Penumbra (NYSE:PEN) Stock Price Breaks Below Fifty Day Moving Average - What's Next?

Key Points

• Penumbra shares fell below their 50-day moving average, reaching $318.14 versus the $321.74 average, signaling near-term technical weakness.
• Analysts maintain a generally cautious outlook: the stock carries an average “Hold” rating and a $367.07 consensus price target, despite some Buy and Outperform ratings.
• Penumbra’s latest quarterly revenue rose 14.9% year over year to $390.05 million, but EPS of $0.88 missed expectations of $1.16. Institutional investors own a substantial 88.88% of the company.

Penumbra, Inc. (NYSE:PEN - Get Free Report)'s stock price crossed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $321.74 and traded as low as $318.14. Penumbra shares last traded at $318.7630, with a volume of 186,317 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts have commented on PEN shares. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Penumbra in a research report on Friday, July 17th. Evercore reissued an "outperform" rating and issued a $320.00 price objective on shares of Penumbra in a research report on Monday, July 6th. Royal Bank Of Canada restated a "sector perform" rating and issued a $374.00 price objective on shares of Penumbra in a research note on Thursday, June 11th. Finally, Zacks Research raised shares of Penumbra from a "strong sell" rating to a "hold" rating in a research report on Monday, August 24th. Three research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $367.07.

Penumbra Stock Performance

The firm has a market capitalization of $12.56 billion, a price-to-earnings ratio of 78.32, a price-to-earnings-growth ratio of 2.19 and a beta of 0.70. The firm's 50-day moving average price is $321.74 and its two-hundred day moving average price is $323.69. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.86 and a current ratio of 5.75.

Penumbra (NYSE:PEN - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.28). The business had revenue of $390.05 million during the quarter, compared to analyst estimates of $389.64 million. Penumbra had a return on equity of 10.50% and a net margin of 10.67%.The business's revenue for the quarter was up 14.9% on a year-over-year basis. During the same period last year, the company earned $0.86 EPS. Sell-side analysts predict that Penumbra, Inc. will post 4.96 earnings per share for the current year.

Hedge Funds Weigh In On Penumbra

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in Penumbra in the second quarter valued at $1,356,953,000. Whitebox Advisors LLC acquired a new position in Penumbra during the first quarter worth $146,125,000. Artisan Partners Limited Partnership lifted its holdings in shares of Penumbra by 165.9% during the fourth quarter. Artisan Partners Limited Partnership now owns 594,112 shares of the company's stock valued at $184,715,000 after acquiring an additional 370,636 shares during the period. Bank of America Corp DE acquired a new stake in shares of Penumbra in the 2nd quarter valued at $83,995,000. Finally, Amundi boosted its stake in shares of Penumbra by 302.9% in the 1st quarter. Amundi now owns 345,758 shares of the company's stock valued at $113,537,000 after purchasing an additional 259,936 shares in the last quarter. Institutional investors own 88.88% of the company's stock.

Penumbra Company Profile

Penumbra, Inc is a medical device company that develops, manufactures and markets products used to treat vascular conditions and other serious medical disorders. The company is best known for its minimally invasive technologies designed to remove blood clots, restore blood flow and support the treatment of neurovascular conditions, including ischemic stroke.

Its product portfolio includes aspiration and thrombectomy systems, embolization devices, access and delivery systems, and other technologies used by physicians in neurointerventional and peripheral vascular procedures.

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