Impinj, Inc. (NASDAQ:PI) Short Interest Down 19.5% in October

Impinj, Inc. (NASDAQ:PI) saw a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 3,140,000 shares, a decline of 19.5% from the October 15th total of 3,900,000 shares. Based on an average daily trading volume, of 541,100 shares, the short-interest ratio is presently 5.8 days.

Insider Activity

In related news, CEO Chris Ph.D. Diorio sold 34,474 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $201.51, for a total transaction of $6,946,855.74. Following the sale, the chief executive officer now owns 294,438 shares of the company’s stock, valued at $59,332,201.38. The trade was a 10.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were purchased at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the acquisition, the insider now owns 33,050,456 shares of the company’s stock, valued at $155,006,638.64. This represents a 14.81 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 656,351 shares of company stock valued at $131,733,291. Insiders own 51.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Los Angeles Capital Management LLC boosted its stake 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 period. SG Americas Securities LLC bought a new stake in Impinj in the 1st quarter valued at $513,000. Principal Financial Group Inc. boosted its stake in Impinj by 4,013.7% in the 3rd quarter. Principal Financial Group Inc. now owns 125,633 shares of the company’s stock valued at $27,202,000 after purchasing an additional 122,579 shares during the period. Harbor Capital Advisors Inc. boosted its stake 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 purchasing an additional 7,151 shares during the period. Finally, Raymond James & Associates lifted its position in shares of Impinj by 21.7% during the 3rd quarter. Raymond James & Associates now owns 22,951 shares of the company’s stock valued at $4,969,000 after acquiring an additional 4,090 shares during the period.

Impinj Stock Performance

Impinj stock traded down $6.22 during midday trading on Friday, reaching $176.51. The stock had a trading volume of 391,069 shares, compared to its average volume of 670,938. The firm’s fifty day simple moving average is $205.73 and its 200-day simple moving average is $175.99. Impinj has a 1-year low of $78.17 and a 1-year high of $239.88. The stock has a market capitalization of $4.99 billion, a P/E ratio of 198.33 and a beta of 1.81.

Impinj (NASDAQ:PI) last posted its quarterly 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. The firm had revenue of $95.20 million for the quarter, compared to analyst estimates of $92.86 million. Impinj had a negative return on equity of 1.64% and a net margin of 8.21%. The business’s quarterly revenue was up 46.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.36) EPS. On average, sell-side analysts anticipate that Impinj will post 0.4 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PI shares. Needham & Company LLC lifted their price objective on shares of Impinj from $195.00 to $245.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Piper Sandler restated an “overweight” rating and set a $235.00 target price (up previously from $225.00) on shares of Impinj in a report on Thursday, October 24th. Lake Street Capital raised their target price on Impinj from $190.00 to $251.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. The Goldman Sachs Group raised their target price on Impinj from $165.00 to $200.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Finally, Roth Mkm raised their target price on Impinj from $145.00 to $175.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Impinj currently has an average rating of “Moderate Buy” and a consensus target price of $224.60.

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.