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

Penguin Solutions (NASDAQ:PENG)’s share price was down 6.4% during mid-day trading on Friday . The company 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.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on PENG shares. Barclays boosted their price objective 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. Needham & Company LLC upped their target price on shares of Penguin Solutions from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, January 9th. Loop Capital assumed coverage on shares of Penguin Solutions in a research note on Tuesday, January 7th. They issued a “buy” rating and a $30.00 price target for the company. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $27.00 price target on shares of Penguin Solutions in a research note on Thursday, December 19th. Six 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, Penguin Solutions has a consensus rating of “Buy” and an average price target of $25.43.

Penguin Solutions Trading Down 3.0 %

The company has a debt-to-equity ratio of 1.61, a current ratio of 2.33 and a quick ratio of 1.75. The firm has a 50 day moving average price of $19.86. The firm has a market cap of $1.02 billion, a P/E ratio of -36.85 and a beta of 1.70.

Insider Buying and Selling

In other Penguin Solutions news, COO Jack A. Pacheco sold 6,666 shares of the firm’s 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 completion of the sale, the chief operating officer now directly owns 235,960 shares in the company, valued at approximately $4,719,200. This trade represents a 2.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Joseph Gates Clark sold 2,131 shares of the firm’s 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 owns 89,469 shares of the company’s stock, valued at approximately $1,873,480.86. This represents a 2.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 22,131 shares of company stock worth $462,557 in the last three months. 2.60% of the stock is owned by corporate 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.