Impinj (NASDAQ:PI) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Impinj, Inc. (NASDAQ:PI) saw unusually-strong trading volume on Wednesday . Approximately 384,877 shares changed hands during trading, an increase of 0% from the previous session’s volume of 384,265 shares.The stock last traded at $139.19 and had previously closed at $149.31.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PI. The Goldman Sachs Group lifted their price objective on Impinj from $165.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Cantor Fitzgerald boosted 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. Piper Sandler reiterated an “overweight” rating and set a $235.00 price objective (up previously from $225.00) on shares of Impinj in a research report on Thursday, October 24th. Needham & Company LLC dropped their price objective on shares of Impinj from $245.00 to $182.00 and set a “buy” rating for the company in a research note on Friday. Finally, StockNews.com raised shares of Impinj from a “sell” rating to a “hold” rating in a report on Thursday. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $218.30.

Impinj Stock Performance

The firm has a market cap of $3.75 billion, a price-to-earnings ratio of 148.89 and a beta of 1.88. The business’s 50 day moving average price is $164.71 and its 200 day moving average price is $176.40.

Impinj (NASDAQ:PI) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.08. The company had revenue of $95.20 million during the quarter, compared to analysts’ expectations of $92.86 million. Impinj had a negative return on equity of 1.64% and a net margin of 8.21%. Impinj’s quarterly revenue was up 46.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.36) EPS. Sell-side analysts anticipate that Impinj, Inc. will post 0.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Impinj

In other news, CEO Chris Ph.D. Diorio sold 34,474 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $201.51, for a total transaction of $6,946,855.74. Following the transaction, the chief executive officer now owns 294,438 shares of the company’s stock, valued at approximately $59,332,201.38. The trade was a 10.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Sylebra Capital Llc sold 32,031 shares of the business’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $195.35, for a total transaction of $6,257,255.85. Following the completion of the transaction, the insider now owns 3,021,548 shares in the company, valued at $590,259,401.80. The trade was a 1.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 655,038 shares of company stock worth $131,064,693. Corporate insiders own 51.00% of the company’s stock.

Institutional Investors Weigh In On Impinj

Institutional investors have recently modified their holdings of the company. First Bank & Trust grew its stake in Impinj by 3.2% during the 3rd quarter. First Bank & Trust now owns 1,768 shares of the company’s stock worth $383,000 after purchasing an additional 55 shares in the last quarter. National Bank of Canada FI purchased a new position in shares of Impinj in the 3rd quarter valued at about $30,000. Farther Finance Advisors LLC grew its position in shares of Impinj by 1,084.6% during the third quarter. Farther Finance Advisors LLC now owns 154 shares of the company’s stock worth $33,000 after buying an additional 141 shares in the last quarter. KBC Group NV increased its stake in shares of Impinj by 29.7% during the third quarter. KBC Group NV now owns 681 shares of the company’s stock worth $147,000 after buying an additional 156 shares during the period. Finally, Hsbc Holdings PLC raised its holdings in Impinj by 7.3% in the second quarter. Hsbc Holdings PLC now owns 2,777 shares of the company’s stock valued at $432,000 after acquiring an additional 190 shares in the last quarter.

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.