Impinj (NASDAQ:PI) Trading Up 8.3% – Here’s What Happened

Impinj, Inc. (NASDAQ:PI)’s stock price was up 8.3% on Friday . The company traded as high as $99.44 and last traded at $99.93. Approximately 350,631 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 520,649 shares. The stock had previously closed at $92.27.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PI. Needham & Company LLC dropped their target price on Impinj from $182.00 to $130.00 and set a “buy” rating on the stock in a research report on Thursday, February 6th. StockNews.com lowered Impinj from a “hold” rating to a “sell” rating in a report on Friday, January 24th. Cantor Fitzgerald raised Impinj to a “strong-buy” rating in a research note on Thursday, February 27th. Piper Sandler dropped their target price on shares of Impinj from $235.00 to $140.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. Finally, The Goldman Sachs Group lowered their price objective on Impinj from $200.00 to $132.00 and set a “neutral” rating on the stock in a research report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Impinj has an average rating of “Moderate Buy” and a consensus price target of $180.10.

Impinj Trading Up 8.9 %

The firm has a market cap of $2.87 billion, a P/E ratio of 73.90 and a beta of 1.88. The stock has a 50 day simple moving average of $122.39 and a 200-day simple moving average of $164.97.

Impinj (NASDAQ:PI) last issued its quarterly earnings data on Wednesday, February 5th. The company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.49). Impinj had a return on equity of 7.11% and a net margin of 11.15%. As a group, equities analysts forecast that Impinj, Inc. will post -0.47 earnings per share for the current fiscal year.

Insider Activity

In other Impinj news, insider Cathal G. Phelan sold 210 shares of the company’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $146.06, for a total value of $30,672.60. Following the transaction, the insider now owns 6,979 shares of the company’s stock, valued at $1,019,352.74. This represents a 2.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Chris Ph.D. Diorio sold 1,504 shares of the stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $146.22, for a total value of $219,914.88. Following the completion of the sale, the chief executive officer now owns 331,572 shares in the company, valued at approximately $48,482,457.84. The trade was a 0.45 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,323 shares of company stock valued at $2,454,588. 51.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Canada Pension Plan Investment Board bought a new position in Impinj during the 4th quarter worth about $29,000. National Bank of Canada FI bought a new stake 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% in the 3rd quarter. Farther Finance Advisors LLC now owns 154 shares of the company’s stock worth $33,000 after buying an additional 141 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in Impinj in the fourth quarter valued at approximately $33,000. Finally, Jones Financial Companies Lllp boosted its position in shares of Impinj by 205.9% in the 4th quarter. Jones Financial Companies Lllp now owns 260 shares of the company’s stock worth $38,000 after purchasing an additional 175 shares in the last quarter.

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.