Impinj (NASDAQ:PI) Rating Lowered to Sell at StockNews.com

Impinj (NASDAQ:PI) was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.

PI has been the topic of a number of other reports. Needham & Company LLC decreased their target price on shares of Impinj from $245.00 to $182.00 and set a “buy” rating on the stock in a research note on Friday, January 17th. Piper Sandler reiterated an “overweight” rating and set a $235.00 price objective (up previously from $225.00) on shares of Impinj in a research report on Thursday, October 24th. Susquehanna dropped their target price on Impinj from $260.00 to $220.00 and set a “positive” rating for the company in a report on Wednesday. Evercore ISI reaffirmed an “outperform” rating and issued a $270.00 target price (up from $205.00) on shares of Impinj in a research note on Thursday, October 24th. Finally, Lake Street Capital boosted their price target on shares of Impinj from $190.00 to $251.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $214.30.

Impinj Stock Performance

Shares of PI stock opened at $139.47 on Friday. Impinj has a fifty-two week low of $95.96 and a fifty-two week high of $239.88. The stock’s fifty day moving average is $159.88 and its two-hundred day moving average is $175.86. The firm has a market capitalization of $3.95 billion, a P/E ratio of 156.71 and a beta of 1.88.

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 the consensus estimate of $0.48 by $0.08. Impinj had a net margin of 8.21% and a negative return on equity of 1.64%. The firm had revenue of $95.20 million for the quarter, compared to the consensus estimate of $92.86 million. During the same period last year, the firm posted ($0.36) earnings per share. The company’s revenue for the quarter was up 46.5% on a year-over-year basis. On average, equities analysts forecast that Impinj will post 0.44 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Sylebra Capital Llc sold 32,031 shares of Impinj stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $195.35, for a total value of $6,257,255.85. Following the completion of the sale, the insider now directly owns 3,021,548 shares of the company’s stock, valued at approximately $590,259,401.80. The trade was a 1.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Cathal G. Phelan sold 210 shares of the stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $146.06, for a total value of $30,672.60. Following the transaction, the insider now directly owns 6,979 shares in the company, valued at approximately $1,019,352.74. The trade was a 2.92 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 655,038 shares of company stock valued at $131,064,693. 51.00% of the stock is currently owned by insiders.

Institutional Trading of Impinj

A number of institutional investors and hedge funds have recently bought and sold shares of PI. Los Angeles Capital Management LLC raised its stake in shares of Impinj by 210.2% in the third quarter. Los Angeles Capital Management LLC now owns 8,569 shares of the company’s stock valued at $1,855,000 after acquiring an additional 5,807 shares in the last quarter. Nordea Investment Management AB acquired a new stake in Impinj in the 4th quarter valued at about $3,341,000. Thrivent Financial for Lutherans purchased a new position in shares of Impinj in the 3rd quarter valued at about $3,872,000. Teachers Retirement System of The State of Kentucky acquired a new position in shares of Impinj during the third quarter worth about $846,000. Finally, Intech Investment Management LLC purchased a new stake in shares of Impinj during the third quarter worth approximately $1,437,000.

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.