Impinj (NASDAQ:PI) Stock Price Down 3.5% – What’s Next?

Impinj, Inc. (NASDAQ:PI) fell 3.5% during trading on Thursday . The stock traded as low as $131.00 and last traded at $131.75. Approximately 100,721 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 508,286 shares. The stock had previously closed at $136.52.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on PI shares. Evercore ISI reissued an “outperform” rating and issued a $270.00 price target (up from $205.00) on shares of Impinj in a report on Thursday, October 24th. StockNews.com raised Impinj from a “sell” rating to a “hold” rating in a research report on Thursday. Susquehanna boosted their price target on Impinj from $215.00 to $260.00 and gave the company a “positive” rating in a research note on Monday, October 21st. Lake Street Capital raised their price objective on Impinj from $190.00 to $251.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Finally, Piper Sandler restated an “overweight” rating and set a $235.00 price objective (up from $225.00) on shares of Impinj in a research report on Thursday, October 24th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Impinj has a consensus rating of “Moderate Buy” and a consensus target price of $218.30.

Impinj Trading Down 0.4 %

The stock has a market cap of $3.73 billion, a P/E ratio of 148.25 and a beta of 1.88. The business’s fifty day simple moving average is $163.27 and its 200 day simple moving average is $176.24.

Impinj (NASDAQ:PI) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.08. The business 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 firm’s revenue for the quarter was up 46.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.36) earnings per share. On average, analysts predict that Impinj, Inc. will post 0.4 earnings per share for the current fiscal year.

Insider Transactions at Impinj

In related news, COO Hussein Mecklai sold 338 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $141.02, for a total transaction of $47,664.76. Following the completion of the transaction, the chief operating officer now owns 61,586 shares in the company, valued at approximately $8,684,857.72. The trade was a 0.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Cary Baker sold 15,000 shares of Impinj stock in a transaction on Monday, October 28th. The stock was sold at an average price of $204.90, for a total transaction of $3,073,500.00. Following the transaction, the chief financial officer now directly owns 71,096 shares in the company, valued at approximately $14,567,570.40. This represents a 17.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 655,038 shares of company stock worth $131,064,693 in the last three months. Insiders own 51.00% of the company’s stock.

Institutional Investors Weigh In On Impinj

Several large investors have recently made changes to their positions in PI. National Bank of Canada FI bought a new stake in Impinj in the 3rd quarter valued at approximately $30,000. Farther Finance Advisors LLC lifted its position in shares of Impinj by 1,084.6% in the third quarter. Farther Finance Advisors LLC now owns 154 shares of the company’s stock worth $33,000 after purchasing an additional 141 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new position in Impinj during the third quarter worth $54,000. Asset Management One Co. Ltd. bought a new position in Impinj in the third quarter valued at $138,000. Finally, USA Financial Formulas increased its stake in Impinj by 82.0% in the 3rd quarter. USA Financial Formulas now owns 657 shares of the company’s stock valued at $142,000 after buying an additional 296 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.