Impinj (NASDAQ:PI) Shares Down 3.5% – Here’s Why

Impinj, Inc. (NASDAQ:PI)’s stock price traded down 3.5% during mid-day trading on Thursday . The stock traded as low as $131.00 and last traded at $131.75. 100,721 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 508,286 shares. The stock had previously closed at $136.52.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. StockNews.com upgraded shares of Impinj from a “sell” rating to a “hold” rating in a research note on Thursday. Lake Street Capital lifted their price target on shares of Impinj from $190.00 to $251.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. The Goldman Sachs Group boosted their price target on Impinj from $165.00 to $200.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. Piper Sandler restated an “overweight” rating and set a $235.00 price objective (up previously from $225.00) on shares of Impinj in a research note on Thursday, October 24th. Finally, Evercore ISI reiterated an “outperform” rating and set a $270.00 target price (up from $205.00) on shares of Impinj in a research report on Thursday, October 24th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $218.30.

Impinj Trading Down 0.4 %

The business has a 50-day moving average of $163.27 and a two-hundred day moving average of $176.24. The firm has a market cap of $3.73 billion, a P/E ratio of 148.25 and a beta of 1.88.

Impinj (NASDAQ:PI) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.08. Impinj had a negative return on equity of 1.64% and a net margin of 8.21%. The business had revenue of $95.20 million during the quarter, compared to the consensus estimate of $92.86 million. During the same period in the prior year, the business posted ($0.36) earnings per share. Impinj’s quarterly revenue was up 46.5% on a year-over-year basis. As a group, equities analysts expect that Impinj, Inc. will post 0.4 EPS for the current year.

Insider Activity

In other Impinj news, major shareholder Sylebra Capital Llc sold 250,000 shares of Impinj stock in a transaction that occurred on Friday, November 8th. The stock was 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 in the company, valued at approximately $451,137,456. The trade was a 10.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Hussein Mecklai sold 338 shares of the stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $141.02, for a total value of $47,664.76. Following the transaction, the chief operating officer now owns 61,586 shares in the company, valued at $8,684,857.72. The trade was a 0.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 655,038 shares of company stock valued at $131,064,693. 51.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Impinj

Several hedge funds and other institutional investors have recently bought and sold shares of PI. State Street Corp grew its holdings in Impinj by 25.7% during the third quarter. State Street Corp now owns 1,078,676 shares of the company’s stock worth $233,555,000 after buying an additional 220,776 shares in the last quarter. Renaissance Technologies LLC bought a new position in Impinj in the 2nd quarter valued at $30,116,000. Principal Financial Group Inc. grew its position in Impinj by 4,013.7% during the third quarter. Principal Financial Group Inc. now owns 125,633 shares of the company’s stock worth $27,202,000 after buying an additional 122,579 shares in the last quarter. Wellington Management Group LLP bought a new position in shares of Impinj in the third quarter worth approximately $24,771,000. Finally, AXA S.A. bought a new position in shares of Impinj in the 2nd quarter worth $11,574,000.

Impinj Company Profile

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.