Impinj (NASDAQ:PI) Trading Up 8.3% – Still a Buy?

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

Analysts Set New Price Targets

PI has been the topic of a number of research reports. Piper Sandler cut their price objective on shares of Impinj from $235.00 to $140.00 and set an “overweight” rating on the stock in a research note on Thursday, February 6th. The Goldman Sachs Group lowered their price target on shares of Impinj from $200.00 to $132.00 and set a “neutral” rating on the stock in a report on Thursday, February 6th. Susquehanna decreased their price objective on 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 lowered their price objective on Impinj from $182.00 to $130.00 and set a “buy” rating on the stock in a research report on Thursday, February 6th. Finally, StockNews.com lowered shares of Impinj from a “hold” rating to a “sell” rating in a report on Friday, January 24th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Impinj currently has an average rating of “Moderate Buy” and a consensus price target of $180.10.

Impinj Stock Performance

The stock’s 50 day moving average is $122.39 and its two-hundred day moving average is $164.97. The stock has a market capitalization of $2.87 billion, a PE ratio of 73.90 and a beta of 1.88.

Impinj (NASDAQ:PI) last posted its quarterly earnings results on Wednesday, February 5th. The company reported ($0.01) earnings per share 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%. Equities research analysts expect that Impinj, Inc. will post -0.47 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Chris Ph.D. Diorio sold 1,504 shares of the stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $146.22, for a total transaction of $219,914.88. Following 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Cary Baker sold 1,553 shares of Impinj stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $98.76, for a total value of $153,374.28. Following the completion of the transaction, the chief financial officer now directly owns 76,451 shares of the company’s stock, valued at approximately $7,550,300.76. This represents a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 22,323 shares of company stock valued at $2,454,588 over the last ninety days. Company insiders own 51.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PI. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Impinj during the fourth quarter worth about $3,431,000. Mackenzie Financial Corp raised its stake in Impinj by 330.9% in the fourth quarter. Mackenzie Financial Corp now owns 6,317 shares of the company’s stock valued at $918,000 after buying an additional 4,851 shares in the last quarter. Sylebra Capital LLC lifted its holdings 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 during the last quarter. Squarepoint Ops LLC boosted its position in shares of Impinj by 32.9% during the 4th quarter. Squarepoint Ops LLC now owns 310,743 shares of the company’s stock worth $45,139,000 after acquiring an additional 76,886 shares in the last quarter. Finally, Twinbeech Capital LP purchased a new position in shares of Impinj in the 4th quarter valued at about $2,693,000.

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.