Impinj (NASDAQ:PI) Stock Price Down 6.9%

Impinj, Inc. (NASDAQ:PI)’s stock price was down 6.9% during mid-day trading on Friday . The company traded as low as $144.44 and last traded at $144.82. Approximately 231,385 shares changed hands during trading, a decline of 43% from the average daily volume of 403,165 shares. The stock had previously closed at $155.55.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on PI shares. Roth Mkm upped their price target on Impinj from $125.00 to $145.00 and gave the company a “buy” rating in a report on Thursday. Piper Sandler reaffirmed an “overweight” rating and set a $150.00 price target (up from $130.00) on shares of Impinj in a report on Thursday. StockNews.com raised Impinj from a “sell” rating to a “hold” rating in a report on Friday. Canaccord Genuity Group increased their target price on Impinj from $130.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, March 14th. Finally, The Goldman Sachs Group increased their target price on Impinj from $130.00 to $156.00 and gave the company a “buy” rating in a report on Friday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $132.89.

Impinj Stock Performance

The business has a fifty day simple moving average of $119.23 and a two-hundred day simple moving average of $95.29. The company has a quick ratio of 5.59, a current ratio of 9.42 and a debt-to-equity ratio of 3.29. The company has a market cap of $4.18 billion, a P/E ratio of -431.17 and a beta of 2.05.

Impinj (NASDAQ:PI) last posted its quarterly earnings data on Wednesday, April 24th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.14. Impinj had a negative return on equity of 60.13% and a negative net margin of 1.90%. The firm had revenue of $76.83 million for the quarter, compared to the consensus estimate of $73.57 million. On average, sell-side analysts anticipate that Impinj, Inc. will post -0.62 EPS for the current year.

Insider Transactions at Impinj

In other news, insider Cathal G. Phelan sold 10,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $106.23, for a total value of $1,062,300.00. Following the transaction, the insider now owns 21,750 shares of the company’s stock, valued at $2,310,502.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, COO Hussein Mecklai sold 30,000 shares of the stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $104.80, for a total transaction of $3,144,000.00. Following the completion of the sale, the chief operating officer now owns 40,489 shares in the company, valued at $4,243,247.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Cathal G. Phelan sold 10,000 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $106.23, for a total value of $1,062,300.00. Following the sale, the insider now owns 21,750 shares of the company’s stock, valued at approximately $2,310,502.50. The disclosure for this sale can be found here. Insiders have sold 120,185 shares of company stock valued at $12,767,674 over the last quarter. 17.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Impinj

Several institutional investors have recently added to or reduced their stakes in the company. FMR LLC grew its holdings in Impinj by 0.8% during the 3rd quarter. FMR LLC now owns 4,028,894 shares of the company’s stock valued at $221,710,000 after buying an additional 31,289 shares in the last quarter. Sylebra Capital LLC purchased a new position in Impinj during the 3rd quarter valued at approximately $217,290,000. Westfield Capital Management Co. LP grew its holdings in Impinj by 40.1% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,022,359 shares of the company’s stock valued at $56,260,000 after buying an additional 292,470 shares in the last quarter. Fred Alger Management LLC grew its holdings in Impinj by 249.6% during the 3rd quarter. Fred Alger Management LLC now owns 795,973 shares of the company’s stock valued at $43,802,000 after buying an additional 568,301 shares in the last quarter. Finally, Capital International Investors purchased a new position in Impinj during the 4th quarter valued at approximately $68,211,000.

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.