Penguin Solutions (NASDAQ:PENG) Shares Up 1.2% – Here’s Why

Penguin Solutions (NASDAQ:PENG)’s share price shot up 1.2% during mid-day trading on Wednesday . The stock traded as high as $19.90 and last traded at $19.72. 169,425 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 1,038,870 shares. The stock had previously closed at $19.48.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PENG. The Goldman Sachs Group began coverage on shares of Penguin Solutions in a research note on Friday, November 1st. They set a “buy” rating and a $21.00 price objective for the company. Citizens Jmp raised shares of Penguin Solutions to a “strong-buy” rating in a report on Monday, November 18th. JMP Securities started coverage on shares of Penguin Solutions in a report on Monday, November 18th. They set an “outperform” rating and a $23.00 price target on the stock. Stifel Nicolaus dropped their price target 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. Finally, Barclays dropped their price target on shares of Penguin Solutions from $27.00 to $22.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Five research 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.com, the stock presently has an average rating of “Buy” and a consensus price target of $23.60.

Penguin Solutions Trading Up 0.9 %

The stock has a market cap of $1.05 billion, a PE ratio of -19.72 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.

Penguin Solutions (NASDAQ:PENG) last released its quarterly earnings data on Tuesday, October 15th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $311.15 million for the quarter, compared to the consensus estimate of $325.00 million. On average, sell-side analysts expect that Penguin Solutions will post 1.33 EPS for the current year.

Insider Buying and Selling

In other Penguin Solutions news, insider Joseph Gates Clark sold 2,264 shares of Penguin Solutions stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $17.50, for a total value of $39,620.00. Following the transaction, the insider now directly owns 95,999 shares of the company’s stock, valued at approximately $1,679,982.50. The trade was a 2.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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.