Whitebox Advisors LLC Acquires Shares of 445,001 Penumbra, Inc. $PEN

Key Points

• Whitebox Advisors acquired 445,001 Penumbra shares worth approximately $146.1 million, giving it a 1.13% stake and making PEN its 10th-largest portfolio holding. Other hedge funds also initiated or increased positions, while institutional ownership reached 88.88%.
• Penumbra reported quarterly revenue of $374.76 million, up 15.6% year over year and above estimates, but earnings per share of $0.82 missed the $1.06 consensus forecast.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $360.33 versus the reported share price of $318.60.

Whitebox Advisors LLC bought a new position in shares of Penumbra, Inc. (NYSE:PEN - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 445,001 shares of the company's stock, valued at approximately $146,125,000. Penumbra makes up 1.8% of Whitebox Advisors LLC's investment portfolio, making the stock its 10th largest holding. Whitebox Advisors LLC owned about 1.13% of Penumbra at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in PEN. Polar Asset Management Partners Inc. bought a new stake in shares of Penumbra in the first quarter valued at approximately $2,299,000. SummitTX Capital L.P. bought a new position in Penumbra during the 1st quarter worth $9,202,000. Lazard Asset Management LLC increased its stake in Penumbra by 15.5% during the 1st quarter. Lazard Asset Management LLC now owns 7,832 shares of the company's stock worth $2,572,000 after acquiring an additional 1,052 shares during the period. Sculptor Capital LP acquired a new position in Penumbra in the 1st quarter valued at $18,717,000. Finally, Kryger Capital LLC acquired a new position in Penumbra in the 1st quarter valued at $50,519,000. 88.88% of the stock is owned by institutional investors.

Penumbra Trading Down 0.0%

Shares of PEN opened at $318.60 on Monday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.95 and a current ratio of 6.02. Penumbra, Inc. has a 52-week low of $221.26 and a 52-week high of $362.41. The firm has a market cap of $12.53 billion, a price-to-earnings ratio of 73.41, a PEG ratio of 1.98 and a beta of 0.70. The business's fifty day moving average is $319.45 and its 200-day moving average is $330.02.

Penumbra (NYSE:PEN - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.82 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.24). The business had revenue of $374.76 million for the quarter, compared to the consensus estimate of $370.47 million. Penumbra had a return on equity of 10.87% and a net margin of 11.76%.Penumbra's quarterly revenue was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.83 earnings per share. Equities analysts anticipate that Penumbra, Inc. will post 5.02 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Citigroup cut their target price on Penumbra from $374.00 to $350.00 and set a "neutral" rating for the company in a research report on Thursday, May 7th. Evercore reaffirmed an "outperform" rating and issued a $320.00 price target on shares of Penumbra in a research note on Monday, July 6th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Penumbra in a research report on Friday, July 17th. Zacks Research downgraded shares of Penumbra from a "hold" rating to a "strong sell" rating in a research note on Monday, June 29th. Finally, Wall Street Zen raised shares of Penumbra to a "hold" rating in a report on Saturday, May 9th. Three research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $360.33.

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.

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