Insulet Corporation (NASDAQ:PODD) Sees Large Decrease in Short Interest

Insulet Corporation (NASDAQ:PODD) was the target of a large decline in short interest during the month of February. As of February 13th, there was short interest totaling 1,511,612 shares, a decline of 21.8% from the January 29th total of 1,932,265 shares. Currently, 2.2% of the shares of the stock are short sold. Based on an average trading volume of 994,952 shares, the days-to-cover ratio is currently 1.5 days. Based on an average trading volume of 994,952 shares, the days-to-cover ratio is currently 1.5 days. Currently, 2.2% of the shares of the stock are short sold.

Analysts Set New Price Targets

PODD has been the subject of a number of analyst reports. Canaccord Genuity Group reduced their price objective on shares of Insulet from $450.00 to $435.00 and set a “buy” rating for the company in a research note on Wednesday, February 18th. BTIG Research restated a “buy” rating and issued a $380.00 price target on shares of Insulet in a research report on Wednesday, February 18th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Insulet in a research note on Thursday, January 22nd. Zacks Research downgraded shares of Insulet from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Finally, Truist Financial reduced their target price on Insulet from $390.00 to $360.00 and set a “buy” rating for the company in a report on Thursday, February 19th. Twenty investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $354.57.

Insider Activity

In related news, Director Michael R. Minogue bought 2,030 shares of Insulet stock in a transaction dated Wednesday, February 25th. The stock was acquired at an average cost of $246.23 per share, with a total value of $499,846.90. Following the completion of the acquisition, the director directly owned 17,483 shares in the company, valued at approximately $4,304,839.09. This trade represents a 13.14% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.39% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PODD. NewEdge Advisors LLC grew its stake in shares of Insulet by 44.8% in the 1st quarter. NewEdge Advisors LLC now owns 207 shares of the medical instruments supplier’s stock valued at $54,000 after buying an additional 64 shares in the last quarter. Arkadios Wealth Advisors lifted its stake in Insulet by 31.5% in the second quarter. Arkadios Wealth Advisors now owns 1,639 shares of the medical instruments supplier’s stock valued at $515,000 after acquiring an additional 393 shares during the last quarter. Hantz Financial Services Inc. lifted its stake in Insulet by 19,550.0% in the second quarter. Hantz Financial Services Inc. now owns 786 shares of the medical instruments supplier’s stock valued at $247,000 after acquiring an additional 782 shares during the last quarter. Assetmark Inc. grew its position in Insulet by 109.1% in the second quarter. Assetmark Inc. now owns 529 shares of the medical instruments supplier’s stock worth $166,000 after acquiring an additional 276 shares in the last quarter. Finally, Amalgamated Bank increased its stake in shares of Insulet by 6.0% during the 2nd quarter. Amalgamated Bank now owns 15,799 shares of the medical instruments supplier’s stock worth $4,964,000 after purchasing an additional 890 shares during the last quarter.

Insulet Stock Performance

Shares of PODD opened at $246.61 on Monday. The company has a market capitalization of $17.36 billion, a PE ratio of 70.46, a PEG ratio of 1.47 and a beta of 1.42. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.15 and a current ratio of 2.81. The company’s 50 day moving average price is $268.21 and its 200 day moving average price is $303.09. Insulet has a 52 week low of $230.05 and a 52 week high of $354.88.

Insulet (NASDAQ:PODD) last issued its earnings results on Wednesday, February 18th. The medical instruments supplier reported $1.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.48 by $0.07. Insulet had a net margin of 9.12% and a return on equity of 24.90%. The company had revenue of $783.80 million during the quarter, compared to analyst estimates of $768.31 million. During the same quarter last year, the business posted $1.15 EPS. The company’s revenue for the quarter was up 31.2% on a year-over-year basis. Research analysts expect that Insulet will post 3.92 EPS for the current fiscal year.

Insulet Company Profile

Insulet Corporation is a medical device company headquartered in Acton, Massachusetts, that develops, manufactures and sells insulin-delivery systems for people with diabetes. The company’s core business is the design and commercialization of its Omnipod family of tubeless, wearable insulin pumps and the consumable Pods that deliver insulin. Insulet’s products aim to simplify insulin delivery for people with type 1 diabetes and insulin-requiring type 2 diabetes by offering an alternative to traditional insulin pens and tethered pump systems.

The company’s product portfolio includes the Omnipod System line—disposable, waterproof Pods that adhere to the skin and deliver insulin—and the associated controllers and mobile applications used to program and monitor insulin delivery.