Penguin Solutions (NASDAQ:PENG) Trading Down 0.1% – Here’s What Happened

Penguin Solutions (NASDAQ:PENG)’s stock price dropped 0.1% during trading on Tuesday . The company traded as low as $19.28 and last traded at $19.59. Approximately 127,531 shares were traded during trading, a decline of 88% from the average daily volume of 1,032,062 shares. The stock had previously closed at $19.61.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Citizens Jmp raised shares of Penguin Solutions to a “strong-buy” rating in a report on Monday, November 18th. JMP Securities initiated coverage on Penguin Solutions in a research note on Monday, November 18th. They set an “outperform” rating and a $23.00 price objective on the stock. The Goldman Sachs Group assumed coverage on Penguin Solutions in a report on Friday, November 1st. They set a “buy” rating and a $21.00 target price on the stock. Needham & Company LLC dropped their price target on Penguin Solutions from $35.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. Finally, Barclays reduced their price objective on shares of Penguin Solutions from $27.00 to $22.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Penguin Solutions currently has an average rating of “Buy” and an average price target of $24.17.

Penguin Solutions Trading Down 3.2 %

The stock has a market cap of $978.40 million, a PE ratio of -18.36 and a beta of 1.74. The company has a debt-to-equity ratio of 1.65, a quick ratio of 2.19 and a current ratio of 2.65. The firm has a 50-day moving average of $17.58.

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

Insiders Place Their Bets

In other Penguin Solutions news, insider Joseph Gates Clark sold 2,264 shares of the stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $17.50, for a total value of $39,620.00. Following the transaction, the insider now owns 95,999 shares in the company, valued at approximately $1,679,982.50. This represents a 2.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jack A. Pacheco sold 13,334 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief operating officer now directly owns 235,960 shares of the company’s stock, valued at $4,730,998. This trade represents a 5.35 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.40% 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.