Impinj (NASDAQ:PI) Stock Rating Upgraded by StockNews.com

Impinj (NASDAQ:PI) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a report released on Thursday.

Several other equities research analysts also recently issued reports on the stock. Cantor Fitzgerald increased their price objective 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. The Goldman Sachs Group boosted their price target on Impinj from $165.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Piper Sandler reaffirmed an “overweight” rating and set a $235.00 price objective (up from $225.00) on shares of Impinj in a research report on Thursday, October 24th. 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 report on Thursday, October 24th. Finally, Lake Street Capital upped their price target on Impinj from $190.00 to $251.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Two 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 has a consensus rating of “Moderate Buy” and an average price target of $224.60.

Impinj Stock Performance

NASDAQ:PI traded down $4.01 on Thursday, reaching $132.51. The company’s stock had a trading volume of 1,619,467 shares, compared to its average volume of 668,036. Impinj has a 1-year low of $87.15 and a 1-year high of $239.88. The business’s 50-day moving average price is $164.71 and its two-hundred day moving average price is $176.40. The firm has a market cap of $3.75 billion, a PE ratio of 148.89 and a beta of 1.88.

Impinj (NASDAQ:PI) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.08. Impinj had a negative return on equity of 1.64% and a net margin of 8.21%. The business had revenue of $95.20 million during the quarter, compared to analyst estimates of $92.86 million. During the same period in the previous year, the firm earned ($0.36) EPS. Impinj’s quarterly revenue was up 46.5% compared to the same quarter last year. As a group, sell-side analysts expect that Impinj will post 0.4 EPS for the current year.

Insider Activity

In related news, COO Hussein Mecklai sold 10,000 shares of Impinj stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $204.75, for a total transaction of $2,047,500.00. Following the completion of the sale, the chief operating officer now directly owns 60,041 shares of the company’s stock, valued at approximately $12,293,394.75. This trade represents a 14.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Sylebra Capital Llc sold 32,031 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $195.35, for a total transaction of $6,257,255.85. Following the transaction, the insider now owns 3,021,548 shares in the company, valued at approximately $590,259,401.80. The trade was a 1.05 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 655,038 shares of company stock valued at $131,064,693. 51.00% of the stock is owned by company insiders.

Institutional Trading of Impinj

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. National Bank of Canada FI bought a new position in shares of Impinj in the 3rd quarter valued at $30,000. Farther Finance Advisors LLC increased its holdings in Impinj by 1,084.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 154 shares of the company’s stock worth $33,000 after purchasing an additional 141 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new position in Impinj in the 3rd quarter worth about $54,000. Asset Management One Co. Ltd. bought a new position in Impinj in the third quarter valued at about $138,000. Finally, USA Financial Formulas boosted its stake in shares of Impinj by 82.0% during the third quarter. USA Financial Formulas now owns 657 shares of the company’s stock valued at $142,000 after purchasing an additional 296 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.