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

Penumbra, Inc. (NYSE:PEN) dropped 8.1% during mid-day trading on Tuesday . The company traded as low as $290.00 and last traded at $293.4720. Approximately 307,546 shares traded hands during 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

PEN has been the topic of several recent research reports. Wall Street Zen raised shares of Penumbra from a “hold” rating to a “buy” rating in a research report on Saturday, December 20th. Weiss Ratings restated a “hold (c)” rating on shares of Penumbra in a report on Monday, December 29th. Evercore ISI reaffirmed an “outperform” rating and set a $340.00 target price on shares of Penumbra in a research report on Monday, January 5th. Citigroup raised 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 report on Thursday, December 11th. Finally, JPMorgan Chase & Co. upgraded Penumbra from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $275.00 to $370.00 in a research note on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Penumbra presently has a consensus rating of “Moderate Buy” and an average price target of $340.40.

Penumbra Stock Down 5.2%

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

Penumbra (NYSE:PEN) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.97 earnings per share (EPS) 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%. The firm’s quarterly revenue was up 17.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.85 earnings per share. Equities research analysts forecast that Penumbra, Inc. will post 3.67 earnings per share for the current fiscal year.

Insider Activity at Penumbra

In related news, Director Arani Bose sold 15,000 shares of Penumbra stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $308.82, for a total value of $4,632,300.00. Following the sale, the director owned 258,462 shares of the company’s stock, valued at approximately $79,818,234.84. The trade was a 5.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Thomas Wilder sold 186 shares of the stock in a transaction on Friday, January 2nd. The shares were sold at an average price of $310.72, for a total value of $57,793.92. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 34,144 shares of company stock worth $10,260,127. 5.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Mather Group LLC. purchased a new stake in Penumbra during the third quarter valued at about $25,000. Newbridge Financial Services Group Inc. purchased a new stake in shares of Penumbra during the 2nd quarter valued at approximately $30,000. Rothschild Investment LLC bought a new position in Penumbra in the 3rd quarter worth approximately $40,000. Parkside Financial Bank & Trust grew its stake in Penumbra by 70.2% in the 2nd quarter. Parkside Financial Bank & Trust now owns 160 shares of the company’s stock valued at $41,000 after buying an additional 66 shares in the last quarter. Finally, Covestor Ltd raised its holdings in Penumbra by 53.0% during the 3rd quarter. Covestor Ltd now owns 179 shares of the company’s stock valued at $46,000 after acquiring an additional 62 shares during the period. Institutional investors own 88.88% of the company’s stock.

About Penumbra

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.