Impinj (NASDAQ:PI) Shares Down 8.4%

Impinj, Inc. (NASDAQ:PI)’s stock price fell 8.4% on Tuesday . The company traded as low as $163.84 and last traded at $166.21. 384,571 shares were traded during mid-day trading, a decline of 8% from the average session volume of 418,260 shares. The stock had previously closed at $181.50.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PI. Piper Sandler boosted their target price on Impinj from $150.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, July 11th. Needham & Company LLC reissued a “buy” rating and issued a $195.00 target price on shares of Impinj in a research report on Thursday. Roth Mkm boosted their target price on Impinj from $145.00 to $175.00 and gave the stock a “buy” rating in a research report on Thursday. The Goldman Sachs Group lowered Impinj from a “buy” rating to a “neutral” rating and set a $156.00 target price for the company. in a research report on Monday, May 20th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $205.00 price objective on shares of Impinj in a research note on Thursday. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Impinj currently has an average rating of “Moderate Buy” and an average price target of $187.10.

Impinj Trading Up 4.4 %

The stock’s 50 day moving average price is $160.95 and its 200-day moving average price is $133.40. The company has a quick ratio of 6.87, a current ratio of 9.42 and a debt-to-equity ratio of 3.29. The stock has a market capitalization of $4.41 billion, a PE ratio of -455.06 and a beta of 1.78.

Impinj (NASDAQ:PI) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. The firm had revenue of $102.50 million during the quarter, compared to analysts’ expectations of $97.47 million. Impinj had a negative net margin of 1.90% and a negative return on equity of 60.13%. The company’s revenue for the quarter was up 19.2% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.14) earnings per share. On average, sell-side analysts expect that Impinj, Inc. will post 0.04 earnings per share for the current fiscal year.

Insider Activity at Impinj

In related news, COO Hussein Mecklai sold 416 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $175.43, for a total transaction of $72,978.88. Following the completion of the transaction, the chief operating officer now directly owns 58,104 shares of the company’s stock, valued at $10,193,184.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Impinj news, COO Hussein Mecklai sold 416 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $175.43, for a total transaction of $72,978.88. Following the completion of the transaction, the chief operating officer now owns 58,104 shares in the company, valued at $10,193,184.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Chris Ph.D. Diorio sold 26,661 shares of the stock in a transaction on Friday, April 26th. The shares were sold at an average price of $147.02, for a total transaction of $3,919,700.22. Following the transaction, the chief executive officer now owns 286,230 shares of the company’s stock, valued at approximately $42,081,534.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,097,971 shares of company stock valued at $167,900,777. Corporate insiders own 51.00% of the company’s stock.

Hedge Funds Weigh In On Impinj

Several institutional investors have recently bought and sold shares of the business. Capital International Investors bought a new stake in shares of Impinj in the 4th quarter worth about $68,211,000. Assenagon Asset Management S.A. bought a new stake in shares of Impinj in the 2nd quarter worth about $103,252,000. Jennison Associates LLC bought a new stake in shares of Impinj in the 1st quarter worth about $25,747,000. TimesSquare Capital Management LLC bought a new stake in shares of Impinj in the 1st quarter worth about $19,195,000. Finally, Lord Abbett & CO. LLC bought a new stake in shares of Impinj in the 1st quarter worth about $9,659,000.

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.