Impinj (NASDAQ:PI) Stock Price Down 4% – Here’s What Happened

Impinj, Inc. (NASDAQ:PI) traded down 4% during mid-day trading on Wednesday . The stock traded as low as $187.15 and last traded at $187.80. 42,458 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 469,579 shares. The stock had previously closed at $195.57.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. The Goldman Sachs Group boosted their target price on Impinj from $165.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Lake Street Capital upped their target price on shares of Impinj from $190.00 to $251.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Piper Sandler reaffirmed an “overweight” rating and issued a $235.00 target price (up previously from $225.00) on shares of Impinj in a report on Thursday, October 24th. Needham & Company LLC boosted their price target on shares of Impinj from $195.00 to $245.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Finally, Evercore ISI restated an “outperform” rating and issued a $270.00 price objective (up from $205.00) on shares of Impinj in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $224.60.

Impinj Trading Down 3.2 %

The stock has a market capitalization of $5.35 billion, a price-to-earnings ratio of 212.64 and a beta of 1.81. The company’s 50 day moving average is $206.14 and its 200 day moving average is $177.58.

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

Insider Activity

In related news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were purchased at an average price of $4.69 per share, with a total value of $20,000,003.17. Following the completion of the acquisition, the insider now directly owns 33,050,456 shares in the company, valued at $155,006,638.64. This represents a 14.81 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Cathal G. Phelan sold 209 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $209.15, for a total value of $43,712.35. Following the sale, the insider now directly owns 17,647 shares of the company’s stock, valued at approximately $3,690,870.05. This represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 655,674 shares of company stock valued at $131,623,305. 51.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Impinj

Several hedge funds have recently modified their holdings of PI. National Bank of Canada FI purchased a new stake in Impinj in the 3rd quarter valued at approximately $30,000. Farther Finance Advisors LLC grew its holdings in Impinj by 1,084.6% during the third quarter. Farther Finance Advisors LLC now owns 154 shares of the company’s stock worth $33,000 after acquiring an additional 141 shares during the period. Future Financial Wealth Managment LLC purchased a new position in Impinj in the third quarter worth $54,000. SouthState Corp acquired a new stake in Impinj in the second quarter valued at $94,000. Finally, Asset Management One Co. Ltd. purchased a new stake in shares of Impinj during the 3rd quarter worth $138,000.

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.