Penguin Solutions (NASDAQ:PENG) Shares Down 3.3% - Here's What Happened

Shares of Penguin Solutions (NASDAQ:PENG - Get Free Report) traded down 3.3% on Tuesday . The stock traded as low as $20.03 and last traded at $20.13. 180,278 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 1,036,551 shares. The stock had previously closed at $20.82.

Analyst Ratings Changes

A number of brokerages have issued reports on PENG. The Goldman Sachs Group began coverage on Penguin Solutions in a research note on Friday, November 1st. They set a "buy" rating and a $21.00 price target for the company. Barclays lowered their target price on Penguin Solutions from $27.00 to $22.00 and set an "overweight" rating on the stock in a report on Wednesday, October 16th. Stifel Nicolaus lowered their price objective on shares of Penguin Solutions from $32.00 to $27.00 and set a "buy" rating on the stock in a research note on Wednesday, October 16th. Citizens Jmp raised shares of Penguin Solutions to a "strong-buy" rating in a research note on Monday, November 18th. Finally, Needham & Company LLC dropped their price target on Penguin Solutions from $35.00 to $25.00 and set a "buy" rating on the stock in a report on Wednesday, October 16th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $23.60.

Penguin Solutions Stock Down 3.7 %

The company has a quick ratio of 2.19, a current ratio of 2.65 and a debt-to-equity ratio of 1.65. The firm has a market capitalization of $1.07 billion, a P/E ratio of -20.13 and a beta of 1.74.

Penguin Solutions (NASDAQ:PENG - Get Free Report) last released its quarterly earnings results on Tuesday, October 15th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $311.15 million for the quarter, compared to the consensus estimate of $325.00 million. Analysts expect that Penguin Solutions will post 1.33 EPS for the current fiscal year.

Insider Buying and Selling at Penguin Solutions

In related news, insider Joseph Gates Clark sold 2,264 shares of the business's stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $17.50, for a total transaction of $39,620.00. Following the transaction, the insider now directly owns 95,999 shares in the company, valued at $1,679,982.50. The trade was a 2.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.40% of the company's stock.

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.

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