Impinj (NASDAQ:PI) Stock Price Down 4% – What’s Next?

Impinj, Inc. (NASDAQ:PI)’s share price dropped 4% on Wednesday . The company traded as low as $187.15 and last traded at $187.80. Approximately 42,458 shares traded hands during trading, a decline of 91% from the average daily volume of 469,579 shares. The stock had previously closed at $195.57.

Analyst Ratings Changes

A number of analysts recently weighed in on PI shares. Evercore ISI reissued an “outperform” rating and issued a $270.00 target price (up previously from $205.00) on shares of Impinj in a research note on Thursday, October 24th. Cantor Fitzgerald lifted their price target on shares of Impinj from $205.00 to $260.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. Susquehanna lifted their price target on shares of Impinj from $215.00 to $260.00 and gave the stock a “positive” rating in a research report on Monday, October 21st. StockNews.com cut shares of Impinj from a “hold” rating to a “sell” rating in a research report on Friday, October 25th. Finally, The Goldman Sachs Group lifted their price target on shares of Impinj from $165.00 to $200.00 and gave the stock a “neutral” rating in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $224.60.

Impinj Trading Down 3.3 %

The company has a market capitalization of $5.35 billion, a price-to-earnings ratio of 219.74 and a beta of 1.81. The firm’s 50 day moving average price is $206.47 and its two-hundred day moving average price is $177.41.

Impinj (NASDAQ:PI) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.08. The business had revenue of $95.20 million for the quarter, compared to analyst estimates of $92.86 million. Impinj had a net margin of 8.21% and a negative return on equity of 1.64%. Impinj’s quarterly revenue was up 46.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.36) EPS. As a group, equities research analysts predict that Impinj, Inc. will post 0.4 EPS for the current year.

Insider Transactions at Impinj

In other Impinj news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the company’s stock in a transaction on Friday, September 13th. The shares were purchased at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the completion of the purchase, the insider now owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. This represents a 14.81 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Cathal G. Phelan sold 209 shares of the firm’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $209.15, for a total transaction of $43,712.35. Following the completion of the transaction, the insider now directly owns 17,647 shares in the company, valued at $3,690,870.05. This trade represents a 1.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 655,674 shares of company stock worth $131,623,305 over the last three months. 51.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Impinj

A number of institutional investors have recently bought and sold shares of the stock. National Bank of Canada FI purchased a new position in Impinj during the third quarter valued at $30,000. Farther Finance Advisors LLC lifted its position in Impinj by 1,084.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 154 shares of the company’s stock valued at $33,000 after acquiring an additional 141 shares during the period. Future Financial Wealth Managment LLC bought a new stake in Impinj during the third quarter worth about $54,000. SouthState Corp bought a new stake in Impinj during the second quarter worth about $94,000. Finally, nVerses Capital LLC grew its holdings in Impinj by 75.0% in the second quarter. nVerses Capital LLC now owns 700 shares of the company’s stock worth $110,000 after purchasing an additional 300 shares during the period.

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.