PENG (NASDAQ:PENG) Trading Down 1.4% – Here’s What Happened

PENG (NASDAQ:PENG) was down 1.4% during mid-day trading on Wednesday . The stock traded as low as $17.80 and last traded at $17.89. Approximately 142,646 shares were traded during trading, a decline of 86% from the average daily volume of 1,044,159 shares. The stock had previously closed at $18.14.

Wall Street Analysts Forecast Growth

PENG has been the topic of a number of recent research reports. Needham & Company LLC reduced their price objective on PENG from $35.00 to $25.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Stifel Nicolaus reduced their price target on PENG from $32.00 to $27.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. The Goldman Sachs Group assumed coverage on PENG in a research report on Friday, November 1st. They issued a “buy” rating and a $21.00 price objective for the company. Barclays decreased their target price on shares of PENG from $27.00 to $22.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Finally, JMP Securities started coverage on shares of PENG in a research report on Monday, November 18th. They set an “outperform” rating and a $23.00 price target for the company. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, PENG currently has a consensus rating of “Buy” and an average price target of $23.60.

PENG Trading Down 0.8 %

The firm has a market capitalization of $958.69 million, a price-to-earnings ratio of -17.89 and a beta of 1.70. The company has a debt-to-equity ratio of 1.65, a current ratio of 2.65 and a quick ratio of 2.19.

PENG (NASDAQ:PENG) last announced its earnings results on Tuesday, October 15th. The company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.04). The business had revenue of $311.15 million for the quarter, compared to the consensus estimate of $325.00 million. PENG had a negative net margin of 4.48% and a positive return on equity of 8.05%. As a group, sell-side analysts expect that PENG will post 1.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other PENG news, insider Joseph Gates Clark sold 2,264 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $17.50, for a total value of $39,620.00. Following the completion of the transaction, the insider now directly owns 95,999 shares in the company, valued at $1,679,982.50. This represents a 2.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.40% of the stock is currently owned by company insiders.

About PENG

SMART Global Holdings, Inc, a memory-focused company, engages in the designing and development of enterprise solutions in the United States, China, Europe, and internationally. It operates through Memory Solutions, Intelligent Platform Solutions, and LED Solutions segments. The company offers dynamic random access memory modules, solid-state and flash storage, and other advanced 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.