Penumbra, Inc. (NYSE:PEN) Sees Large Drop in Short Interest

Key Points

• Penumbra experienced a large decline in short interest in April — short interest fell 17.7% to 2,007,168 shares as of April 15, representing about 5.3% of the stock and a short-interest ratio of 4.2 days.
• In its latest quarter (announced Feb. 25) the company reported an EPS of -$0.37, missing estimates by $1.49, while revenue of $385.39 million topped expectations and rose 22.2% year‑over‑year.
• Analysts are mostly cautious: with three Buys versus fourteen Holds, the stock carries a consensus rating of "Hold" and an average price target of $364.60.

Penumbra, Inc. (NYSE:PEN - Get Free Report) was the target of a large decline in short interest during the month of April. As of April 15th, there was short interest totaling 2,007,168 shares, a decline of 17.7% from the March 31st total of 2,437,639 shares. Approximately 5.3% of the company's stock are sold short. Based on an average daily volume of 473,304 shares, the short-interest ratio is currently 4.2 days.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PEN shares. Truist Financial cut shares of Penumbra from a "buy" rating to a "hold" rating and lifted their price objective for the stock from $370.00 to $374.00 in a research report on Friday, January 16th. William Blair cut shares of Penumbra from an "outperform" rating to a "market perform" rating in a research report on Thursday, January 15th. Wells Fargo & Company reissued an "equal weight" rating and issued a $374.00 price target on shares of Penumbra in a research report on Thursday, January 15th. Royal Bank Of Canada cut shares of Penumbra from an "outperform" rating to a "sector perform" rating and boosted their price target for the company from $355.00 to $374.00 in a research report on Tuesday, January 20th. Finally, Evercore reissued an "outperform" rating and issued a $360.00 price target on shares of Penumbra in a research report on Wednesday, February 25th. Three investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $364.60.

Penumbra Stock Performance

PEN traded up $0.97 on Thursday, reaching $325.79. The company had a trading volume of 177,444 shares, compared to its average volume of 908,853. Penumbra has a 1 year low of $221.26 and a 1 year high of $362.41. The stock has a market capitalization of $12.78 billion, a PE ratio of 72.08, a P/E/G ratio of 2.01 and a beta of 0.84. The company has a quick ratio of 4.29, a current ratio of 6.64 and a debt-to-equity ratio of 0.01. The stock has a 50-day moving average price of $334.41 and a 200-day moving average price of $313.58.

Penumbra (NYSE:PEN - Get Free Report) last announced its quarterly earnings results on Wednesday, February 25th. The company reported ($0.37) earnings per share for the quarter, missing analysts' consensus estimates of $1.12 by ($1.49). Penumbra had a net margin of 12.66% and a return on equity of 11.41%. The company had revenue of $385.39 million during the quarter, compared to analysts' expectations of $367.18 million. During the same period last year, the firm earned $0.97 earnings per share. Penumbra's revenue was up 22.2% on a year-over-year basis. As a group, research analysts forecast that Penumbra will post 5.08 EPS for the current fiscal year.

Insider Buying and Selling at Penumbra

In other news, Director Harpreet Grewal sold 100 shares of Penumbra stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $328.22, for a total transaction of $32,822.00. Following the completion of the sale, the director directly owned 8,719 shares of the company's stock, valued at approximately $2,861,750.18. The trade was a 1.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Maggie Yuen sold 2,432 shares of Penumbra stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $342.30, for a total transaction of $832,473.60. Following the sale, the chief financial officer directly owned 18,353 shares of the company's stock, valued at approximately $6,282,231.90. This trade represents a 11.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 5.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Penumbra

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Penumbra by 7.5% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,059 shares of the company's stock valued at $348,000 after buying an additional 74 shares during the last quarter. Resona Asset Management Co. Ltd. purchased a new stake in shares of Penumbra in the first quarter valued at about $395,000. Oregon Public Employees Retirement Fund raised its holdings in shares of Penumbra by 2.8% in the first quarter. Oregon Public Employees Retirement Fund now owns 8,057 shares of the company's stock valued at $2,646,000 after buying an additional 216 shares during the last quarter. R Squared Ltd purchased a new stake in shares of Penumbra in the first quarter valued at about $849,000. Finally, Credit Industriel ET Commercial purchased a new stake in shares of Penumbra in the first quarter valued at about $8,478,000. 88.88% of the stock is owned by hedge funds and other institutional investors.

Penumbra Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.