Impinj (NASDAQ:PI) Trading Down 4.6% – Should You Sell?

Impinj, Inc. (NASDAQ:PI)’s stock price fell 4.6% during mid-day trading on Thursday . The company traded as low as $124.86 and last traded at $125.41. 322,585 shares were traded during trading, a decline of 47% from the average session volume of 613,041 shares. The stock had previously closed at $131.52.

Analyst Ratings Changes

PI has been the topic of several recent analyst reports. StockNews.com cut shares of Impinj from a “hold” rating to a “sell” rating in a report on Friday, January 24th. The Goldman Sachs Group boosted their price objective on shares of Impinj from $165.00 to $200.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Needham & Company LLC dropped their target price on shares of Impinj from $245.00 to $182.00 and set a “buy” rating for the company in a report on Friday, January 17th. Evercore ISI restated an “outperform” rating and set a $270.00 price target (up previously from $205.00) on shares of Impinj in a report on Thursday, October 24th. Finally, Lake Street Capital increased their price objective on Impinj from $190.00 to $251.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $214.30.

Impinj Price Performance

The company has a market cap of $3.62 billion, a PE ratio of 143.75 and a beta of 1.88. The business has a 50-day moving average of $155.19 and a 200 day moving average of $174.77.

Insider Transactions at Impinj

In other news, major shareholder Sylebra Capital Llc sold 250,000 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $203.00, for a total value of $50,750,000.00. Following the completion of the sale, the insider now directly owns 2,222,352 shares of the company’s stock, valued at $451,137,456. This represents a 10.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Cathal G. Phelan sold 11,549 shares of Impinj stock in a transaction on Friday, November 8th. The shares were sold at an average price of $200.81, for a total transaction of $2,319,154.69. Following the transaction, the insider now owns 6,098 shares in the company, valued at approximately $1,224,539.38. This trade represents a 65.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 563,533 shares of company stock worth $112,739,581 in the last three months. Corporate insiders own 51.00% of the company’s stock.

Hedge Funds Weigh In On Impinj

Several institutional investors have recently bought and sold shares of the stock. Hsbc Holdings PLC boosted its position in shares of Impinj by 7.3% during the 2nd quarter. Hsbc Holdings PLC now owns 2,777 shares of the company’s stock valued at $432,000 after acquiring an additional 190 shares during the last quarter. Xponance Inc. purchased a new stake in Impinj during the second quarter valued at $224,000. Marshall Wace LLP lifted its position in Impinj by 366.1% during the second quarter. Marshall Wace LLP now owns 7,924 shares of the company’s stock valued at $1,242,000 after purchasing an additional 6,224 shares during the last quarter. AQR Capital Management LLC purchased a new position in shares of Impinj in the 2nd quarter worth $2,183,000. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Impinj by 2.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,753 shares of the company’s stock worth $1,999,000 after buying an additional 317 shares during the last quarter.

About Impinj

Impinj, Inc operates a cloud connectivity platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Its platform wirelessly connects items and delivers data about the connected items to business and consumer applications. The company’s platform comprises endpoint ICs, a miniature radios-on-a-chip that attaches to a host item and includes a number to identify the item.