Impinj (NASDAQ:PI) Stock Price Down 4.6% – Here’s What Happened

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

Analysts Set New Price Targets

Several equities analysts have recently commented on PI shares. Susquehanna decreased their target price on Impinj from $260.00 to $220.00 and set a “positive” rating on the stock in a research report on Wednesday, January 22nd. Needham & Company LLC lowered their price objective on Impinj from $245.00 to $182.00 and set a “buy” rating on the stock in a research report on Friday, January 17th. Lake Street Capital boosted their target price 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. Piper Sandler restated an “overweight” rating and issued a $235.00 price target (up from $225.00) on shares of Impinj in a research note on Thursday, October 24th. Finally, Cantor Fitzgerald lifted their price objective on shares of Impinj from $205.00 to $260.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Impinj has an average rating of “Moderate Buy” and a consensus target price of $214.30.

Impinj Stock Performance

The firm’s fifty day simple moving average is $152.70 and its 200 day simple moving average is $174.10. The stock has a market capitalization of $3.59 billion, a P/E ratio of 142.57 and a beta of 1.88.

Insider Activity at Impinj

In other Impinj news, COO Hussein Mecklai sold 338 shares of the business’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $141.02, for a total transaction of $47,664.76. Following the sale, the chief operating officer now owns 61,586 shares of the company’s stock, valued at approximately $8,684,857.72. The trade was a 0.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Chris Ph.D. Diorio sold 1,504 shares of the stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $146.22, for a total value of $219,914.88. Following the completion of the transaction, the chief executive officer now owns 331,572 shares of the company’s stock, valued at $48,482,457.84. The trade was a 0.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 541,160 shares of company stock valued at $108,376,846 over the last three months. 51.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Impinj

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Los Angeles Capital Management LLC lifted its holdings in shares of Impinj by 210.2% during the third quarter. Los Angeles Capital Management LLC now owns 8,569 shares of the company’s stock worth $1,855,000 after purchasing an additional 5,807 shares during the period. Nordea Investment Management AB bought a new position in Impinj during the 4th quarter worth $3,341,000. Thrivent Financial for Lutherans acquired a new position in Impinj during the 3rd quarter worth about $3,872,000. Teachers Retirement System of The State of Kentucky bought a new stake in shares of Impinj in the 3rd quarter valued at about $846,000. Finally, Intech Investment Management LLC acquired a new stake in shares of Impinj in the third quarter valued at about $1,437,000.

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.