Penguin Solutions (NASDAQ:PENG) Shares Down 6.4% – Here’s What Happened

Penguin Solutions (NASDAQ:PENG) shares dropped 6.4% during trading on Friday . The stock traded as low as $18.66 and last traded at $18.49. Approximately 172,716 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 885,782 shares. The stock had previously closed at $19.75.

Wall Street Analysts Forecast Growth

PENG has been the topic of several recent analyst reports. Rosenblatt Securities reiterated a “buy” rating and issued a $27.00 target price on shares of Penguin Solutions in a report on Thursday, December 19th. Barclays lifted their target price on shares of Penguin Solutions from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, January 9th. Loop Capital initiated coverage on shares of Penguin Solutions in a report on Tuesday, January 7th. They issued a “buy” rating and a $30.00 target price on the stock. Finally, Needham & Company LLC lifted their target price on shares of Penguin Solutions from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, January 9th. Six analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Penguin Solutions presently has an average rating of “Buy” and an average target price of $25.43.

Penguin Solutions Trading Down 4.4 %

The company has a fifty day moving average price of $19.89. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.75 and a current ratio of 2.33. The company has a market cap of $1.01 billion, a P/E ratio of -36.27 and a beta of 1.70.

Insider Activity

In other news, SVP Joseph Gates Clark sold 2,131 shares of Penguin Solutions stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $20.94, for a total transaction of $44,623.14. Following the sale, the senior vice president now directly owns 89,469 shares in the company, valued at approximately $1,873,480.86. The trade was a 2.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jack A. Pacheco sold 6,666 shares of Penguin Solutions stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $20.00, for a total transaction of $133,320.00. Following the sale, the chief operating officer now owns 235,960 shares in the company, valued at approximately $4,719,200. This trade represents a 2.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 22,131 shares of company stock worth $462,557. Corporate insiders own 2.60% of the company’s stock.

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.