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

Penumbra, Inc. (NYSE:PEN) was the target of a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 1,430,000 shares, a drop of 23.5% from the January 15th total of 1,870,000 shares. Based on an average daily trading volume, of 384,700 shares, the days-to-cover ratio is presently 3.7 days.

Penumbra Stock Performance

PEN traded down $5.06 during trading on Friday, hitting $267.83. The stock had a trading volume of 400,891 shares, compared to its average volume of 447,890. The company has a 50 day moving average price of $255.04 and a 200-day moving average price of $224.21. The firm has a market cap of $10.28 billion, a price-to-earnings ratio of 311.43, a P/E/G ratio of 1.92 and a beta of 0.53. Penumbra has a one year low of $148.00 and a one year high of $277.89. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Piper Sandler boosted their price target on Penumbra from $235.00 to $250.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. Truist Financial boosted their price target on Penumbra from $240.00 to $285.00 and gave the stock a “buy” rating in a research report on Wednesday, December 18th. Citigroup boosted their price target on Penumbra from $220.00 to $245.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of Penumbra in a research report on Thursday, October 31st. Finally, UBS Group initiated coverage on Penumbra in a report on Tuesday, January 21st. They set a “buy” rating and a $305.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $261.36.

Insider Activity at Penumbra

In related news, Director Harpreet Grewal sold 167 shares of Penumbra stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $241.28, for a total value of $40,293.76. Following the sale, the director now owns 8,530 shares of the company’s stock, valued at approximately $2,058,118.40. This trade represents a 1.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Johanna Roberts sold 600 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $239.74, for a total value of $143,844.00. Following the transaction, the executive vice president now directly owns 64,044 shares in the company, valued at $15,353,908.56. This trade represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,819 shares of company stock valued at $8,129,483. 5.00% of the stock is owned by insiders.

Institutional Trading of Penumbra

Institutional investors have recently added to or reduced their stakes in the company. True Wealth Design LLC bought a new stake in shares of Penumbra during the 3rd quarter valued at $26,000. GAMMA Investing LLC lifted its position in shares of Penumbra by 111.1% during the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock valued at $33,000 after acquiring an additional 90 shares during the period. UMB Bank n.a. lifted its position in shares of Penumbra by 57.4% during the 4th quarter. UMB Bank n.a. now owns 192 shares of the company’s stock valued at $46,000 after acquiring an additional 70 shares during the period. Hurley Capital LLC bought a new stake in shares of Penumbra during the 4th quarter valued at $56,000. Finally, Huntington National Bank raised its holdings in shares of Penumbra by 138.7% during the 4th quarter. Huntington National Bank now owns 265 shares of the company’s stock worth $63,000 after buying an additional 154 shares in the last quarter. 88.88% of the stock is currently owned by institutional investors.

Penumbra Company Profile

Penumbra, Inc, together with its subsidiaries, designs, develops, manufactures, and markets medical devices in the United States and internationally. The company offers peripheral products, including the Indigo System for power aspiration of thrombus in the body; Lightning Flash, a mechanical thrombectomy system; Lightning Bolt 7, an arterial thrombectomy system; and CAT RX.