Impinj (NASDAQ:PI) Trading Down 4% – Should You Sell?

Impinj, Inc. (NASDAQ:PI) shares traded down 4% on Wednesday . The company traded as low as $187.15 and last traded at $187.80. 42,458 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 469,579 shares. The stock had previously closed at $195.57.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on PI shares. StockNews.com lowered shares of Impinj from a “hold” rating to a “sell” rating in a research note on Friday, October 25th. Susquehanna increased their price target on Impinj from $215.00 to $260.00 and gave the stock a “positive” rating in a research report on Monday, October 21st. Needham & Company LLC boosted their price objective on Impinj from $195.00 to $245.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Piper Sandler reaffirmed an “overweight” rating and set a $235.00 target price (up from $225.00) on shares of Impinj in a research note on Thursday, October 24th. Finally, The Goldman Sachs Group lifted their price target on shares of Impinj from $165.00 to $200.00 and gave the company a “neutral” rating in a research note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Impinj presently has a consensus rating of “Moderate Buy” and a consensus price target of $224.60.

Impinj Price Performance

The stock has a market capitalization of $5.35 billion, a PE ratio of 212.64 and a beta of 1.81. The company’s 50 day moving average price is $206.14 and its two-hundred day moving average price is $177.58.

Impinj (NASDAQ:PI) last issued its earnings results on Wednesday, October 23rd. The company reported $0.56 earnings per share for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $92.86 million. During the same period in the previous year, the firm posted ($0.36) EPS. The business’s revenue for the quarter was up 46.5% compared to the same quarter last year. Analysts forecast that Impinj, Inc. will post 0.4 earnings per share for the current year.

Insiders Place Their Bets

In other Impinj news, CRO Jeffrey Dossett sold 577 shares of the firm’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $209.20, for a total transaction of $120,708.40. Following the completion of the sale, the executive now owns 64,532 shares of the company’s stock, valued at $13,500,094.40. This trade represents a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was acquired at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the purchase, the insider now owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. The trade was a 14.81 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 655,674 shares of company stock valued at $131,623,305 in the last three months. 51.00% of the stock is currently owned by insiders.

Institutional Trading of Impinj

Institutional investors and hedge funds have recently bought and sold shares of the stock. Los Angeles Capital Management LLC increased its holdings in Impinj by 210.2% in the 3rd quarter. Los Angeles Capital Management LLC now owns 8,569 shares of the company’s stock valued at $1,855,000 after purchasing an additional 5,807 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Impinj by 457.1% in the 2nd quarter. SG Americas Securities LLC now owns 22,260 shares of the company’s stock valued at $3,490,000 after buying an additional 18,264 shares during the period. Thrivent Financial for Lutherans acquired a new position in Impinj during the 3rd quarter worth about $3,872,000. Principal Financial Group Inc. boosted its holdings in Impinj by 4,013.7% during the 3rd quarter. Principal Financial Group Inc. now owns 125,633 shares of the company’s stock valued at $27,202,000 after acquiring an additional 122,579 shares during the period. Finally, Harbor Capital Advisors Inc. grew its position in Impinj by 112.0% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 13,533 shares of the company’s stock valued at $2,122,000 after acquiring an additional 7,151 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.