Insulet (NASDAQ:PODD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
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. “
A number of other equities analysts also recently commented on the company. Barclays started coverage on Insulet in a report on Friday, September 15th. They issued an “overweight” rating and a $65.00 price objective on the stock. Morgan Stanley raised their price objective on Insulet from $55.00 to $63.00 and gave the stock an “equal weight” rating in a report on Friday, November 3rd. Robert W. Baird set a $65.00 price objective on Insulet and gave the stock a “buy” rating in a report on Friday, October 13th. Canaccord Genuity upgraded Insulet from a “hold” rating to a “buy” rating and raised their price objective for the stock from $50.00 to $65.00 in a report on Wednesday, November 1st. Finally, Jefferies Group raised their price objective on Insulet from $58.00 to $67.00 and gave the stock a “buy” rating in a report on Friday, November 3rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the company’s stock. Insulet currently has a consensus rating of “Buy” and a consensus target price of $62.53.
Insulet (NASDAQ:PODD) last released its quarterly earnings data on Thursday, November 2nd. The medical instruments supplier reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.06. The company had revenue of $121.80 million for the quarter, compared to the consensus estimate of $114.02 million. Insulet had a negative return on equity of 43.85% and a negative net margin of 6.66%. The company’s quarterly revenue was up 28.4% compared to the same quarter last year. During the same period last year, the business posted ($0.05) EPS. analysts expect that Insulet will post -0.43 EPS for the current fiscal year.
In related news, Director James C. Mullen bought 2,500 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The shares were acquired at an average cost 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 is accessible through the SEC website. Company insiders own 2.60% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of 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 buying an additional 235 shares during the period. SG Americas Securities LLC purchased a new stake in Insulet during the 2nd quarter worth approximately $180,000. RNC Capital Management LLC purchased a new stake in Insulet during the 2nd quarter worth approximately $225,000. Trexquant Investment LP purchased a new stake in Insulet during the 3rd quarter worth approximately $242,000. Finally, Amalgamated Bank increased its holdings in Insulet by 5.7% during the 2nd quarter. Amalgamated Bank now owns 7,476 shares of the medical instruments supplier’s stock worth $384,000 after purchasing an additional 406 shares during the last quarter.
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Insulet 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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