Impinj (NASDAQ:PI) Stock Rating Reaffirmed by Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Impinj (NASDAQ:PI) in a report released on Thursday morning, Benzinga reports. They currently have a $150.00 target price on the stock, up from their previous target price of $130.00.

A number of other equities analysts have also recently weighed in on PI. Roth Mkm upped their price target on shares of Impinj from $115.00 to $125.00 and gave the stock a buy rating in a research note on Thursday, March 14th. The Goldman Sachs Group upped their price target on shares of Impinj from $89.00 to $115.00 and gave the stock a buy rating in a research note on Friday, February 9th. Needham & Company LLC increased their price objective on shares of Impinj from $130.00 to $160.00 and gave the company a buy rating in a research note on Thursday. Canaccord Genuity Group increased their price objective on shares of Impinj from $130.00 to $150.00 and gave the company a buy rating in a research note on Thursday, March 14th. Finally, Susquehanna increased their price objective on shares of Impinj from $130.00 to $140.00 and gave the company a positive rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Impinj has a consensus rating of Moderate Buy and an average target price of $128.33.

Impinj Stock Down 6.3 %

Shares of PI stock traded down $9.86 during trading on Thursday, reaching $145.69. The company’s stock had a trading volume of 755,009 shares, compared to its average volume of 410,422. The company has a debt-to-equity ratio of 8.26, a current ratio of 8.73 and a quick ratio of 5.59. The company has a market capitalization of $4.03 billion, a price-to-earnings ratio of -413.77 and a beta of 2.05. The stock’s 50-day moving average price is $118.27 and its 200 day moving average price is $94.35. Impinj has a 1-year low of $48.39 and a 1-year high of $156.41.

Impinj (NASDAQ:PI) last released its quarterly earnings results on Wednesday, April 24th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.14. Impinj had a negative net margin of 1.90% and a negative return on equity of 81.75%. The firm had revenue of $76.83 million during the quarter, compared to the consensus estimate of $73.57 million. On average, research analysts anticipate that Impinj will post -0.62 EPS for the current year.

Insider Buying and Selling

In other Impinj news, CEO Chris Ph.D. Diorio sold 16,060 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $101.16, for a total value of $1,624,629.60. Following the sale, the chief executive officer now directly owns 278,863 shares in the company, valued at $28,209,781.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Chris Ph.D. Diorio sold 16,060 shares of Impinj stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $101.16, for a total transaction of $1,624,629.60. Following the transaction, the chief executive officer now directly owns 278,863 shares of the company’s stock, valued at $28,209,781.08. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Hussein Mecklai sold 30,000 shares of Impinj stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $104.80, for a total value of $3,144,000.00. Following the completion of the transaction, the chief operating officer now directly owns 40,489 shares in the company, valued at approximately $4,243,247.20. The disclosure for this sale can be found here. Insiders have sold 120,185 shares of company stock worth $12,767,674 over the last ninety days. 17.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Impinj

Several institutional investors and hedge funds have recently added to or reduced their stakes in PI. Sylebra Capital LLC bought a new stake in shares of Impinj during the third quarter valued at approximately $217,290,000. Capital International Investors bought a new stake in Impinj in the fourth quarter valued at $68,211,000. Fred Alger Management LLC grew its position in Impinj by 249.6% in the third quarter. Fred Alger Management LLC now owns 795,973 shares of the company’s stock valued at $43,802,000 after acquiring an additional 568,301 shares during the period. Westfield Capital Management Co. LP grew its position in Impinj by 40.1% in the third quarter. Westfield Capital Management Co. LP now owns 1,022,359 shares of the company’s stock valued at $56,260,000 after acquiring an additional 292,470 shares during the period. Finally, Sora Investors LLC bought a new stake in Impinj in the third quarter valued at $9,080,000.

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.