Impinj (NASDAQ:PI) Trading Down 6.9% – Here’s What Happened

Impinj, Inc. (NASDAQ:PI) shares dropped 6.9% on Tuesday . The company traded as low as $86.19 and last traded at $84.41. Approximately 33,572 shares were traded during trading, a decline of 94% from the average daily volume of 541,955 shares. The stock had previously closed at $90.70.

Analyst Ratings Changes

PI has been the topic of a number of recent research reports. Susquehanna reduced their price objective on shares of Impinj from $260.00 to $220.00 and set a “positive” rating on the stock in a research note on Wednesday, January 22nd. Piper Sandler decreased their price objective on Impinj from $235.00 to $140.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th. Needham & Company LLC cut their target price on Impinj from $182.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday, February 6th. Cantor Fitzgerald upgraded Impinj to a “strong-buy” rating in a research report on Thursday, February 27th. Finally, The Goldman Sachs Group cut their price target on shares of 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, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Impinj currently has a consensus rating of “Moderate Buy” and a consensus price target of $183.44.

Impinj Trading Up 3.0 %

The company has a market capitalization of $2.60 billion, a price-to-earnings ratio of 66.96 and a beta of 1.74. The stock’s 50 day moving average price is $102.76 and its 200 day moving average price is $154.94.

Impinj (NASDAQ:PI) last issued its quarterly earnings results on Wednesday, February 5th. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.48 by ($0.49). Impinj had a net margin of 11.15% and a return on equity of 7.11%. On average, research analysts expect that Impinj, Inc. will post -0.47 earnings per share for the current year.

Insider Buying and Selling

In other Impinj news, CFO Cary Baker sold 290 shares of the business’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $140.96, for a total value of $40,878.40. Following the completion of the sale, the chief financial officer now owns 71,754 shares of the company’s stock, valued at $10,114,443.84. The trade was a 0.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CRO Jeffrey Dossett sold 378 shares of the stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $141.05, for a total transaction of $53,316.90. Following the transaction, the executive now owns 67,052 shares in the company, valued at approximately $9,457,684.60. The trade was a 0.56 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,704 shares of company stock valued at $1,925,748. Company insiders own 51.00% of the company’s stock.

Institutional Investors Weigh In On Impinj

Several institutional investors have recently made changes to their positions in the stock. Capital International Investors raised its holdings in Impinj by 45.0% in the 4th quarter. Capital International Investors now owns 1,527,587 shares of the company’s stock valued at $221,897,000 after acquiring an additional 473,721 shares in the last quarter. Janus Henderson Group PLC lifted its position in Impinj by 3,824.4% during the fourth quarter. Janus Henderson Group PLC now owns 435,960 shares of the company’s stock worth $63,310,000 after purchasing an additional 424,851 shares during the period. Norges Bank bought a new stake in Impinj during the fourth quarter worth about $40,100,000. Sylebra Capital LLC increased its holdings in Impinj by 8.6% in the 4th quarter. Sylebra Capital LLC now owns 3,472,116 shares of the company’s stock valued at $504,360,000 after buying an additional 274,764 shares during the period. Finally, State Street Corp increased its holdings in Impinj by 25.7% in the 3rd quarter. State Street Corp now owns 1,078,676 shares of the company’s stock valued at $233,555,000 after buying an additional 220,776 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.