Penumbra Inc (NYSE:PEN) traded up 5.4% during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $148.42 and last traded at $147.71. 1,341,606 shares changed hands during mid-day trading, an increase of 307% from the average session volume of 329,804 shares. The stock had previously closed at $140.14.
The company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.14. The business had revenue of $111.80 million during the quarter, compared to analysts’ expectations of $103.59 million. Penumbra had a return on equity of 2.78% and a net margin of 7.19%. The business’s quarterly revenue was up 33.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.01 earnings per share.
Several analysts recently issued reports on PEN shares. BMO Capital Markets increased their target price on Penumbra from $150.00 to $152.00 and gave the stock a “market perform” rating in a research report on Tuesday. Zacks Investment Research cut Penumbra from a “buy” rating to a “hold” rating in a research report on Tuesday. ValuEngine cut Penumbra from a “buy” rating to a “hold” rating in a research report on Wednesday, August 8th. TheStreet upgraded Penumbra from a “d+” rating to a “c” rating in a research report on Monday, September 17th. Finally, Royal Bank of Canada started coverage on Penumbra in a research report on Monday, October 8th. They set an “outperform” rating and a $174.00 target price for the company. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Penumbra currently has an average rating of “Buy” and an average price target of $145.00.
In other Penumbra news, insider Daniel Donen Davis sold 7,500 shares of the firm’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $125.05, for a total transaction of $937,875.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Harpreet Grewal sold 665 shares of the firm’s stock in a transaction that occurred on Tuesday, October 2nd. The shares were sold at an average price of $148.58, for a total value of $98,805.70. The disclosure for this sale can be found here. Insiders have sold 30,518 shares of company stock valued at $4,003,618 in the last quarter. 10.70% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Advisors Preferred LLC lifted its stake in shares of Penumbra by 40.1% in the 2nd quarter. Advisors Preferred LLC now owns 1,220 shares of the company’s stock valued at $169,000 after purchasing an additional 349 shares during the last quarter. BlueMountain Capital Management LLC bought a new stake in shares of Penumbra in the 2nd quarter valued at approximately $267,000. WINTON GROUP Ltd bought a new stake in shares of Penumbra in the 1st quarter valued at approximately $274,000. NumerixS Investment Technologies Inc lifted its stake in shares of Penumbra by 20.0% in the 2nd quarter. NumerixS Investment Technologies Inc now owns 2,520 shares of the company’s stock valued at $354,000 after purchasing an additional 420 shares during the last quarter. Finally, Leavell Investment Management Inc. lifted its stake in shares of Penumbra by 35.0% in the 2nd quarter. Leavell Investment Management Inc. now owns 2,700 shares of the company’s stock valued at $373,000 after purchasing an additional 700 shares during the last quarter. Institutional investors and hedge funds own 74.33% of the company’s stock.
The company has a market cap of $4.74 billion, a PE ratio of -14,771.00, a P/E/G ratio of 20.26 and a beta of 0.41.
COPYRIGHT VIOLATION NOTICE: “Penumbra (PEN) Trading 5.4% Higher Following Strong Earnings” was originally published by Macon Daily and is owned by of Macon Daily. If you are reading this article on another site, it was copied illegally and republished in violation of US and international copyright & trademark laws. The correct version of this article can be read at https://macondaily.com/2018/11/06/penumbra-pen-trading-5-4-higher-following-strong-earnings.html.
Penumbra Company Profile (NYSE:PEN)
Penumbra, Inc designs, develops, manufactures, and markets medical devices in the United States, Europe, Canada, Australia, Japan, and internationally. The company offers neurovascular access systems designed to provide intracranial access for use in a range of neurovascular therapies under the Neuron, Neuron MAX, Select, BENCHMARK, DDC, and PX SLIM brands; aspiration based thrombectomy systems and accessory devices, including revascularization device for mechanical thrombectomy, such as Penumbra System under the ACE and the 3D Revascularization Device brands.
Further Reading: Cost of Capital
Receive News & Ratings for Penumbra Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Penumbra and related companies with MarketBeat.com's FREE daily email newsletter.