Impinj (NASDAQ:PI) Hits New 52-Week Low – Here’s Why

Impinj, Inc. (NASDAQ:PI)’s stock price hit a new 52-week low on Wednesday . The stock traded as low as $84.17 and last traded at $90.20, with a volume of 845883 shares changing hands. The stock had previously closed at $87.73.

Analyst Upgrades and Downgrades

PI has been the subject of a number of recent research reports. Cantor Fitzgerald raised Impinj to a “strong-buy” rating in a report on Thursday, February 27th. Needham & Company LLC dropped their target price on Impinj from $182.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, February 6th. The Goldman Sachs Group dropped their price objective on Impinj from $200.00 to $132.00 and set a “neutral” rating for the company in a report on Thursday, February 6th. Susquehanna lowered their price target on Impinj from $260.00 to $220.00 and set a “positive” rating for the company in a report on Wednesday, January 22nd. Finally, Piper Sandler reduced their price objective on Impinj from $235.00 to $140.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $180.10.

Impinj Stock Up 2.8 %

The company has a market cap of $2.57 billion, a P/E ratio of 66.32 and a beta of 1.88. The stock has a 50 day moving average price of $124.58 and a two-hundred day moving average price of $165.97.

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

Insider Activity at Impinj

In other news, CEO Chris Ph.D. Diorio sold 8,334 shares of Impinj stock in a transaction dated 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 approximately $34,975,627.28. This trade represents a 2.30 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Cathal G. Phelan sold 210 shares of the business’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $146.06, for a total value of $30,672.60. Following the completion of the sale, the insider now directly owns 6,979 shares of the company’s stock, valued at $1,019,352.74. The trade was a 2.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 22,323 shares of company stock valued at $2,454,588 in the last 90 days. 51.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Impinj

Hedge funds and other institutional investors have recently modified their holdings of the business. Los Angeles Capital Management LLC lifted its stake in Impinj by 210.2% in the third 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 last quarter. Nordea Investment Management AB bought a new position in Impinj in the fourth quarter valued at $3,341,000. Thrivent Financial for Lutherans bought a new position in Impinj in the third quarter valued at $3,872,000. Teachers Retirement System of The State of Kentucky purchased a new stake in Impinj during the third quarter valued at about $846,000. Finally, Intech Investment Management LLC purchased a new stake in shares of Impinj during the third quarter worth about $1,437,000.

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.