Penguin Solutions (NASDAQ:PENG) Stock Price Down 6.4% – What’s Next?

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

Analyst Upgrades and Downgrades

PENG has been the subject of several research analyst reports. Barclays lifted their target price on shares of Penguin Solutions from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, January 9th. Loop Capital initiated coverage on shares of Penguin Solutions in a research report on Tuesday, January 7th. They set a “buy” rating and a $30.00 target price for the company. Rosenblatt Securities reiterated a “buy” rating and set a $27.00 target price on shares of Penguin Solutions in a research report on Thursday, December 19th. Finally, Needham & Company LLC boosted their price objective 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 research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Penguin Solutions has an average rating of “Buy” and an average price target of $25.43.

Penguin Solutions Trading Down 3.0 %

The firm has a market cap of $1.02 billion, a PE ratio of -36.85 and a beta of 1.70. The company has a quick ratio of 1.75, a current ratio of 2.33 and a debt-to-equity ratio of 1.61. The company has a fifty day moving average of $19.86.

Insider Activity at Penguin Solutions

In related news, SVP Joseph Gates Clark sold 2,131 shares of the company’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $20.94, for a total transaction of $44,623.14. Following the completion of the sale, the senior vice president now directly owns 89,469 shares in the company, valued at $1,873,480.86. This represents a 2.33 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Jack A. Pacheco sold 6,667 shares of the company’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $22.14, for a total transaction of $147,607.38. Following the sale, the chief operating officer now owns 231,548 shares of the company’s stock, valued at $5,126,472.72. This represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,131 shares of company stock worth $462,557 in the last three months. 2.60% of the stock is owned by insiders.

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.