Insider Selling: Impinj, Inc. (NASDAQ:PI) COO Sells 338 Shares of Stock

Impinj, Inc. (NASDAQ:PI) COO Hussein Mecklai sold 338 shares of the firm’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $141.02, for a total value of $47,664.76. Following the completion of the sale, the chief operating officer now owns 61,586 shares of the company’s stock, valued at approximately $8,684,857.72. This represents a 0.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Hussein Mecklai also recently made the following trade(s):

• On Tuesday, December 24th, Hussein Mecklai sold 826 shares of Impinj stock. The shares were sold at an average price of $146.07, for a total value of $120,653.82.
• On Monday, October 28th, Hussein Mecklai sold 10,000 shares of Impinj stock. The stock was sold at an average price of $204.75, for a total value of $2,047,500.00.

Impinj Price Performance

Shares of NASDAQ PI traded up $2.99 during mid-day trading on Tuesday, reaching $149.31. 473,899 shares of the company’s stock were exchanged, compared to its average volume of 410,137. The firm has a 50-day moving average price of $168.32 and a two-hundred day moving average price of $177.04. The firm has a market capitalization of $4.22 billion, a price-to-earnings ratio of 167.76 and a beta of 1.88. Impinj, Inc. has a 52 week low of $78.17 and a 52 week high of $239.88.

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

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Evercore ISI reaffirmed an “outperform” rating and issued a $270.00 price objective (up from $205.00) on shares of Impinj in a research note on Thursday, October 24th. Cantor Fitzgerald lifted their price target on Impinj from $205.00 to $260.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Susquehanna increased their price objective on Impinj from $215.00 to $260.00 and gave the stock a “positive” rating in a research note on Monday, October 21st. Lake Street Capital lifted their target price on Impinj from $190.00 to $251.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Finally, Needham & Company LLC increased their price target on Impinj from $195.00 to $245.00 and gave the company a “buy” rating in a research 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 assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $224.60.

Hedge Funds Weigh In On Impinj

Institutional investors have recently bought and sold shares of the company. National Bank of Canada FI bought a new position in Impinj during the third quarter worth about $30,000. Farther Finance Advisors LLC boosted its holdings in Impinj by 1,084.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 154 shares of the company’s stock worth $33,000 after buying an additional 141 shares during the period. Future Financial Wealth Managment LLC purchased a new position in Impinj in the 3rd quarter valued at approximately $54,000. Asset Management One Co. Ltd. purchased a new position in Impinj in the 3rd quarter valued at approximately $138,000. Finally, USA Financial Formulas raised its holdings in Impinj by 82.0% during the 3rd quarter. USA Financial Formulas now owns 657 shares of the company’s stock valued at $142,000 after acquiring an additional 296 shares during the period.

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.