BUZZ - Penguin Solutions shares rise after SK hynix discloses stake

November 3 - ** The share price of artificial intelligence data center infrastructure provider Penguin Solutions (PENG.O) surged by 14.3% to $54.33

** This stock is on track to post its largest single-day gain since July 30

** According to a filing submitted to the U.S. Securities and Exchange Commission (SEC) by South Korean chipmaker SK hynix (link) 000660.KS, SKHY.O, as of October 29, the company held Penguin Solutions shares worth $377 million, representing a 9.1% stake

** Based on LSEG data, as of June 30, the 9.1% stake would make SK hynix the second largest shareholder in Penguin Solutions, behind BlackRock Institutional Trust, which holds an 11.6% stake

** As of the close of the previous trading day, Penguin Solutions had 60.24 million shares outstanding and a market capitalization of $2.86 billion — LSEG

** Out of 9 analysts, 8 gave the stock a “buy” or higher rating and 1 rated it “sell,” with a median target price of $85 — according to LSEG aggregate data

** As of the close of the previous trading day, the stock price had more than doubled year-to-date

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