Penumbra, Inc. (NYSE:PEN) Short Interest Update

Penumbra, Inc. (NYSE:PEN) saw a large drop in short interest during the month of February. As of February 28th, there was short interest totalling 1,360,000 shares, a drop of 19.0% from the February 13th total of 1,680,000 shares. Approximately 3.7% of the shares of the stock are sold short. Based on an average daily volume of 448,500 shares, the short-interest ratio is presently 3.0 days.

Analyst Upgrades and Downgrades

PEN has been the subject of several research analyst reports. Oppenheimer initiated coverage on Penumbra in a research report on Tuesday, December 17th. They issued an “outperform” rating and a $275.00 price objective for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a research report on Wednesday, February 19th. JPMorgan Chase & Co. boosted their target price on Penumbra from $230.00 to $285.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. UBS Group boosted their target price on Penumbra from $305.00 to $320.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Finally, Truist Financial boosted their target price on Penumbra from $285.00 to $325.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $294.47.

Penumbra Stock Performance

Shares of NYSE PEN traded up $4.97 during midday trading on Wednesday, reaching $280.26. The company’s stock had a trading volume of 532,307 shares, compared to its average volume of 396,166. Penumbra has a 12-month low of $148.00 and a 12-month high of $310.00. The firm has a 50 day moving average price of $271.61 and a 200-day moving average price of $239.21. The stock has a market capitalization of $10.79 billion, a P/E ratio of 824.31, a PEG ratio of 2.83 and a beta of 0.51. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.01 and a quick ratio of 3.25.

Penumbra (NYSE:PEN) last announced its earnings results on Tuesday, February 18th. The company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.09. Penumbra had a return on equity of 9.74% and a net margin of 1.17%. The firm had revenue of $315.52 million for the quarter, compared to the consensus estimate of $311.63 million. As a group, equities analysts predict that Penumbra will post 3.67 earnings per share for the current year.

Insider Activity

In other news, CEO Adam Elsesser sold 15,000 shares of Penumbra stock in a transaction on Friday, December 20th. The stock was sold at an average price of $242.96, for a total value of $3,644,400.00. Following the transaction, the chief executive officer now owns 837,582 shares in the company, valued at approximately $203,498,922.72. This trade represents a 1.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Harpreet Grewal sold 167 shares of Penumbra stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $241.28, for a total value of $40,293.76. Following the completion of the transaction, the director now owns 8,530 shares in the company, valued at approximately $2,058,118.40. The trade was a 1.92 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 79,918 shares of company stock worth $22,054,293. Insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Penumbra

A number of hedge funds and other institutional investors have recently modified their holdings of PEN. True Wealth Design LLC purchased a new position in Penumbra in the third quarter valued at approximately $26,000. UMB Bank n.a. lifted its stake in Penumbra by 57.4% in the fourth quarter. UMB Bank n.a. now owns 192 shares of the company’s stock valued at $46,000 after purchasing an additional 70 shares during the last quarter. Hurley Capital LLC purchased a new position in Penumbra in the fourth quarter valued at approximately $56,000. Huntington National Bank lifted its stake in Penumbra by 138.7% in the fourth quarter. Huntington National Bank now owns 265 shares of the company’s stock valued at $63,000 after purchasing an additional 154 shares during the last quarter. Finally, Mather Group LLC. lifted its stake in Penumbra by 208.0% in the fourth quarter. Mather Group LLC. now owns 308 shares of the company’s stock valued at $73,000 after purchasing an additional 208 shares during the last quarter. Hedge funds and other institutional investors own 88.88% of the company’s stock.

Penumbra Company Profile

Penumbra, Inc, together with its subsidiaries, designs, develops, manufactures, and markets medical devices in the United States and internationally. The company offers peripheral products, including the Indigo System for power aspiration of thrombus in the body; Lightning Flash, a mechanical thrombectomy system; Lightning Bolt 7, an arterial thrombectomy system; and CAT RX.