Penguin Solutions advances after SK Hynix discloses stake
PENG•Penguin Solutions shares rose 14.3% after SK Hynix reported a 9.1% stake worth $377 million as of October 29, according to an SEC filing.
1. Stake disclosure lifts shares
Penguin Solutions shares rose 14.3% to $54.33, putting the stock on track for its biggest one-day gain since July 30. SK Hynix reported a $377 million, or 9.1%, stake in Penguin Solutions as of October 29 in an SEC filing.
2. Shareholder and analyst data
A 9.1% stake would make SK Hynix Penguin Solutions’ second-biggest shareholder, after BlackRock Institutional Trust, which held 11.6% as of June 30, LSEG data showed. Eight of nine analysts rate the stock “buy” or higher and one rates it “sell”; their median price target is $85.
