Penguin Solutions (NASDAQ:PENG) Trading Down 2.8% - Here's What Happened

Penguin Solutions (NASDAQ:PENG - Get Free Report) shares traded down 2.8% on Monday . The stock traded as low as $19.00 and last traded at $19.32. 223,641 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 1,032,024 shares. The stock had previously closed at $19.87.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Stifel Nicolaus lowered their price target on shares of Penguin Solutions from $32.00 to $27.00 and set a "buy" rating for the company in a report on Wednesday, October 16th. Barclays dropped their price target on shares of Penguin Solutions from $27.00 to $22.00 and set an "overweight" rating for the company in a research note on Wednesday, October 16th. JMP Securities began coverage on shares of Penguin Solutions in a report on Monday, November 18th. They issued an "outperform" rating and a $23.00 price objective on the stock. Needham & Company LLC lowered their target price on shares of Penguin Solutions from $35.00 to $25.00 and set a "buy" rating for the company in a report on Wednesday, October 16th. Finally, Citizens Jmp raised Penguin Solutions to a "strong-buy" rating in a research note on Monday, November 18th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $23.60.

Penguin Solutions Price Performance

The business's 50 day moving average price is $17.49. The firm has a market capitalization of $1.05 billion, a PE ratio of -19.61 and a beta of 1.74. The company has a quick ratio of 2.19, a current ratio of 2.65 and a debt-to-equity ratio of 1.65.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last posted its earnings results on Tuesday, October 15th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.27 by ($0.04). Penguin Solutions had a positive return on equity of 8.05% and a negative net margin of 4.48%. The business had revenue of $311.15 million for the quarter, compared to the consensus estimate of $325.00 million. As a group, equities analysts predict that Penguin Solutions will post 1.33 earnings per share for the current year.

Insider Activity at Penguin Solutions

In related news, COO Jack A. Pacheco sold 13,334 shares of the company's stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $20.05, for a total transaction of $267,346.70. Following the sale, the chief operating officer now owns 235,960 shares in the company, valued at approximately $4,730,998. This represents a 5.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Joseph Gates Clark sold 2,264 shares of the stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $17.50, for a total value of $39,620.00. Following the transaction, the insider now directly owns 95,999 shares of the company's stock, valued at $1,679,982.50. This trade represents a 2.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.40% of the stock is owned by insiders.

Penguin Solutions Company Profile

Penguin Solutions, Inc engages in the designing and development of enterprise solutions worldwide. It operates through three segments: Advanced Computing, Integrated Memory, and Optimized LED. It offers dynamic random access memory modules, solid-state and flash storage, and other advanced integrated memory solutions for networking and telecom, data analytics, artificial intelligence and machine learning applications; and supply chain services, including procurement, logistics, inventory management, temporary warehousing, programming, kitting, and packaging services.