Zacks Investment Research Downgrades Insulet (PODD) to Sell
Zacks Investment Research lowered shares of Insulet (NASDAQ:PODD) from a hold rating to a sell rating in a report issued on Tuesday morning.
According to Zacks, “INSULET CORPORATION is an innovative medical device company dedicated to improving the lives of people with diabetes. The Company’s OmniPod Insulin Management System is a revolutionary, discreet and easy-to-use insulin infusion system that features two easy-to-use components with no tubing and fully-automated cannula insertion. Through the OmniPod System, Insulet seeks to expand the use of continuous subcutaneous insulin infusion (CSII) therapy among people with insulin-dependent diabetes. “
Several other analysts also recently issued reports on PODD. Barclays initiated coverage on shares of Insulet in a report on Friday, September 15th. They issued an overweight rating and a $65.00 price target on the stock. Canaccord Genuity reissued a hold rating and set a $50.00 price objective on shares of Insulet in a research note on Wednesday, September 27th. Wedbush reissued a buy rating and set a $65.00 price objective (up previously from $60.00) on shares of Insulet in a research note on Tuesday, October 10th. Leerink Swann reissued an outperform rating and set a $74.00 price objective (up previously from $65.00) on shares of Insulet in a research note on Thursday, October 12th. Finally, Robert W. Baird set a $65.00 price objective on shares of Insulet and gave the company a buy rating in a research note on Friday, October 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the company. Insulet has a consensus rating of Buy and a consensus price target of $62.53.
Insulet (NASDAQ:PODD) last announced its quarterly earnings results on Thursday, November 2nd. The medical instruments supplier reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.06. Insulet had a negative net margin of 6.66% and a negative return on equity of 43.85%. The company had revenue of $121.80 million for the quarter, compared to the consensus estimate of $114.02 million. During the same quarter in the prior year, the firm earned ($0.05) earnings per share. The company’s revenue for the quarter was up 28.4% compared to the same quarter last year. equities research analysts expect that Insulet will post -0.43 earnings per share for the current fiscal year.
In other Insulet news, Director James C. Mullen acquired 2,500 shares of the company’s stock in a transaction dated Monday, November 13th. The stock was bought at an average price of $67.45 per share, with a total value of $168,625.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.60% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its position in shares of Insulet by 0.4% in the second quarter. The Manufacturers Life Insurance Company now owns 44,746 shares of the medical instruments supplier’s stock worth $2,296,000 after acquiring an additional 198 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Insulet by 11.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,302 shares of the medical instruments supplier’s stock valued at $118,000 after acquiring an additional 235 shares during the last quarter. Legal & General Group Plc boosted its stake in Insulet by 1.9% during the 2nd quarter. Legal & General Group Plc now owns 20,233 shares of the medical instruments supplier’s stock valued at $1,034,000 after acquiring an additional 376 shares during the last quarter. Amalgamated Bank boosted its stake in Insulet by 5.7% during the 2nd quarter. Amalgamated Bank now owns 7,476 shares of the medical instruments supplier’s stock valued at $384,000 after acquiring an additional 406 shares during the last quarter. Finally, TIAA CREF Investment Management LLC boosted its stake in Insulet by 0.6% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 156,898 shares of the medical instruments supplier’s stock valued at $8,050,000 after acquiring an additional 863 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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