Following an upgraded recommendation by an esteemed analyst firm, the shares of Insulet Corporation (NASDAQ: PODD) exhibited a noteworthy upsurge on the US stock market charts on Tuesday. Wrapping up the trading session, shares of Insulet (PODD) surged by 4.47%, or $7.88, to reach $184.28.
On Tuesday, Wolfe Research upgraded its rating for Insulet (PODD) stock from "Peer Perform" to "Outperform," while maintaining a 12-month price target of $200. Additionally, Insulet released its 2023 Sustainability Report, highlighting significant accomplishments in environmental, social, and governance (ESG) areas over the past year.
The paper outlines Insulet's dedication to sustainability, highlighting developments in product accessibility and conscientious expansion. In 2023, the corporation achieved significant advancements in three primary domains: augmenting accessibility and affordability, guaranteeing robust operations, and propelling sustainable product innovation.
With the launch of the Omnipod 5 Automated Insulin Delivery System, Insulet increased the size of its clientele and entered the German and British markets. Approximately 425,000 active global consumers that depend on Omnipod products are now served by the firm.
The company also broadened its U.S. financial assistance program, enhancing the accessibility of Pod therapy for individuals with diabetes. Progress was also made in fortifying operations by incorporating renewable energy sources.
A secondary solar installation was accomplished at Insulet's manufacturing facility and corporate headquarters in Acton, Massachusetts, resulting in an 802kW augmentation in potential renewable energy generation. Additionally, Insulet augmented its waste diversion rate from landfills or incineration by 8%.
Efforts were directed towards enhancing the sustainability of products and packaging, with multiple cross-functional projects undertaken in 2023 to curtail product manufacturing waste, promising an annual reduction of approximately 260,000 pounds of plastic and 46,000 pounds of silicone.
Circular design principles were embraced throughout the lifecycle of Omnipod products, including packaging, to diminish waste generation. A revamped Omnipod 5 starter kit was introduced in the U.S., slashing the package's carbon footprint by 77% in comparison to the original design.
Furthermore, Insulet has actively engaged in global product takeback programs, amassing 5.9 million Pods to date.