Penguin Solutions (NASDAQ:PENG) Stock Price Down 9.6% - What's Next?

Penguin Solutions (NASDAQ:PENG - Get Free Report) dropped 9.6% during trading on Monday . The stock traded as low as $18.53 and last traded at $18.67. Approximately 316,292 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 1,065,991 shares. The stock had previously closed at $20.65.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on PENG shares. Needham & Company LLC boosted their target price on shares of Penguin Solutions from $25.00 to $27.00 and gave the stock a "buy" rating in a report on Thursday, January 9th. Loop Capital initiated coverage on shares of Penguin Solutions in a research note on Tuesday, January 7th. They set a "buy" rating and a $30.00 price objective on the stock. Stifel Nicolaus dropped their target price on shares of Penguin Solutions from $32.00 to $27.00 and set a "buy" rating on the stock in a report on Wednesday, October 16th. JMP Securities began coverage on Penguin Solutions in a report on Monday, November 18th. They set an "outperform" rating and a $23.00 price target for the company. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $27.00 target price on shares of Penguin Solutions in a research note on Thursday, December 19th. Six equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Penguin Solutions presently has a consensus rating of "Buy" and an average price target of $25.43.

Penguin Solutions Stock Up 1.9 %

The company has a fifty day moving average of $18.83. The company has a current ratio of 2.65, a quick ratio of 2.19 and a debt-to-equity ratio of 1.65. The stock has a market cap of $1.06 billion, a P/E ratio of -19.96 and a beta of 1.69.

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). The firm had revenue of $311.15 million during the quarter, compared to the consensus estimate of $325.00 million. Penguin Solutions had a negative net margin of 4.48% and a positive return on equity of 8.05%. As a group, research analysts expect that Penguin Solutions will post 1.33 earnings per share for the current year.

Insider Transactions at Penguin Solutions

In related news, COO Jack A. Pacheco sold 6,666 shares of the firm's stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $20.00, for a total transaction of $133,320.00. Following the transaction, the chief operating officer now directly owns 235,960 shares of the company's stock, valued at approximately $4,719,200. This trade represents a 2.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joseph Gates Clark sold 2,264 shares of Penguin Solutions 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 completion of the sale, the insider now owns 95,999 shares of the company's stock, valued at $1,679,982.50. This trade represents a 2.30 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 22,264 shares of company stock valued at $440,287. 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.