 50-day moving average is $257.45 and its 200-day moving average is $263.50.

About Insulet

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.