Impinj (NASDAQ:PI) Cut to “Sell” at StockNews.com

StockNews.com downgraded shares of Impinj (NASDAQ:PI) from a hold rating to a sell rating in a research report released on Friday.

Several other analysts have also recently issued reports on PI. Piper Sandler restated 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. The Goldman Sachs Group upped their price objective on shares of Impinj from $165.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, October 25th. 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. Evercore ISI reissued an “outperform” rating and issued a $270.00 price target (up previously from $205.00) on shares of Impinj in a research note on Thursday, October 24th. Finally, Needham & Company LLC reduced their price target on shares of Impinj from $245.00 to $182.00 and set a “buy” rating on the stock in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Impinj presently has a consensus rating of “Moderate Buy” and an average price target of $214.30.

Impinj Stock Performance

NASDAQ PI opened at $136.21 on Friday. The business has a fifty day moving average price of $158.20 and a 200 day moving average price of $175.60. The company has a market cap of $3.85 billion, a P/E ratio of 153.04 and a beta of 1.88. Impinj has a one year low of $95.96 and a one year high of $239.88.

Insider Transactions at Impinj

In related news, major shareholder Sylebra Capital Llc sold 32,031 shares of the stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $195.35, for a total value of $6,257,255.85. Following the transaction, the insider now directly owns 3,021,548 shares of the company’s stock, valued at $590,259,401.80. This trade represents a 1.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Cary Baker sold 499 shares of the company’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $146.06, for a total transaction of $72,883.94. Following the completion of the transaction, the chief financial officer now owns 71,107 shares of the company’s stock, valued at $10,385,888.42. This represents a 0.70 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 630,038 shares of company stock valued at $125,943,693. 51.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Impinj

Large investors have recently bought and sold shares of the business. FMR LLC increased its holdings in shares of Impinj by 1.5% in the third quarter. FMR LLC now owns 4,217,403 shares of the company’s stock valued at $913,152,000 after purchasing an additional 60,461 shares during the period. State Street Corp increased 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 buying an additional 220,776 shares during the period. Geode Capital Management LLC raised its position in Impinj by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 542,924 shares of the company’s stock worth $117,576,000 after buying an additional 7,676 shares during the last quarter. Jennison Associates LLC lifted its stake in shares of Impinj by 15.0% in the 3rd quarter. Jennison Associates LLC now owns 239,140 shares of the company’s stock worth $51,779,000 after acquiring an additional 31,269 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Impinj by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 193,240 shares of the company’s stock valued at $41,840,000 after acquiring an additional 6,232 shares in 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.