Penguin Solutions Posts Upbeat Q2 Results, Joins Globalstar, Kosmos Energy And Other Big Stocks Moving Higher On Thursday

Penguin Solutions Inc (NASDAQ: PENG) reported second-quarter net sales of $343 million, which, while down 6% year over year, exceeded estimates of $337.938 million. The company achieved an adjusted EPS of 52 cents, surpassing the 42-cent estimate, and a GAAP diluted EPS increase to 58 cents from 9 cents. Following the positive results, Needham raised its price target for the stock from $25 to $27, contributing to a 14.7% increase in shares to $20.94 on Thursday.