Penguin Solutions (NASDAQ:PENG) Trading Down 9.6% – Here’s What Happened

Penguin Solutions (NASDAQ:PENG) fell 9.6% 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

PENG has been the topic of a number of recent analyst reports. Rosenblatt Securities restated a “buy” rating and issued a $27.00 price target on shares of Penguin Solutions in a research report on Thursday, December 19th. JMP Securities initiated coverage on Penguin Solutions in a research note on Monday, November 18th. They set an “outperform” rating and a $23.00 target price for the company. Citizens Jmp upgraded Penguin Solutions to a “strong-buy” rating in a research note on Monday, November 18th. Loop Capital began coverage on Penguin Solutions in a research report on Tuesday, January 7th. They set a “buy” rating and a $30.00 price objective for the company. Finally, Barclays lifted their target price on Penguin Solutions from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday. Six investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $25.43.

Penguin Solutions Stock Down 7.7 %

The company has a 50 day moving average of $18.67. The company has a market capitalization of $1.02 billion, a P/E ratio of -19.05 and a beta of 1.69. The company has a quick ratio of 2.19, a current ratio of 2.65 and a debt-to-equity ratio of 1.65.

Penguin Solutions (NASDAQ:PENG) last posted its quarterly earnings results on Tuesday, October 15th. The company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.04). The company had revenue of $311.15 million during the quarter, compared to analyst estimates of $325.00 million. Penguin Solutions had a positive return on equity of 8.05% and a negative net margin of 4.48%. As a group, sell-side analysts anticipate that Penguin Solutions will post 1.33 EPS for the current fiscal year.

Insider Buying and Selling

In other news, COO Jack A. Pacheco sold 13,334 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $20.05, for a total value of $267,346.70. Following the transaction, the chief operating officer now owns 235,960 shares of the company’s stock, valued at approximately $4,730,998. This represents a 5.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Joseph Gates Clark sold 2,264 shares of the firm’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $17.50, for a total value of $39,620.00. Following the sale, the insider now owns 95,999 shares in the company, valued at $1,679,982.50. The trade was 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 worth $440,287. Insiders own 2.60% of the company’s stock.

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.