Cowen and Company Reiterates Outperform Rating for Insulet Corporation (NASDAQ:PODD)
Insulet Corporation (NASDAQ:PODD)‘s stock had its “outperform” rating reiterated by investment analysts at Cowen and Company in a research note issued on Friday, The Fly reports. They currently have a $63.00 target price on the medical instruments supplier’s stock, up from their previous target price of $52.00. Cowen and Company’s target price would suggest a potential upside of 17.43% from the stock’s previous close.
A number of other research analysts have also weighed in on PODD. Jefferies Group LLC reissued a “buy” rating and issued a $53.00 target price on shares of Insulet Corporation in a report on Thursday, April 13th. B. Riley reissued a “neutral” rating and issued a $44.00 target price on shares of Insulet Corporation in a report on Tuesday, May 9th. Northland Securities reissued a “buy” rating and issued a $50.00 target price on shares of Insulet Corporation in a report on Tuesday, May 9th. Oppenheimer Holdings, Inc. set a $46.00 target price on shares of Insulet Corporation and gave the company a “hold” rating in a report on Tuesday, May 9th. Finally, BTIG Research raised shares of Insulet Corporation from a “neutral” rating to a “buy” rating and set a $47.00 target price for the company in a report on Wednesday, May 10th. Eight research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $49.69.
Shares of Insulet Corporation (PODD) traded up 7.11% during midday trading on Friday, hitting $53.65. 963,436 shares of the stock were exchanged. The firm’s 50-day moving average is $50.00 and its 200 day moving average is $44.62. Insulet Corporation has a 52-week low of $30.69 and a 52-week high of $55.46. The firm’s market cap is $3.11 billion.
Insulet Corporation (NASDAQ:PODD) last posted its earnings results on Thursday, August 3rd. The medical instruments supplier reported ($0.13) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.13). Insulet Corporation had a negative net margin of 7.30% and a negative return on equity of 46.88%. The firm had revenue of $110 million during the quarter, compared to analyst estimates of $106.23 million. During the same period last year, the firm posted ($0.08) earnings per share. Insulet Corporation’s revenue for the quarter was up 26.0% compared to the same quarter last year. On average, analysts forecast that Insulet Corporation will post ($0.48) earnings per share for the current year.
In other Insulet Corporation news, SVP Michael P. Spears bought 2,500 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The stock was acquired at an average cost of $40.59 per share, for a total transaction of $101,475.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jessica Hopfield bought 2,580 shares of the firm’s stock in a transaction dated Thursday, May 11th. The shares were acquired at an average price of $38.68 per share, with a total value of $99,794.40. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 8,080 shares of company stock valued at $317,339. Corporate insiders own 1.90% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in PODD. Strs Ohio increased its stake in Insulet Corporation by 73.9% in the first quarter. Strs Ohio now owns 4,000 shares of the medical instruments supplier’s stock valued at $172,000 after buying an additional 1,700 shares during the period. SG Americas Securities LLC acquired a new stake in Insulet Corporation during the second quarter valued at $180,000. Teacher Retirement System of Texas acquired a new stake in Insulet Corporation during the first quarter valued at $201,000. Diversified Trust Co acquired a new stake in Insulet Corporation during the second quarter valued at $205,000. Finally, Ameritas Investment Partners Inc. acquired a new stake in Insulet Corporation during the first quarter valued at $215,000.
About Insulet Corporation
Insulet Corporation is engaged in the development, manufacturing and sale of the OmniPod Insulin Management System (the OmniPod System), an insulin delivery system for people with insulin-dependent diabetes. The Omnipod System features a self-adhesive disposable tubeless Omnipod device, which is worn on the body for approximately three days at a time and its wireless companion, the handheld Personal Diabetes Manager (PDM).
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