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

Impinj, Inc. (NASDAQ:PI) shares fell 4% during mid-day trading on Wednesday . The stock traded as low as $187.15 and last traded at $187.80. 42,458 shares were traded 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 Analysts Forecast Growth

PI has been the topic of several recent analyst reports. StockNews.com downgraded shares of Impinj from a “hold” rating to a “sell” rating in a research report on Friday, October 25th. Needham & Company LLC raised their price target on shares of Impinj from $195.00 to $245.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Susquehanna upped their price objective on Impinj from $215.00 to $260.00 and gave the company a “positive” rating in a research report on Monday, October 21st. Lake Street Capital boosted their price objective on shares of Impinj from $190.00 to $251.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Finally, Evercore ISI restated an “outperform” rating and issued a $270.00 price target (up from $205.00) on shares of Impinj in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $224.60.

Impinj Stock Down 3.3 %

The company has a market capitalization of $5.35 billion, a PE ratio of 219.74 and a beta of 1.81. The company’s 50 day moving average is $206.47 and its two-hundred day moving average is $177.41.

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

Insider Buying and Selling

In related news, CRO Jeffrey Dossett sold 7,500 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $181.17, for a total transaction of $1,358,775.00. Following the completion of the transaction, the executive now owns 65,294 shares in the company, valued at $11,829,313.98. This represents a 10.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was purchased at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the acquisition, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. The trade was a 14.81 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 655,674 shares of company stock valued at $131,623,305. 51.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Bank & Trust lifted its stake in Impinj by 3.2% in the 3rd quarter. First Bank & Trust now owns 1,768 shares of the company’s stock worth $383,000 after purchasing an additional 55 shares in the last quarter. National Bank of Canada FI purchased a new position in Impinj during the third quarter worth approximately $30,000. Farther Finance Advisors LLC lifted its position 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 buying an additional 141 shares in the last quarter. KBC Group NV boosted its stake in Impinj by 29.7% during the third quarter. KBC Group NV now owns 681 shares of the company’s stock worth $147,000 after buying an additional 156 shares during the last quarter. Finally, Hsbc Holdings PLC grew its holdings in Impinj by 7.3% in the 2nd quarter. Hsbc Holdings PLC now owns 2,777 shares of the company’s stock valued at $432,000 after buying an additional 190 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.