Impinj (NASDAQ:PI) Stock Price Down 6.9% – Here’s What Happened

Impinj, Inc. (NASDAQ:PI) dropped 6.9% on Tuesday . The stock traded as low as $86.19 and last traded at $84.41. Approximately 33,572 shares changed hands during trading, a decline of 94% from the average daily volume of 541,955 shares. The stock had previously closed at $90.70.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on PI shares. Susquehanna decreased their price target on Impinj from $260.00 to $220.00 and set a “positive” rating on the stock in a research note on Wednesday, January 22nd. Cantor Fitzgerald upgraded Impinj to a “strong-buy” rating in a research report on Thursday, February 27th. Needham & Company LLC dropped their target price on shares of Impinj from $182.00 to $130.00 and set a “buy” rating for the company in a report on Thursday, February 6th. The Goldman Sachs Group lowered their price objective on shares of Impinj from $200.00 to $132.00 and set a “neutral” rating for the company 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 research report on Friday, January 24th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Impinj has an average rating of “Moderate Buy” and a consensus price target of $183.44.

Impinj Price Performance

The company has a market cap of $2.60 billion, a price-to-earnings ratio of 66.96 and a beta of 1.74. The business’s fifty day moving average price is $102.76 and its 200 day moving average price is $154.94.

Impinj (NASDAQ:PI) last announced its earnings results on Wednesday, February 5th. The company reported ($0.01) 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%. As a group, equities research analysts anticipate that Impinj, Inc. will post -0.47 EPS for the current year.

Insider Activity at Impinj

In related news, CRO Jeffrey Dossett sold 378 shares of the business’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $141.05, for a total value of $53,316.90. Following the transaction, the executive now owns 67,052 shares in the company, valued at $9,457,684.60. The trade was a 0.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Cary Baker sold 1,553 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $98.76, for a total value of $153,374.28. Following the sale, the chief financial officer now owns 76,451 shares of the company’s stock, valued at approximately $7,550,300.76. The trade was a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,704 shares of company stock worth $1,925,748 over the last ninety days. Insiders own 51.00% of the company’s stock.

Hedge Funds Weigh In On Impinj

Institutional investors have recently added to or reduced their stakes in the business. Capital International Investors grew its position in shares of 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 during the period. Janus Henderson Group PLC lifted its position in shares of Impinj by 3,824.4% during the 4th quarter. Janus Henderson Group PLC now owns 435,960 shares of the company’s stock valued at $63,310,000 after acquiring an additional 424,851 shares during the period. Norges Bank bought a new position in Impinj during the fourth quarter worth $40,100,000. Sylebra Capital LLC grew its holdings in Impinj by 8.6% in the fourth quarter. Sylebra Capital LLC now owns 3,472,116 shares of the company’s stock worth $504,360,000 after purchasing an additional 274,764 shares during the period. Finally, State Street Corp increased its stake in 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 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.