Penumbra, Inc. (NYSE:PEN) Sees Significant Growth in Short Interest

Penumbra, Inc. (NYSE:PEN) was the recipient of a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 1,490,000 shares, a growth of 22.1% from the March 15th total of 1,220,000 shares. Currently, 4.1% of the company’s stock are sold short. Based on an average daily volume of 496,300 shares, the short-interest ratio is presently 3.0 days.

Penumbra Trading Down 2.5 %

Penumbra stock traded down $6.82 during trading hours on Monday, hitting $270.53. The stock had a trading volume of 501,895 shares, compared to its average volume of 414,423. The business’s 50 day simple moving average is $275.47 and its 200-day simple moving average is $252.06. Penumbra has a one year low of $148.00 and a one year high of $310.00. The stock has a market cap of $10.47 billion, a price-to-earnings ratio of 795.68, a P/E/G ratio of 2.83 and a beta of 0.56. The company has a quick ratio of 3.25, a current ratio of 6.01 and a debt-to-equity ratio of 0.02.

Penumbra (NYSE:PEN) last issued its quarterly earnings data on Tuesday, February 18th. The company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.09. Penumbra had a net margin of 1.17% and a return on equity of 9.74%. The business had revenue of $315.52 million during the quarter, compared to analyst estimates of $311.63 million. On average, equities analysts predict that Penumbra will post 3.67 EPS for the current fiscal year.

Insider Activity at Penumbra

In related news, Director Thomas Wilder sold 360 shares of the business’s stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $264.58, for a total transaction of $95,248.80. Following the transaction, the director now directly owns 4,533 shares of the company’s stock, valued at approximately $1,199,341.14. The trade was a 7.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Maggie Yuen sold 2,000 shares of Penumbra stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $286.00, for a total transaction of $572,000.00. Following the transaction, the chief financial officer now directly owns 15,243 shares of the company’s stock, valued at approximately $4,359,498. This trade represents a 11.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 127,846 shares of company stock valued at $35,779,187. Insiders own 5.00% of the company’s stock.

Institutional Trading of Penumbra

Several institutional investors have recently modified their holdings of the business. RTW Investments LP lifted its stake in shares of Penumbra by 8.4% in the fourth quarter. RTW Investments LP now owns 862,450 shares of the company’s stock worth $204,815,000 after acquiring an additional 66,700 shares during the period. Baillie Gifford & Co. boosted its stake in shares of Penumbra by 23.4% in the 4th quarter. Baillie Gifford & Co. now owns 730,233 shares of the company’s stock valued at $173,416,000 after purchasing an additional 138,387 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position in shares of Penumbra by 47.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 707,061 shares of the company’s stock worth $167,913,000 after buying an additional 227,506 shares during the period. Bank of America Corp DE raised its stake in Penumbra by 19.9% during the fourth quarter. Bank of America Corp DE now owns 346,528 shares of the company’s stock worth $82,293,000 after buying an additional 57,421 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Penumbra by 23.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 323,964 shares of the company’s stock valued at $76,937,000 after buying an additional 60,764 shares during the period. Institutional investors own 88.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PEN. Wells Fargo & Company upped their price target on shares of Penumbra from $275.00 to $305.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Canaccord Genuity Group raised their target price on shares of Penumbra from $323.00 to $340.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. UBS Group upped their price target on shares of Penumbra from $305.00 to $320.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Piper Sandler reiterated an “overweight” rating and set a $330.00 price target (up previously from $250.00) on shares of Penumbra in a research report on Wednesday, February 19th. Finally, Robert W. Baird boosted their price objective on shares of Penumbra from $305.00 to $328.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Four research 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 company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $293.93.

About Penumbra

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.