Impinj (NASDAQ:PI) Trading Down 6.9% – Time to Sell?

Impinj, Inc. (NASDAQ:PI)’s stock price traded down 6.9% during trading on Tuesday . The stock traded as low as $94.06 and last traded at $93.72. 244,394 shares changed hands during trading, a decline of 53% from the average session volume of 523,306 shares. The stock had previously closed at $100.71.

Analyst Ratings Changes

Several brokerages have issued reports on PI. Cantor Fitzgerald raised Impinj to a “strong-buy” rating in a report on Thursday, February 27th. 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 note on Thursday, February 6th. Needham & Company LLC cut their target price on shares of Impinj from $182.00 to $130.00 and set a “buy” rating on the stock in a report on Thursday, February 6th. StockNews.com cut shares of Impinj from a “hold” rating to a “sell” rating in a research note on Friday, January 24th. Finally, Susquehanna dropped their price objective 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. One analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $180.10.

Impinj Stock Down 6.1 %

The stock has a fifty day moving average of $120.53 and a two-hundred day moving average of $164.17. The stock has a market cap of $2.70 billion, a price-to-earnings ratio of 69.56 and a beta of 1.98.

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

Insider Activity at Impinj

In related news, CEO Chris Ph.D. Diorio sold 1,504 shares of the company’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $146.22, for a total transaction of $219,914.88. Following the transaction, the chief executive officer now owns 331,572 shares of the company’s stock, valued at approximately $48,482,457.84. This represents a 0.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Cathal G. Phelan sold 210 shares of Impinj stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $146.06, for a total transaction 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 sold 22,323 shares of company stock valued at $2,454,588 in the last ninety days. Corporate insiders own 51.00% of the company’s stock.

Institutional Investors Weigh In On Impinj

Hedge funds have recently made changes to their positions in the business. Capital International Investors increased its stake in shares of Impinj by 45.0% during the 4th quarter. Capital International Investors now owns 1,527,587 shares of the company’s stock valued at $221,897,000 after acquiring an additional 473,721 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of Impinj by 3,824.4% in the 4th quarter. Janus Henderson Group PLC now owns 435,960 shares of the company’s stock worth $63,310,000 after buying an additional 424,851 shares during the period. Norges Bank purchased a new position in shares of Impinj in the 4th quarter worth $40,100,000. Sylebra Capital LLC grew its position in Impinj by 8.6% during the fourth quarter. Sylebra Capital LLC now owns 3,472,116 shares of the company’s stock valued at $504,360,000 after acquiring an additional 274,764 shares during the period. Finally, State Street Corp increased its stake in Impinj by 25.7% during the third quarter. State Street Corp now owns 1,078,676 shares of the company’s stock worth $233,555,000 after acquiring an additional 220,776 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.