Barclays Reiterates “Buy” Rating for Insulet (PODD)
Insulet (NASDAQ:PODD)‘s stock had its “buy” rating reissued by equities research analysts at Barclays in a report released on Wednesday. They presently have a $78.00 price objective on the medical instruments supplier’s stock. Barclays’ price target suggests a potential upside of 14.64% from the stock’s previous close.
A number of other equities research analysts have also weighed in on PODD. BidaskClub upgraded Insulet from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 25th. Canaccord Genuity reiterated a “hold” rating and issued a $50.00 price objective on shares of Insulet in a research report on Wednesday, September 27th. Robert W. Baird lifted their price objective on Insulet from $65.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, November 3rd. Wedbush reiterated a “buy” rating and issued a $65.00 price objective (up from $60.00) on shares of Insulet in a research report on Tuesday, October 10th. Finally, Leerink Swann reiterated an “outperform” rating and issued a $74.00 price objective (up from $65.00) on shares of Insulet in a research report on Thursday, October 12th. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Insulet has a consensus rating of “Buy” and an average price target of $61.29.
Insulet (NASDAQ PODD) traded down $2.03 on Wednesday, reaching $68.04. The company had a trading volume of 592,400 shares, compared to its average volume of 502,452. The company has a debt-to-equity ratio of 4.65, a quick ratio of 4.42 and a current ratio of 4.88. Insulet has a fifty-two week low of $36.80 and a fifty-two week high of $72.99.
In other news, Director James C. Mullen bought 2,500 shares of the stock in a transaction dated Monday, November 13th. The stock was bought at an average price of $67.45 per share, for a total transaction of $168,625.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.90% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. purchased a new position in Insulet during the third quarter valued at $33,373,000. Janus Henderson Group PLC purchased a new position in Insulet during the second quarter valued at $27,428,000. JPMorgan Chase & Co. raised its stake in Insulet by 104.9% during the third quarter. JPMorgan Chase & Co. now owns 611,595 shares of the medical instruments supplier’s stock valued at $34,035,000 after buying an additional 313,093 shares during the last quarter. Lord Abbett & CO. LLC raised its stake in Insulet by 29.6% during the second quarter. Lord Abbett & CO. LLC now owns 838,302 shares of the medical instruments supplier’s stock valued at $43,013,000 after buying an additional 191,217 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in Insulet by 120.7% during the second quarter. Renaissance Technologies LLC now owns 328,200 shares of the medical instruments supplier’s stock valued at $16,840,000 after buying an additional 179,500 shares during the last quarter.
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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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