Cantor Fitzgerald Has Lowered Expectations for Impinj (NASDAQ:PI) Stock Price

Impinj (NASDAQ:PI) had its price target decreased by analysts at Cantor Fitzgerald from $260.00 to $133.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Cantor Fitzgerald’s price target suggests a potential upside of 26.21% from the stock’s previous close.

Several other research firms have also recently weighed in on PI. Needham & Company LLC cut their target price on shares of Impinj from $182.00 to $130.00 and set a “buy” rating for the company in a research note on Thursday. Lake Street Capital lifted their target price on Impinj from $190.00 to $251.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Evercore ISI reissued an “outperform” rating and set a $270.00 price target (up from $205.00) on shares of Impinj in a research note on Thursday, October 24th. Piper Sandler reduced their price objective on Impinj from $235.00 to $140.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, StockNews.com downgraded Impinj from a “hold” rating to a “sell” rating in a research report on Friday, January 24th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $180.10.

Impinj Stock Performance

Shares of Impinj stock opened at $105.38 on Thursday. Impinj has a fifty-two week low of $97.77 and a fifty-two week high of $239.88. The company has a market capitalization of $2.98 billion, a P/E ratio of 118.40 and a beta of 1.88. The company has a fifty day moving average of $147.02 and a 200 day moving average of $172.62.

Impinj (NASDAQ:PI) last released its quarterly earnings data on Wednesday, February 5th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.49). Impinj had a negative return on equity of 1.64% and a net margin of 8.21%. Analysts forecast that Impinj will post 0.44 EPS for the current year.

Insider Buying and Selling

In other news, CFO Cary Baker sold 499 shares of the company’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $146.06, for a total transaction of $72,883.94. Following the transaction, the chief financial officer now owns 71,107 shares of the company’s stock, valued at approximately $10,385,888.42. This represents a 0.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Hussein Mecklai sold 338 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $141.02, for a total value of $47,664.76. Following the sale, the chief operating officer now directly owns 61,586 shares of the company’s stock, valued at $8,684,857.72. This represents a 0.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 94,132 shares of company stock worth $18,510,291 over the last three months. 51.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. FMR LLC boosted its position in Impinj by 1.5% in the 3rd quarter. FMR LLC now owns 4,217,403 shares of the company’s stock valued at $913,152,000 after buying an additional 60,461 shares during the period. State Street Corp boosted its holdings in shares of Impinj by 25.7% in the third quarter. State Street Corp now owns 1,078,676 shares of the company’s stock valued at $233,555,000 after purchasing an additional 220,776 shares during the period. Geode Capital Management LLC grew its stake in Impinj by 1.4% in the third quarter. Geode Capital Management LLC now owns 542,924 shares of the company’s stock worth $117,576,000 after purchasing an additional 7,676 shares in the last quarter. Jennison Associates LLC increased its holdings in Impinj by 15.0% during the 3rd quarter. Jennison Associates LLC now owns 239,140 shares of the company’s stock worth $51,779,000 after purchasing an additional 31,269 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Impinj by 10.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 213,398 shares of the company’s stock valued at $30,998,000 after purchasing an additional 20,158 shares in the last quarter.

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.