Penumbra, Inc. (NYSE:PEN) Sees Significant Increase in Short Interest

Penumbra, Inc. (NYSE:PEN - Get Free Report) was the recipient of a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 1,490,000 shares, a growth of 22.1% from the March 15th total of 1,220,000 shares. Based on an average daily trading volume, of 496,300 shares, the days-to-cover ratio is currently 3.0 days. Currently, 4.1% of the shares of the company are sold short.

Penumbra Trading Up 0.3 %

PEN traded up $0.96 during mid-day trading on Wednesday, reaching $278.18. The stock had a trading volume of 826,584 shares, compared to its average volume of 417,609. The firm's fifty day simple moving average is $275.59 and its two-hundred day simple moving average is $252.75. The stock has a market capitalization of $10.76 billion, a P/E ratio of 818.18, a P/E/G ratio of 2.83 and a beta of 0.56. Penumbra has a 52 week low of $148.00 and a 52 week high of $310.00. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.25 and a current ratio of 6.01.

Penumbra (NYSE:PEN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $0.83 EPS for the quarter, topping analysts' consensus estimates of $0.66 by $0.17. Penumbra had a return on equity of 9.74% and a net margin of 1.17%. On average, equities analysts predict that Penumbra will post 3.67 EPS for the current year.

Insider Buying and Selling at Penumbra

In related news, CEO Adam Elsesser sold 16,560 shares of the business's stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $274.35, for a total transaction of $4,543,236.00. Following the transaction, the chief executive officer now owns 63,911 shares of the company's stock, valued at approximately $17,533,982.85. The trade was a 20.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Thomas Wilder sold 360 shares of the company's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $266.93, for a total transaction of $96,094.80. Following the transaction, the director now owns 4,692 shares of the company's stock, valued at approximately $1,252,435.56. The trade was a 7.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 127,846 shares of company stock valued at $35,779,187 in the last 90 days. 5.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Penumbra

Several large investors have recently bought and sold shares of the business. UMB Bank n.a. raised 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 last quarter. Hurley Capital LLC bought a new stake in Penumbra in the fourth quarter valued at about $56,000. Huntington National Bank lifted its stake in Penumbra by 138.7% in the fourth quarter. Huntington National Bank now owns 265 shares of the company's stock valued at $63,000 after buying an additional 154 shares during the period. Mather Group LLC. boosted its holdings in Penumbra by 208.0% during the fourth quarter. Mather Group LLC. now owns 308 shares of the company's stock worth $73,000 after buying an additional 208 shares during the last quarter. Finally, Versant Capital Management Inc grew its position in shares of Penumbra by 893.5% during the 1st quarter. Versant Capital Management Inc now owns 308 shares of the company's stock worth $82,000 after buying an additional 277 shares during the period. 88.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PEN. Canaccord Genuity Group raised their price objective on Penumbra from $323.00 to $340.00 and gave the stock a "buy" rating in a research report on Wednesday, February 19th. Wells Fargo & Company lifted their price target on shares of Penumbra from $275.00 to $305.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 19th. Bank of America initiated coverage on shares of Penumbra in a research note on Friday, March 14th. They issued a "buy" rating and a $320.00 price objective for the company. UBS Group lifted their target price on shares of Penumbra from $305.00 to $320.00 and gave the company a "buy" rating in a research report on Wednesday, February 19th. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $315.00 price target on shares of Penumbra in a research report on Tuesday, April 15th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Penumbra presently has an average rating of "Moderate Buy" and an average price target of $293.93.

About Penumbra

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.