Short Interest in Penumbra, Inc. (NYSE:PEN) Declines By 17.7%

Penumbra, Inc. (NYSE:PEN) was the recipient of a significant drop in short interest during the month of April. As of April 15th, there was short interest totaling 2,007,168 shares, a drop of 17.7% from the March 31st total of 2,437,639 shares. Currently, 5.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 473,304 shares, the short-interest ratio is presently 4.2 days.

Insider Activity at Penumbra

In other news, CFO Maggie Yuen sold 2,432 shares of Penumbra stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $342.30, for a total transaction of $832,473.60. Following the sale, the chief financial officer owned 18,353 shares in the company, valued at $6,282,231.90. This trade represents a 11.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Harpreet Grewal sold 100 shares of Penumbra stock in a transaction that occurred 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 sale, the director owned 8,719 shares in the company, valued at approximately $2,861,750.18. The trade was a 1.13% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 4.20% of the company’s stock.

Institutional Trading of Penumbra

A number of hedge funds have recently added to or reduced their stakes in the business. Diversify Wealth Management LLC lifted its stake in Penumbra by 72.0% in the first quarter. Diversify Wealth Management LLC now owns 8,283 shares of the company’s stock worth $2,691,000 after acquiring an additional 3,467 shares during the period. Citizens Financial Group Inc. RI lifted its position in shares of Penumbra by 0.3% during the first quarter. Citizens Financial Group Inc. RI now owns 31,254 shares of the company’s stock valued at $10,263,000 after buying an additional 88 shares during the last quarter. Fifth Third Bancorp lifted its position in shares of Penumbra by 2,993.8% during the first quarter. Fifth Third Bancorp now owns 9,467 shares of the company’s stock valued at $3,109,000 after buying an additional 9,161 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new stake in shares of Penumbra during the first quarter valued at about $287,000. Finally, Hsbc Holdings PLC lifted its position in shares of Penumbra by 7,115.0% during the first quarter. Hsbc Holdings PLC now owns 110,173 shares of the company’s stock valued at $36,061,000 after buying an additional 108,646 shares during the last quarter. 88.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on PEN shares. Piper Sandler cut shares of Penumbra from an “overweight” rating to a “hold” rating and set a $374.00 price target on the stock. 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 stock from $355.00 to $374.00 in a research report on Tuesday, January 20th. Bank of America boosted their price target on shares of Penumbra from $320.00 to $370.00 and gave the stock a “buy” rating in a research report on Monday, January 5th. Citigroup lowered shares of Penumbra from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $350.00 to $374.00 in a research note on Thursday, January 15th. Finally, William Blair downgraded shares of Penumbra from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 15th. Three analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $364.60.

Penumbra Trading Down 0.3%

Shares of PEN traded down $0.87 during trading hours on Friday, reaching $325.61. 431,508 shares of the company traded hands, compared to its average volume of 489,224. The firm has a market cap of $12.78 billion, a price-to-earnings ratio of 72.04, a PEG ratio of 2.00 and a beta of 0.74. Penumbra has a 12-month low of $221.26 and a 12-month high of $362.41. The company has a current ratio of 6.64, a quick ratio of 4.29 and a debt-to-equity ratio of 0.01. The stock’s fifty day moving average price is $334.12 and its 200 day moving average price is $313.67.

Penumbra (NYSE:PEN) last issued its earnings results on Wednesday, February 25th. The company reported ($0.37) earnings per share (EPS) 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 for the quarter, compared to analysts’ expectations of $367.18 million. During the same period in the prior year, the firm posted $0.97 earnings per share. The firm’s revenue for the quarter was up 22.2% compared to the same quarter last year. Sell-side analysts forecast that Penumbra will post 5.08 earnings per share for the current year.

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.