{"id":9144,"date":"2023-11-03T15:15:55","date_gmt":"2023-11-03T15:15:55","guid":{"rendered":"https:\/\/infundpros.com\/markets\/insulet-stock-rallies-on-revenue-boost-its-a-misunderstood-growth-name\/"},"modified":"2023-11-03T15:15:56","modified_gmt":"2023-11-03T15:15:56","slug":"insulet-stock-rallies-on-revenue-boost-its-a-misunderstood-growth-name","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=9144","title":{"rendered":"Insulet Stock Rallies on Revenue Boost. It’s a ‘Misunderstood Growth Name.’"},"content":{"rendered":"
\n
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<\/p>\n<\/figure><\/div>\n

Shares of
\n Insulet
\n were soaring Friday after the automated insulin technology developer boosted its revenue outlook. <\/p>\n

\n Insulet
\n (ticker: PODD) stock was up 15% to $161.17, putting it on pace for its largest percent increase since Nov. 4, 2022, when it gained 23%, according to Dow Jones Market Data. It was also was one of the top-performing stocks in the
\n S&P 500.<\/span>\n <\/p>\n

\n

The company on Thursday posted third-quarter earnings of 74 cents a share, easily beating Wall Street\u2019s call for 40 cents, according to FactSet. In the year-ago quarter, it reported a loss of 8 cents a share. <\/p>\n

Revenue was $432.7 million, also rising from $340.8 million a year ago and above analysts\u2019 expectations of $414.3 million. Total revenue from its Omnipod brand\u2014products that use its tubeless insulin pump technology\u2014jumped 29.4%.<\/p>\n

\u201cAs a result of continued high demand for Omnipod 5\u2014both in the U.S. and globally\u2014we are pleased to again raise guidance for the full year,\u201d said President and CEO Jim Hollingshead in the earnings release.<\/p>\n

For the full year, the company raised its expected revenue growth to a range of 26% to 27%, compared with a prior range of 22% to 25%. <\/p>\n

William Blair analysts led by Margaret Kaczor Andrew, who rate shares at Outperform, were pleased with the quarterly report. <\/p>\n

\u201cIn sum, fundamentals and the outlook for the company remain as strong as ever, in our view, with management projecting even more confidence by providing 2024 color that is ahead of consensus,\u201d the analysts wrote in a note on Friday.<\/p>\n

Raymond James analysts Jayson Bedford and Glenn Shell, who rate shares at Outperform, cut their price target to $199 from $228 but raised revenue estimates.<\/p>\n

\u201cPODD\u2019s pipeline is progressing well, and should expand the TAM and its geographical reach,\u201d they wrote, calling the company \u201cone of the more misunderstood growth names in Medical Technology.\u201d<\/p>\n

Write to Emily Dattilo at emily.dattilo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Insulet were soaring Friday after the automated insulin technology developer boosted its revenue outlook. Insulet (ticker: PODD) stock was up…<\/p>\n","protected":false},"author":1,"featured_media":9145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":{"0":"post-9144","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"\nInsulet Stock Rallies on Revenue Boost. It's a 'Misunderstood Growth Name.' | inFundPros<\/title>\n<meta name=\"description\" content=\"Shares of Insulet were soaring Friday after the automated insulin technology developer boosted its revenue outlook. 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