Penumbra (NYSE:PEN) Stock Price Down 8.1% – What’s Next?

by · The Markets Daily

Penumbra, Inc. (NYSE:PEN – Get Free Report)’s stock price dropped 8.1% on Tuesday . The stock traded as low as $290.00 and last traded at $293.4720. Approximately 307,546 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 540,200 shares. The stock had previously closed at $319.47.

Analysts Set New Price Targets

A number of research analysts have recently commented on PEN shares. Canaccord Genuity Group increased their target price on shares of Penumbra from $355.00 to $359.00 and gave the stock a “buy” rating in a report on Wednesday, December 17th. Royal Bank Of Canada reiterated an “outperform” rating and set a $355.00 price objective on shares of Penumbra in a research report on Wednesday, December 17th. BTIG Research reissued a “buy” rating and issued a $320.00 price objective on shares of Penumbra in a research note on Monday, October 27th. Truist Financial boosted their target price on shares of Penumbra from $312.00 to $370.00 and gave the stock a “buy” rating in a research note on Thursday, December 18th. Finally, Citigroup upgraded Penumbra from a “neutral” rating to a “buy” rating and increased their price target for the company from $285.00 to $350.00 in a research note on Thursday, December 11th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $340.40.

Get Our Latest Research Report on PEN

Penumbra Stock Down 5.2%

The stock’s 50-day moving average price is $297.03 and its 200-day moving average price is $267.65. The company has a current ratio of 6.73, a quick ratio of 4.18 and a debt-to-equity ratio of 0.02. The stock has a market cap of $11.86 billion, a price-to-earnings ratio of 72.38, a P/E/G ratio of 1.97 and a beta of 0.71.

Penumbra (NYSE:PEN – Get Free Report) last announced its earnings results on Wednesday, November 5th. The company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.07. The business had revenue of $354.69 million during the quarter, compared to the consensus estimate of $340.77 million. Penumbra had a net margin of 12.30% and a return on equity of 11.35%. Penumbra’s quarterly revenue was up 17.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.85 earnings per share. On average, sell-side analysts expect that Penumbra, Inc. will post 3.67 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Harpreet Grewal sold 186 shares of the firm’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $312.64, for a total transaction of $58,151.04. Following the completion of the sale, the director owned 8,230 shares of the company’s stock, valued at $2,573,027.20. This trade represents a 2.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Arani Bose sold 15,000 shares of Penumbra stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $308.82, for a total transaction of $4,632,300.00. Following the completion of the sale, the director owned 258,462 shares of the company’s stock, valued at $79,818,234.84. This represents a 5.49% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 34,144 shares of company stock worth $10,260,127. Company insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Penumbra

A number of institutional investors and hedge funds have recently made changes to their positions in PEN. Vanguard Group Inc. raised its stake in Penumbra by 5.0% during the 2nd quarter. Vanguard Group Inc. now owns 3,860,655 shares of the company’s stock worth $990,760,000 after buying an additional 185,306 shares during the period. Geode Capital Management LLC raised its position in shares of Penumbra by 2.6% during the second quarter. Geode Capital Management LLC now owns 706,404 shares of the company’s stock worth $181,314,000 after purchasing an additional 17,772 shares during the period. Invesco Ltd. grew its position in Penumbra by 1,139.3% in the 2nd quarter. Invesco Ltd. now owns 633,485 shares of the company’s stock valued at $162,571,000 after purchasing an additional 582,369 shares during the period. Norges Bank acquired a new stake in Penumbra in the 2nd quarter valued at $114,014,000. Finally, Thrivent Financial for Lutherans raised its holdings in Penumbra by 13.7% during the third quarter. Thrivent Financial for Lutherans now owns 367,062 shares of the company’s stock worth $92,984,000 after buying an additional 44,185 shares during the last quarter. Institutional investors own 88.88% of the company’s stock.

Penumbra Company Profile

(Get Free Report)

Penumbra, Inc is a global healthcare company specializing in the development and manufacture of innovative medical devices that address neurovascular and peripheral vascular conditions. The company focuses on products designed to improve patient outcomes in acute ischemic stroke, aneurysm treatment and peripheral thrombectomy. Penumbra’s technologies are used by interventional neuroradiologists, neurosurgeons and interventional cardiologists in hospitals and clinics around the world.

At the core of Penumbra’s portfolio is its mechanical thrombectomy platform, which includes aspiration catheters and accessory devices engineered to remove blood clots in acute stroke cases.

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