Penumbra, Inc. (NYSE:PEN) Short Interest Down 23.5% in January

Penumbra, Inc. (NYSE:PEN) saw a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 1,430,000 shares, a drop of 23.5% from the January 15th total of 1,870,000 shares. Based on an average trading volume of 384,700 shares, the short-interest ratio is currently 3.7 days.

Penumbra Price Performance

PEN stock traded down $5.06 during trading on Friday, hitting $267.83. The stock had a trading volume of 400,891 shares, compared to its average volume of 447,890. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.82 and a quick ratio of 3.25. Penumbra has a twelve month low of $148.00 and a twelve month high of $277.89. The stock has a market capitalization of $10.28 billion, a P/E ratio of 311.43, a PEG ratio of 1.92 and a beta of 0.53. The company’s 50-day moving average price is $255.04 and its two-hundred day moving average price is $224.21.

Analysts Set New Price Targets

Several equities research analysts have weighed in on PEN shares. Piper Sandler increased their price target on Penumbra from $235.00 to $250.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. Robert W. Baird increased their price target on Penumbra from $244.00 to $248.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Wells Fargo & Company raised Penumbra from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $190.00 to $275.00 in a research report on Wednesday, December 11th. Oppenheimer started coverage on Penumbra in a research report on Tuesday, December 17th. They set an “outperform” rating and a $275.00 price target on the stock. Finally, Canaccord Genuity Group raised their target price on Penumbra from $260.00 to $323.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Four analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Penumbra has an average rating of “Moderate Buy” and a consensus price target of $261.36.

Insider Buying and Selling

In related news, CEO Adam Elsesser sold 15,000 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $237.28, for a total value of $3,559,200.00. Following the completion of the transaction, the chief executive officer now owns 852,582 shares in the company, valued at $202,300,656.96. This trade represents a 1.73 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Harpreet Grewal sold 167 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $241.28, for a total value of $40,293.76. Following the sale, the director now directly owns 8,530 shares in the company, valued at $2,058,118.40. This represents a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,819 shares of company stock worth $8,129,483 in the last 90 days. Insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Penumbra

Institutional investors have recently bought and sold shares of the company. True Wealth Design LLC acquired a new stake in Penumbra in the 3rd quarter worth about $26,000. GAMMA Investing LLC boosted its holdings in Penumbra by 111.1% in the 3rd quarter. GAMMA Investing LLC now owns 171 shares of the company’s stock worth $33,000 after buying an additional 90 shares during the last quarter. UMB Bank n.a. boosted its holdings in Penumbra by 57.4% in the 4th quarter. UMB Bank n.a. now owns 192 shares of the company’s stock worth $46,000 after buying an additional 70 shares during the last quarter. Hurley Capital LLC acquired a new stake in Penumbra in the 4th quarter worth about $56,000. Finally, Huntington National Bank boosted its holdings in Penumbra by 138.7% in the 4th quarter. Huntington National Bank now owns 265 shares of the company’s stock worth $63,000 after buying an additional 154 shares during the last quarter. 88.88% of the stock is currently owned by institutional investors and hedge funds.

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.