Impinj (NASDAQ:PI) Trading Down 4.6% – Here’s Why

Impinj, Inc. (NASDAQ:PI)’s stock price fell 4.6% on Thursday . The stock traded as low as $124.86 and last traded at $125.41. 322,585 shares changed hands during trading, a decline of 47% from the average session volume of 613,041 shares. The stock had previously closed at $131.52.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Cantor Fitzgerald increased 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 reissued an “overweight” rating and issued a $235.00 target price (up from $225.00) on shares of Impinj in a report on Thursday, October 24th. StockNews.com lowered Impinj from a “hold” rating to a “sell” rating in a research note on Friday, January 24th. The Goldman Sachs Group increased 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. Finally, Susquehanna reduced their target price 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. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $214.30.

Impinj Price Performance

The company’s 50 day simple moving average is $152.70 and its 200 day simple moving average is $174.10. The stock has a market cap of $3.59 billion, a P/E ratio of 142.57 and a beta of 1.88.

Insiders Place Their Bets

In other Impinj news, CFO Cary Baker sold 290 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $140.96, for a total transaction of $40,878.40. Following the completion of the transaction, the chief financial officer now owns 71,754 shares of the company’s stock, valued at $10,114,443.84. This represents a 0.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Sylebra Capital Llc sold 95,670 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $195.21, for a total transaction of $18,675,740.70. Following the transaction, the insider now directly owns 2,903,505 shares of the company’s stock, valued at $566,793,211.05. This represents a 3.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 541,160 shares of company stock worth $108,376,846. Company insiders own 51.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. State Street Corp lifted its stake 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 purchasing an additional 220,776 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Impinj by 4,013.7% during the 3rd quarter. Principal Financial Group Inc. now owns 125,633 shares of the company’s stock worth $27,202,000 after acquiring an additional 122,579 shares during the period. Wellington Management Group LLP acquired a new position in shares of Impinj during the 3rd quarter worth approximately $24,771,000. FMR LLC raised its stake in Impinj by 1.5% in the 3rd quarter. FMR LLC now owns 4,217,403 shares of the company’s stock valued at $913,152,000 after acquiring an additional 60,461 shares during the period. Finally, Telemark Asset Management LLC acquired a new stake in Impinj during the 3rd quarter valued at $12,991,000.

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.