Impinj (NASDAQ:PI) Receives Overweight Rating from Piper Sandler

Impinj (NASDAQ:PI)‘s stock had its “overweight” rating reissued by equities researchers at Piper Sandler in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $235.00 price objective on the stock, up from their prior price objective of $225.00. Piper Sandler’s price target suggests a potential upside of 16.00% from the stock’s current price.

A number of other research analysts have also weighed in on PI. Susquehanna lifted their price target on shares of Impinj from $215.00 to $260.00 and gave the company a “positive” rating in a research note on Monday. Needham & Company LLC upped their target price on Impinj from $195.00 to $245.00 and gave the stock a “buy” rating in a report on Thursday. Roth Mkm increased their price objective on shares of Impinj from $145.00 to $175.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $205.00 price objective on shares of Impinj in a research report on Thursday, July 25th. Finally, StockNews.com raised shares of Impinj from a “sell” rating to a “hold” rating in a report on Friday, July 26th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $202.10.

Impinj Price Performance

PI traded down $19.87 during trading hours on Thursday, reaching $202.59. 173,754 shares of the stock traded hands, compared to its average volume of 456,460. The company has a market cap of $5.70 billion, a price-to-earnings ratio of 698.59 and a beta of 1.80. Impinj has a fifty-two week low of $48.39 and a fifty-two week high of $239.88. The firm’s fifty day simple moving average is $195.01 and its two-hundred day simple moving average is $168.26.

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 the consensus estimate of $0.74 by $0.09. Impinj had a negative return on equity of 21.12% and a net margin of 3.93%. The firm had revenue of $102.50 million during the quarter, compared to the consensus estimate of $97.47 million. During the same period in the prior year, the business earned ($0.14) EPS. The business’s revenue for the quarter was up 19.2% on a year-over-year basis. On average, research analysts predict that Impinj will post 0.31 earnings per share for the current year.

Insider Activity

In other news, insider Cathal G. Phelan sold 209 shares of the stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $209.15, for a total transaction of $43,712.35. Following the transaction, the insider now owns 17,647 shares of the company’s stock, valued at approximately $3,690,870.05. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Cathal G. Phelan sold 209 shares of the firm’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $209.15, for a total transaction of $43,712.35. Following the completion of the sale, the insider now directly owns 17,647 shares of the company’s stock, valued at $3,690,870.05. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Cary Baker sold 366 shares of Impinj stock in a transaction on Monday, October 14th. The stock was sold at an average price of $237.83, for a total value of $87,045.78. Following the sale, the chief financial officer now directly owns 71,096 shares of the company’s stock, valued at approximately $16,908,761.68. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,779 shares of company stock worth $3,825,046 over the last 90 days. 51.00% of the stock is currently owned by company insiders.

Institutional Trading of Impinj

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Future Financial Wealth Managment LLC purchased a new position in Impinj in the 1st quarter valued at approximately $32,000. SouthState Corp bought a new position in Impinj in the second quarter worth about $94,000. USA Financial Formulas raised its stake in Impinj by 82.0% in the third quarter. USA Financial Formulas now owns 657 shares of the company’s stock worth $142,000 after buying an additional 296 shares in the last quarter. nVerses Capital LLC increased its stake in shares of Impinj by 75.0% during the second quarter. nVerses Capital LLC now owns 700 shares of the company’s stock valued at $110,000 after purchasing an additional 300 shares in the last quarter. Finally, Jamison Private Wealth Management Inc. grew its holdings 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.

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.