Penguin Solutions (NASDAQ:PENG) Stock Price Down 6.4% - Here's Why

Penguin Solutions (NASDAQ:PENG - Get Free Report) shares dropped 6.4% on Friday . The company traded as low as $18.66 and last traded at $18.49. Approximately 172,716 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 885,782 shares. The stock had previously closed at $19.75.

Wall Street Analyst Weigh In

Several analysts have weighed in on PENG shares. Needham & Company LLC boosted their price target on shares of Penguin Solutions from $25.00 to $27.00 and gave the stock a "buy" rating in a research note on Thursday, January 9th. Rosenblatt Securities reissued a "buy" rating and issued a $27.00 target price on shares of Penguin Solutions in a research note on Thursday, December 19th. Barclays increased their target price on Penguin Solutions from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Thursday, January 9th. Finally, Loop Capital assumed coverage on Penguin Solutions in a research note on Tuesday, January 7th. They issued a "buy" rating and a $30.00 price target on the stock. Six analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Penguin Solutions presently has an average rating of "Buy" and an average target price of $25.43.

Penguin Solutions Trading Down 1.5 %

The firm has a market cap of $1.03 billion, a price-to-earnings ratio of -37.25 and a beta of 1.70. The stock has a fifty day moving average of $19.87. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.75 and a current ratio of 2.33.

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Insider Buying and Selling at Penguin Solutions

In related news, SVP Joseph Gates Clark sold 2,131 shares of the business's stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $20.94, for a total value of $44,623.14. Following the completion of the transaction, the senior vice president now directly owns 89,469 shares in the company, valued at $1,873,480.86. The trade was a 2.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jack A. Pacheco sold 6,667 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $20.55, for a total value of $137,006.85. Following the sale, the chief operating officer now owns 231,548 shares in the company, valued at approximately $4,758,311.40. This represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,131 shares of company stock valued at $462,557. 2.60% of the stock is currently owned by corporate insiders.

About Penguin Solutions

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.