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In a recent transaction, Jack A. Pacheco, the Executive Vice President and Chief Operating Officer of Penguin Solutions, Inc. (NASDAQ:PENG), sold 3,219 ordinary shares of the company. The shares were sold at a weighted average price of $20.002 per share, amounting to a total sale of $64,386. The transaction occurred with the stock trading near $19, significantly below its 52-week high of $29.81. According to InvestingPro analysis, the stock currently appears undervalued based on its Fair Value estimate. This transaction was executed as part of a pre-established Rule 10b5-1 trading plan, which Pacheco adopted on April 26, 2024.
On the same day, Pacheco also exercised options to acquire 3,219 ordinary shares at a price of $9.195 each, with a total value of $29,598. Following these transactions, Pacheco’s direct ownership of Penguin Solutions stands at 231,548 shares.
Penguin Solutions, a company based in Newark, California, operates in the semiconductors and related devices industry, previously known as SMART Global Holdings, Inc. The company is scheduled to report earnings on April 2, 2025, a crucial event for investors. Get comprehensive analysis and more exclusive insights about PENG with a InvestingPro subscription, including access to detailed Pro Research Reports covering 1,400+ top stocks.
In other recent news, Penguin Solutions reported impressive first-quarter financial results, surpassing Wall Street expectations. The company achieved an adjusted earnings per share of $0.49, exceeding the analyst consensus of $0.39, and generated revenue of $341 million, which was above the estimated $320.17 million. The Advanced Computing segment was a key driver of this success, with a 49% year-over-year revenue increase to $177.4 million. Penguin Solutions also reaffirmed its full-year fiscal 2025 outlook, projecting a 15% revenue growth year-over-year.
Additionally, Penguin Solutions announced plans to move its corporate domicile from the Cayman Islands to the United States, pending shareholder and court approvals. This strategic move is aimed at aligning the company’s operations with its U.S. business focus. In another development, shareholders approved executive compensation and elected new board members at the company’s 2025 Annual General Meeting.
Furthermore, Penguin Solutions’ Cree (NYSE:WOLF) LED brand launched the XLamp XP-L Photo Red S Line LEDs, designed to enhance horticulture lighting efficiency. The new LEDs boast a 6% increase in Wall-Plug Efficiency, potentially reducing operational costs for horticulture businesses. Analysts from Needham maintain a ’Buy’ rating on the company, citing the strong performance of the Advanced Computing segment as a significant growth driver.
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