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Insulet Corporation (PODD), headquartered in Acton, Massachusetts, operates as an innovative medical device company. Valued at $23.6 billion by market cap, the company develops, manufactures, and sells insulin delivery systems for people with insulin-dependent diabetes.
Companies worth $10 billion or more are generally described as “large-cap stocks,” and PODD perfectly fits that description, with its market cap exceeding this mark, underscoring its size, influence, and dominance within the medical devices industry. Insulet drives innovation through heavy investment in R&D, focusing on user-friendly diabetes solutions. With a customer-centric approach, the company provides comprehensive support services and engages with the diabetes community. Insulet is expanding globally, entering new markets and establishing distribution channels to increase its international presence.
Despite its notable strength, PODD slipped 7.3% from its 52-week high of $353.50, achieved on Sep. 9. Over the past three months, PODD stock has gained 6.5%, underperforming the S&P 500 Index’s ($SPX) 10.5% gains during the same time frame.
In the longer term, shares of PODD rose 25.6% on a YTD basis and climbed 37.2% over the past 52 weeks, outperforming SPX’s YTD gains of 13.2% and 16.4% returns during the same time frame.
To confirm the bullish trend, PODD has been trading above its 200-day moving average over the past year, with slight fluctuations. The stock is trading above its 50-day moving average since early August.
PODD’s outperformance is driven by strong Omnipod growth in both the domestic and international markets.
On Aug. 7, PODD shares surged 9.5% after reporting its Q2 results. Its adjusted EPS of $1.17 surpassed Wall Street expectations of $0.93. The company’s revenue was $649.1 million, exceeding Wall Street forecasts of $615.5 million.
PODD’s rival, DexCom, Inc. (DXCM) shares lagged behind the stock, declining 12.3% on a YTD basis and 2.2% over the past 52 weeks.
Wall Street analysts are bullish on PODD’s prospects. The stock has a consensus “Strong Buy” rating from the 24 analysts covering it, and the mean price target of $362.27 suggests a potential upside of 10.5% from current price levels.
