Impinj (NASDAQ:PI) Trading Up 8.3% – Here’s What Happened

Impinj, Inc. (NASDAQ:PI)’s share price rose 8.3% on Friday . The company traded as high as $99.44 and last traded at $99.93. Approximately 350,631 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 520,649 shares. The stock had previously closed at $92.27.

Analyst Upgrades and Downgrades

PI has been the subject of a number of recent analyst reports. Needham & Company LLC lowered their price objective on Impinj from $182.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, February 6th. StockNews.com cut Impinj from a “hold” rating to a “sell” rating in a research report on Friday, January 24th. Piper Sandler lowered their price objective on Impinj from $235.00 to $140.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. Cantor Fitzgerald raised Impinj to a “strong-buy” rating in a research report on Thursday, February 27th. Finally, Susquehanna lowered their price objective on Impinj from $260.00 to $220.00 and set a “positive” rating for the company in a research report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Impinj currently has an average rating of “Moderate Buy” and an average target price of $180.10.

Impinj Trading Up 8.9 %

The stock has a 50-day simple moving average of $121.44 and a 200 day simple moving average of $164.58. The company has a market cap of $2.87 billion, a price-to-earnings ratio of 73.86 and a beta of 1.98.

Impinj (NASDAQ:PI) last issued its quarterly earnings results on Wednesday, February 5th. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.49). Impinj had a return on equity of 7.11% and a net margin of 11.15%. As a group, research analysts forecast that Impinj, Inc. will post -0.47 EPS for the current fiscal year.

Insider Activity

In related news, CFO Cary Baker sold 499 shares of Impinj stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $146.06, for a total value of $72,883.94. Following the completion of the transaction, the chief financial officer now owns 71,107 shares in the company, valued at $10,385,888.42. The trade was a 0.70 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Chris Ph.D. Diorio sold 1,504 shares of Impinj stock in a transaction dated 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 approximately $48,482,457.84. This represents a 0.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 22,323 shares of company stock valued at $2,454,588 in the last quarter. 51.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Impinj

Several institutional investors and hedge funds have recently modified their holdings of PI. Capital International Investors increased its stake in Impinj by 45.0% during the 4th quarter. Capital International Investors now owns 1,527,587 shares of the company’s stock worth $221,897,000 after buying an additional 473,721 shares in the last quarter. Janus Henderson Group PLC increased its stake in Impinj by 3,824.4% during the 4th quarter. Janus Henderson Group PLC now owns 435,960 shares of the company’s stock worth $63,310,000 after buying an additional 424,851 shares in the last quarter. Norges Bank purchased a new stake in Impinj during the 4th quarter worth approximately $40,100,000. Sylebra Capital LLC increased its stake in Impinj by 8.6% during the 4th quarter. Sylebra Capital LLC now owns 3,472,116 shares of the company’s stock worth $504,360,000 after buying an additional 274,764 shares in the last quarter. Finally, State Street Corp increased its stake in Impinj by 25.7% during the 3rd 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.

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.