Penguin Solutions (NASDAQ:PENG) Stock Price Up 0.8% – Here’s What Happened

Penguin Solutions (NASDAQ:PENG) shot up 0.8% during mid-day trading on Wednesday . The company traded as high as $20.54 and last traded at $20.23. 104,265 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 1,036,045 shares. The stock had previously closed at $20.06.

Analyst Upgrades and Downgrades

PENG has been the topic of several recent research reports. Stifel Nicolaus lowered 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. Barclays dropped their price objective on Penguin Solutions from $27.00 to $22.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. JMP Securities initiated coverage on Penguin Solutions in a research report on Monday, November 18th. They issued an “outperform” rating and a $23.00 price target on the stock. Citizens Jmp upgraded shares of Penguin Solutions to a “strong-buy” rating in a research report on Monday, November 18th. Finally, The Goldman Sachs Group assumed coverage on shares of Penguin Solutions in a research report on Friday, November 1st. They set a “buy” rating and a $21.00 price objective for the company. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $23.60.

Penguin Solutions Stock Performance

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 $1.10 billion, a price-to-earnings ratio of -20.23 and a beta of 1.74.

Penguin Solutions (NASDAQ:PENG) last posted its earnings results on Tuesday, October 15th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.04). The business had revenue of $311.15 million for the quarter, compared to the consensus estimate of $325.00 million. Penguin Solutions had a positive return on equity of 8.05% and a negative net margin of 4.48%. On average, research analysts anticipate that Penguin Solutions will post 1.33 EPS for the current year.

Insider Transactions at Penguin Solutions

In other news, insider Joseph Gates Clark sold 2,264 shares of the stock in a transaction on Thursday, November 14th. The shares were 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 directly owns 95,999 shares in the company, valued at $1,679,982.50. This represents a 2.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.40% of the stock is owned by corporate insiders.

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.