Impinj (NASDAQ:PI) Trading Down 6.9% – Here’s Why

Impinj, Inc. (NASDAQ:PI)’s share price was down 6.9% during trading on Tuesday . The company traded as low as $86.19 and last traded at $84.41. Approximately 33,572 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 541,955 shares. The stock had previously closed at $90.70.

Analyst Ratings Changes

PI has been the subject of a number of recent research reports. Piper Sandler decreased their price target on shares of Impinj from $235.00 to $140.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th. The Goldman Sachs Group lowered their target price on Impinj from $200.00 to $132.00 and set a “neutral” rating on the stock in a research note on Thursday, February 6th. Susquehanna cut their price target on Impinj from $260.00 to $220.00 and set a “positive” rating for the company in a research note on Wednesday, January 22nd. StockNews.com lowered shares of Impinj from a “hold” rating to a “sell” rating in a research report on Friday, January 24th. Finally, Cantor Fitzgerald upgraded shares of Impinj to a “strong-buy” rating in a research note on Thursday, February 27th. One analyst has rated the stock with a sell rating, one has given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Impinj has a consensus rating of “Moderate Buy” and a consensus price target of $183.44.

Impinj Stock Performance

The stock’s 50-day moving average price is $104.73 and its 200-day moving average price is $156.08. The company has a market capitalization of $2.50 billion, a price-to-earnings ratio of 64.58 and a beta of 1.98.

Impinj (NASDAQ:PI) last issued its quarterly earnings data on Wednesday, February 5th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.49). Impinj had a return on equity of 7.11% and a net margin of 11.15%. Analysts anticipate that Impinj, Inc. will post -0.47 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Chris Ph.D. Diorio sold 8,334 shares of the business’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $98.78, for a total value of $823,232.52. Following the completion of the transaction, the chief executive officer now directly owns 354,076 shares of the company’s stock, valued at $34,975,627.28. The trade was a 2.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CRO Jeffrey Dossett sold 378 shares of the company’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $141.05, for a total value of $53,316.90. Following the completion of the sale, the executive now owns 67,052 shares in the company, valued at $9,457,684.60. This represents a 0.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,704 shares of company stock worth $1,925,748 in the last three months. Corporate insiders own 51.00% of the company’s stock.

Institutional Investors Weigh In On Impinj

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Canada Pension Plan Investment Board acquired a new stake in Impinj during the fourth quarter worth approximately $29,000. National Bank of Canada FI acquired a new stake in shares of Impinj during the third quarter worth $30,000. SBI Securities Co. Ltd. acquired a new stake in shares of Impinj during the fourth quarter worth $33,000. Jones Financial Companies Lllp increased its stake in Impinj by 205.9% in the fourth quarter. Jones Financial Companies Lllp now owns 260 shares of the company’s stock valued at $38,000 after purchasing an additional 175 shares during the last quarter. Finally, IFP Advisors Inc increased its stake in Impinj by 116.5% in the fourth quarter. IFP Advisors Inc now owns 368 shares of the company’s stock valued at $53,000 after purchasing an additional 198 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.