Insulet Co. (NASDAQ:PODD) Sees Significant Drop in Short Interest

Insulet Co. (NASDAQ:PODD) was the recipient of a significant decrease in short interest during the month of March. As of March 31st, there was short interest totalling 2,400,000 shares, a decrease of 16.7% from the March 15th total of 2,880,000 shares. Based on an average daily trading volume, of 775,100 shares, the days-to-cover ratio is presently 3.1 days. Currently, 3.4% of the company’s stock are short sold.

Insulet Stock Performance

NASDAQ:PODD opened at $238.57 on Tuesday. The company has a current ratio of 3.68, a quick ratio of 2.80 and a debt-to-equity ratio of 1.21. The company has a market capitalization of $16.75 billion, a P/E ratio of 41.20, a price-to-earnings-growth ratio of 3.62 and a beta of 1.30. The firm has a 50-day moving average price of $262.47 and a two-hundred day moving average price of $261.27. Insulet has a twelve month low of $160.19 and a twelve month high of $289.46.

Insulet (NASDAQ:PODD) last issued its quarterly earnings data on Thursday, February 20th. The medical instruments supplier reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.15. The firm had revenue of $597.50 million during the quarter, compared to the consensus estimate of $582.02 million. Insulet had a return on equity of 24.46% and a net margin of 20.19%. As a group, research analysts expect that Insulet will post 3.92 earnings per share for the current fiscal year.

Insider Activity at Insulet

In other news, Director Wayne A.I. Frederick sold 1,825 shares of the company’s stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $275.00, for a total value of $501,875.00. Following the completion of the transaction, the director now owns 3,231 shares in the company, valued at approximately $888,525. This represents a 36.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.47% of the stock is currently owned by corporate insiders.

Institutional Trading of Insulet

A number of large investors have recently made changes to their positions in PODD. Baillie Gifford & Co. lifted its holdings in Insulet by 3.5% in the 4th quarter. Baillie Gifford & Co. now owns 2,355,683 shares of the medical instruments supplier’s stock valued at $614,998,000 after purchasing an additional 79,982 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Insulet by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 1,779,167 shares of the medical instruments supplier’s stock valued at $463,347,000 after buying an additional 40,566 shares during the last quarter. Norges Bank purchased a new position in shares of Insulet during the fourth quarter valued at approximately $248,806,000. Artisan Partners Limited Partnership boosted its position in Insulet by 24.1% during the fourth quarter. Artisan Partners Limited Partnership now owns 770,188 shares of the medical instruments supplier’s stock worth $201,073,000 after acquiring an additional 149,524 shares during the last quarter. Finally, Northern Trust Corp grew its stake in Insulet by 20.5% in the 4th quarter. Northern Trust Corp now owns 738,811 shares of the medical instruments supplier’s stock worth $192,881,000 after acquiring an additional 125,710 shares during the period.

Analyst Ratings Changes

PODD has been the subject of a number of research analyst reports. Raymond James reissued an “outperform” rating and issued a $328.00 target price (up from $294.00) on shares of Insulet in a research report on Friday, February 21st. Piper Sandler raised their target price on shares of Insulet from $285.00 to $310.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Wells Fargo & Company lifted their target price on shares of Insulet from $305.00 to $322.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Canaccord Genuity Group increased their price target on shares of Insulet from $304.00 to $324.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Finally, Stifel Nicolaus lifted their price objective on shares of Insulet from $245.00 to $293.00 and gave the company a “hold” rating in a research note on Friday, February 21st. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $292.06.

About Insulet

Insulet Corporation develops, manufactures, and sells insulin delivery systems for people with insulin-dependent diabetes. The company's Omnipod platform includes the Omnipod 5 Automated Insulin Delivery System (Omnipod 5) which includes a proprietary AID algorithm embedded in the Pod that integrates with a third-party continuous glucose monitor to obtain glucose values through wireless bluetooth communication; Omnipod DASH that features a bluetooth enabled Pod that is controlled by a smartphone-like Personal Diabetes Manager with a color touch screen user interface; and Omnipod GO, a standalone, wearable, insulin delivery system that provides a fixed rate of continuous rapid-acting insulin for 72 hours.