Impinj (NASDAQ:PI) Shares Down 8.4%

Impinj, Inc. (NASDAQ:PI) shares fell 8.4% on Tuesday . The company traded as low as $163.84 and last traded at $166.21. 384,571 shares traded hands 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.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PI. Evercore ISI increased their price target on Impinj from $172.00 to $205.00 and gave the company an “outperform” rating in a research note on Thursday. Cantor Fitzgerald restated an “overweight” rating and issued a $205.00 price target on shares of Impinj in a research note on Thursday. Roth Mkm increased their price objective on Impinj from $145.00 to $175.00 and gave the stock a “buy” rating in a research report on Thursday. Needham & Company LLC reiterated a “buy” rating and set a $195.00 price objective on shares of Impinj in a research report on Thursday. Finally, Piper Sandler increased their price objective on Impinj from $150.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, July 11th. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $187.10.

Impinj Stock Up 4.4 %

The firm has a 50 day moving average of $160.95 and a two-hundred day moving average of $133.40. The firm has a market capitalization of $4.41 billion, a price-to-earnings ratio of -455.06 and a beta of 1.78. The company has a quick ratio of 6.87, a current ratio of 9.42 and a debt-to-equity ratio of 3.29.

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

Insider Activity

In other news, CFO Cary Baker sold 10,000 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $159.08, for a total transaction of $1,590,800.00. Following the completion of the transaction, the chief financial officer now directly owns 67,948 shares in the company, valued at $10,809,167.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Chris Ph.D. Diorio sold 1,187 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $175.43, for a total transaction of $208,235.41. Following the completion of the transaction, the chief executive officer now directly owns 291,412 shares in the company, valued at $51,122,407.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Cary Baker sold 10,000 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $159.08, for a total value of $1,590,800.00. Following the transaction, the chief financial officer now owns 67,948 shares of the company’s stock, valued at $10,809,167.84. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,097,971 shares of company stock valued at $167,900,777. 51.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Impinj

Hedge funds have recently added to or reduced their stakes in the business. Future Financial Wealth Managment LLC purchased a new position in shares of Impinj during the first quarter valued at approximately $32,000. GAMMA Investing LLC purchased a new position in shares of Impinj during the fourth quarter valued at approximately $40,000. Headlands Technologies LLC purchased a new position in shares of Impinj during the fourth quarter valued at approximately $58,000. Jamison Private Wealth Management Inc. boosted its position in shares of Impinj by 211.2% during the second quarter. Jamison Private Wealth Management Inc. now owns 809 shares of the company’s stock valued at $127,000 after buying an additional 549 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its position in shares of Impinj by 117.9% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 963 shares of the company’s stock valued at $124,000 after buying an additional 521 shares during 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.