Insulet Corporation (PODD) Stock Price Up 18.9% Following Strong Earnings
Insulet Corporation (NASDAQ:PODD) shares shot up 18.9% during mid-day trading on Friday following a stronger than expected earnings report. The stock traded as high as $69.90 and last traded at $69.45. 3,400,908 shares changed hands during mid-day trading, an increase of 663% from the average session volume of 445,758 shares. The stock had previously closed at $58.42.
The medical instruments supplier reported ($0.04) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.06. The business had revenue of $121.80 million during the quarter, compared to the consensus estimate of $114.02 million. Insulet Corporation had a negative net margin of 6.66% and a negative return on equity of 45.64%. The business’s revenue was up 28.4% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.05) EPS.
A number of brokerages have recently issued reports on PODD. Morgan Stanley raised their price target on shares of Insulet Corporation from $55.00 to $63.00 and gave the stock an “equal weight” rating in a report on Friday. Robert W. Baird raised their price target on shares of Insulet Corporation from $65.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday. Jefferies Group LLC raised their price target on shares of Insulet Corporation from $58.00 to $67.00 and gave the stock a “buy” rating in a report on Friday. Zacks Investment Research upgraded shares of Insulet Corporation from a “sell” rating to a “hold” rating and set a $68.00 price target for the company in a report on Thursday, October 12th. Finally, Leerink Swann restated an “outperform” rating and set a $74.00 price target (up previously from $65.00) on shares of Insulet Corporation in a report on Thursday, October 12th. Eight equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $58.87.
In other Insulet Corporation news, EVP Charles Alpuche purchased 2,500 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was bought at an average price of $58.08 per share, with a total value of $145,200.00. 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.
A number of hedge funds have recently modified their holdings of PODD. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Insulet Corporation by 11.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,302 shares of the medical instruments supplier’s stock valued at $118,000 after buying an additional 235 shares during the period. SG Americas Securities LLC purchased a new position in Insulet Corporation in the 2nd quarter valued at approximately $180,000. Diversified Trust Co purchased a new position in Insulet Corporation in the 2nd quarter valued at approximately $205,000. Wrapmanager Inc. purchased a new position in Insulet Corporation in the 2nd quarter valued at approximately $217,000. Finally, RNC Capital Management LLC purchased a new position in Insulet Corporation in the 2nd quarter valued at approximately $225,000.
Insulet Corporation Company Profile
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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