Impinj, Inc. (NASDAQ:PI) Sees Large Drop in Short Interest

Impinj, Inc. (NASDAQ:PI) was the recipient of a significant decrease in short interest in February. As of February 15th, there was short interest totalling 3,580,000 shares, a decrease of 20.3% from the January 31st total of 4,490,000 shares. Based on an average daily volume of 654,800 shares, the short-interest ratio is currently 5.5 days.

Insider Buying and Selling

In related news, insider Cathal G. Phelan sold 210 shares of the company’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $146.06, for a total value of $30,672.60. Following the completion of the sale, the insider now directly owns 6,979 shares in the company, valued at approximately $1,019,352.74. This represents a 2.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Chris Ph.D. Diorio sold 8,334 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $98.78, for a total transaction of $823,232.52. Following the sale, the chief executive officer now owns 354,076 shares of the company’s stock, valued at $34,975,627.28. This trade represents a 2.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 22,323 shares of company stock worth $2,454,588. Corporate insiders own 51.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Hillsdale Investment Management Inc. raised its position in Impinj by 0.4% in the fourth quarter. Hillsdale Investment Management Inc. now owns 24,685 shares of the company’s stock worth $3,586,000 after purchasing an additional 95 shares in the last quarter. Louisiana State Employees Retirement System raised its position in Impinj by 0.9% in the fourth quarter. Louisiana State Employees Retirement System now owns 11,100 shares of the company’s stock worth $1,612,000 after purchasing an additional 100 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its position in Impinj by 6.9% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 1,641 shares of the company’s stock worth $238,000 after purchasing an additional 106 shares in the last quarter. National Bank of Canada FI acquired a new stake in shares of Impinj during the third quarter worth approximately $30,000. Finally, Farther Finance Advisors LLC increased its holdings in shares of 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 buying an additional 141 shares in the last quarter.

Impinj Trading Up 2.8 %

NASDAQ:PI traded up $2.47 during mid-day trading on Tuesday, hitting $90.20. The company’s stock had a trading volume of 845,883 shares, compared to its average volume of 519,747. Impinj has a fifty-two week low of $84.50 and a fifty-two week high of $239.88. The company has a market capitalization of $2.57 billion, a price-to-earnings ratio of 66.32 and a beta of 1.88. The stock has a fifty day moving average of $124.58 and a 200-day moving average of $165.97.

Impinj (NASDAQ:PI) last posted its quarterly earnings results on Wednesday, February 5th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.49). Impinj had a return on equity of 7.11% and a net margin of 11.15%. On average, equities analysts anticipate that Impinj will post -0.47 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PI has been the subject of a number of recent analyst reports. The Goldman Sachs Group decreased their price target on shares of Impinj from $200.00 to $132.00 and set a “neutral” rating for the company in a report on Thursday, February 6th. StockNews.com cut shares of Impinj from a “hold” rating to a “sell” rating in a report on Friday, January 24th. Susquehanna decreased their price target on shares of Impinj from $260.00 to $220.00 and set a “positive” rating for the company in a report on Wednesday, January 22nd. Needham & Company LLC cut their price objective on shares of Impinj from $182.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, February 6th. Finally, Piper Sandler cut their price objective on shares of Impinj from $235.00 to $140.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. One analyst has rated the stock with a sell rating, one has given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $180.10.

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.