Wasatch Advisors LP Cuts Stock Position in Impinj, Inc. (NASDAQ:PI)

Wasatch Advisors LP lowered its position in Impinj, Inc. (NASDAQ:PI) by 30.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 261,470 shares of the company’s stock after selling 116,147 shares during the period. Wasatch Advisors LP owned approximately 0.95% of Impinj worth $33,575,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Future Financial Wealth Managment LLC acquired a new stake in Impinj during the 1st quarter valued at approximately $32,000. GAMMA Investing LLC acquired a new position in shares of Impinj in the 4th quarter valued at $40,000. Headlands Technologies LLC acquired a new position in shares of Impinj in the 4th quarter valued at $58,000. Whittier Trust Co. acquired a new position in shares of Impinj in the 4th quarter valued at $90,000. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Impinj by 41.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 3,941 shares of the company’s stock valued at $217,000 after purchasing an additional 1,149 shares during the period.

Wall Street Analysts Forecast Growth

PI has been the subject of a number of research reports. Piper Sandler reaffirmed an “overweight” rating and set a $150.00 target price (up previously from $130.00) on shares of Impinj in a report on Thursday, April 25th. Evercore ISI started coverage on shares of Impinj in a report on Tuesday, April 16th. They issued an “outperform” rating and a $160.00 price objective for the company. Susquehanna upped their price objective on shares of Impinj from $130.00 to $140.00 and gave the company a “positive” rating in a report on Tuesday, April 23rd. Canaccord Genuity Group upped their price objective on shares of Impinj from $130.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, March 14th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $195.00 price objective on shares of Impinj in a report on Wednesday, June 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $154.00.

Impinj Stock Performance

NASDAQ:PI opened at $158.68 on Wednesday. The company has a quick ratio of 6.87, a current ratio of 9.42 and a debt-to-equity ratio of 3.29. Impinj, Inc. has a 52-week low of $48.39 and a 52-week high of $175.41. The stock has a fifty day simple moving average of $158.32 and a 200-day simple moving average of $124.52.

Impinj (NASDAQ:PI) last announced its earnings results on Wednesday, April 24th. The company reported ($0.17) earnings per share 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 60.13%. The firm had revenue of $76.83 million during the quarter, compared to the consensus estimate of $73.57 million. Equities research analysts predict that Impinj, Inc. will post 0.02 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Chris Ph.D. Diorio sold 5,000 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $154.03, for a total transaction of $770,150.00. Following the completion of the transaction, the chief executive officer now directly owns 289,474 shares in the company, valued at approximately $44,587,680.22. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Chris Ph.D. Diorio sold 5,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $154.03, for a total transaction of $770,150.00. Following the transaction, the chief executive officer now directly owns 289,474 shares in the company, valued at $44,587,680.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Sylebra Capital Llc sold 1,000,000 shares of the firm’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $153.10, for a total value of $153,100,000.00. Following the transaction, the insider now owns 3,197,352 shares in the company, valued at $489,514,591.20. The disclosure for this sale can be found here. Insiders sold a total of 1,093,088 shares of company stock worth $166,964,996 in the last 90 days. 51.00% of the stock is owned by company insiders.

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.