Impinj (NASDAQ:PI) Shares Down 6.1%

Impinj, Inc. (NASDAQ:PI)’s share price was down 6.1% during mid-day trading on Friday . The stock traded as low as $154.00 and last traded at $155.18. Approximately 68,807 shares were traded during trading, a decline of 84% from the average daily volume of 421,266 shares. The stock had previously closed at $165.22.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PI. StockNews.com upgraded Impinj from a “sell” rating to a “hold” rating in a report on Friday, July 26th. Evercore ISI upped their price objective on shares of Impinj from $172.00 to $205.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Jefferies Financial Group initiated coverage on shares of Impinj in a research report on Monday, May 13th. They set a “buy” rating and a $200.00 price objective on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $205.00 price objective on shares of Impinj in a report on Thursday, July 25th. Finally, Roth Mkm lifted their price objective on shares of Impinj from $145.00 to $175.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $187.10.

Impinj Trading Down 5.7 %

The firm has a 50-day moving average price of $160.21 and a 200-day moving average price of $145.71. The stock has a market capitalization of $4.38 billion, a PE ratio of -443.37 and a beta of 1.78.

Impinj (NASDAQ:PI) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.09. Impinj had a negative return on equity of 21.12% and a net margin of 3.93%. The company had revenue of $102.50 million during the quarter, compared to the consensus estimate of $97.47 million. During the same quarter in the prior year, the company earned ($0.14) EPS. The firm’s quarterly revenue was up 19.2% compared to the same quarter last year. Sell-side analysts expect that Impinj, Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Miron Washington sold 1,500 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $148.04, for a total value of $222,060.00. Following the sale, the director now directly owns 571 shares of the company’s stock, valued at $84,530.84. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Impinj news, insider Cathal G. Phelan sold 212 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $147.52, for a total value of $31,274.24. Following the completion of the transaction, the insider now owns 16,669 shares of the company’s stock, valued at approximately $2,459,010.88. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Miron Washington sold 1,500 shares of the company’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $148.04, for a total transaction of $222,060.00. Following the completion of the transaction, the director now owns 571 shares of the company’s stock, valued at $84,530.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 49,804 shares of company stock worth $7,705,643. 51.00% of the stock is owned by corporate insiders.

Institutional Trading of Impinj

A number of hedge funds have recently bought and sold shares of PI. New York State Common Retirement Fund raised its holdings in Impinj by 15.4% during the 4th quarter. New York State Common Retirement Fund now owns 11,754 shares of the company’s stock valued at $1,058,000 after buying an additional 1,566 shares during the last quarter. Atria Wealth Solutions Inc. bought a new stake in Impinj during the 4th quarter valued at approximately $279,000. Victory Capital Management Inc. grew its holdings in shares of Impinj by 12.3% during the 4th quarter. Victory Capital Management Inc. now owns 24,945 shares of the company’s stock worth $2,246,000 after acquiring an additional 2,725 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Impinj by 3.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 180,847 shares of the company’s stock valued at $16,282,000 after purchasing an additional 6,810 shares in the last quarter. Finally, Level Four Advisory Services LLC bought a new stake in shares of Impinj during the 4th quarter valued at $478,000.

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.