Impinj, Inc. (NASDAQ:PI) Short Interest Down 19.5% in October

Impinj, Inc. (NASDAQ:PI) was the recipient of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 3,140,000 shares, a decline of 19.5% from the October 15th total of 3,900,000 shares. Based on an average daily trading volume, of 541,100 shares, the days-to-cover ratio is currently 5.8 days.

Impinj Trading Down 1.6 %

PI opened at $182.73 on Friday. The company has a market cap of $5.17 billion, a P/E ratio of 205.31 and a beta of 1.81. The company has a fifty day moving average price of $204.99 and a two-hundred day moving average price of $175.70. Impinj has a 1-year low of $78.17 and a 1-year high of $239.88.

Impinj (NASDAQ:PI) last posted its quarterly earnings results on Wednesday, October 23rd. The company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.08. Impinj had a negative return on equity of 1.64% and a net margin of 8.21%. The business had revenue of $95.20 million for the quarter, compared to the consensus estimate of $92.86 million. During the same period in the prior year, the business earned ($0.36) EPS. The firm’s revenue for the quarter was up 46.5% on a year-over-year basis. On average, research analysts forecast that Impinj will post 0.4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PI has been the topic of several recent research reports. Evercore ISI reaffirmed an “outperform” rating and set a $270.00 target price (up from $205.00) on shares of Impinj in a report on Thursday, October 24th. Needham & Company LLC upped their target price on Impinj from $195.00 to $245.00 and gave the company a “buy” rating in a report on Thursday, October 24th. The Goldman Sachs Group raised their price target on shares of Impinj from $165.00 to $200.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Susquehanna upped their price objective on shares of Impinj from $215.00 to $260.00 and gave the company a “positive” rating in a research note on Monday, October 21st. Finally, StockNews.com downgraded shares of Impinj from a “hold” rating to a “sell” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Impinj has an average rating of “Moderate Buy” and an average target price of $224.60.

Insiders Place Their Bets

In other Impinj news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was purchased at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the transaction, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. The trade was a 14.81 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CRO Jeffrey Dossett sold 7,500 shares of the firm’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $181.17, for a total transaction of $1,358,775.00. Following the transaction, the executive now directly owns 65,294 shares of the company’s stock, valued at $11,829,313.98. The trade was a 10.30 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 656,351 shares of company stock valued at $131,733,291. 51.00% of the stock is currently owned by insiders.

Institutional Trading of Impinj

Hedge funds have recently bought and sold shares of the business. PDT Partners LLC acquired a new position in Impinj during the 3rd quarter valued at about $2,413,000. Fred Alger Management LLC lifted its holdings in shares of Impinj by 16.9% in the third quarter. Fred Alger Management LLC now owns 121,117 shares of the company’s stock valued at $26,224,000 after purchasing an additional 17,515 shares in the last quarter. Captrust Financial Advisors boosted its position in shares of Impinj by 2.2% during the third quarter. Captrust Financial Advisors now owns 13,170 shares of the company’s stock valued at $2,852,000 after buying an additional 284 shares during the last quarter. Public Sector Pension Investment Board bought a new stake in Impinj during the third quarter worth $10,458,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Impinj by 5.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,406 shares of the company’s stock valued at $1,171,000 after buying an additional 262 shares during the last quarter.

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.