Impinj (NASDAQ:PI) Sets New 52-Week High at $94.75

Impinj, Inc. (NASDAQ:PIGet Rating)’s share price hit a new 52-week high on Thursday . The stock traded as high as $94.75 and last traded at $94.64, with a volume of 4462 shares. The stock had previously closed at $92.18.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. The Goldman Sachs Group upped their target price on shares of Impinj from $78.00 to $89.00 and gave the stock a “buy” rating in a report on Thursday, July 28th. Roth Capital dropped their target price on shares of Impinj from $95.00 to $76.00 in a report on Thursday, April 28th. Piper Sandler upped their target price on shares of Impinj from $80.00 to $100.00 and gave the stock an “overweight” rating in a report on Thursday, July 28th. Lake Street Capital increased their price objective on shares of Impinj from $87.00 to $94.00 in a report on Thursday, July 28th. Finally, Needham & Company LLC increased their price objective on shares of Impinj from $96.00 to $102.00 and gave the company a “buy” rating in a report on Thursday, July 28th. One analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $93.80.

Impinj Trading Up 0.2 %

The firm’s 50-day moving average price is $62.18 and its 200-day moving average price is $61.13. The stock has a market capitalization of $2.44 billion, a PE ratio of -43.06 and a beta of 2.24.

Impinj (NASDAQ:PIGet Rating) last announced its earnings results on Wednesday, July 27th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.13. The firm had revenue of $59.80 million for the quarter, compared to analysts’ expectations of $55.12 million. Impinj had a negative net margin of 26.07% and a negative return on equity of 236.49%. The business’s revenue was up 26.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.33) EPS. On average, equities research analysts predict that Impinj, Inc. will post -0.99 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Cary Baker sold 1,458 shares of the company’s stock in a transaction dated Wednesday, May 25th. The shares were sold at an average price of $43.24, for a total transaction of $63,043.92. Following the sale, the chief financial officer now directly owns 36,666 shares in the company, valued at approximately $1,585,437.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Cathal G. Phelan sold 20,000 shares of the stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $82.15, for a total value of $1,643,000.00. Following the sale, the director now directly owns 15,073 shares of the company’s stock, valued at approximately $1,238,246.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Cary Baker sold 1,458 shares of the stock in a transaction dated Wednesday, May 25th. The stock was sold at an average price of $43.24, for a total transaction of $63,043.92. Following the completion of the sale, the chief financial officer now directly owns 36,666 shares in the company, valued at $1,585,437.84. The disclosure for this sale can be found here. In the last three months, insiders have sold 74,474 shares of company stock worth $5,959,613. 20.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Impinj

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Impinj by 35.9% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,434 shares of the company’s stock worth $155,000 after acquiring an additional 643 shares during the period. Citigroup Inc. increased its position in shares of Impinj by 146.9% during the fourth quarter. Citigroup Inc. now owns 12,159 shares of the company’s stock worth $1,078,000 after acquiring an additional 7,234 shares during the period. Benjamin F. Edwards & Company Inc. increased its position in shares of Impinj by 49.8% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 2,171 shares of the company’s stock worth $138,000 after acquiring an additional 722 shares during the period. Atika Capital Management LLC increased its position in shares of Impinj by 99.5% during the fourth quarter. Atika Capital Management LLC now owns 201,480 shares of the company’s stock worth $17,872,000 after acquiring an additional 100,480 shares during the period. Finally, Black Creek Investment Management Inc. increased its position in shares of Impinj by 29.2% during the first quarter. Black Creek Investment Management Inc. now owns 16,800 shares of the company’s stock worth $1,067,000 after acquiring an additional 3,800 shares during the period. 88.00% of the stock is owned by hedge funds and other institutional investors.

About Impinj

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Impinj, Inc operates a cloud connectivity platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Its platform, which comprises multiple product families, wirelessly connects individual 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.

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