Impinj (NASDAQ:PI) Shares Gap Down After Earnings Miss

Impinj, Inc. (NASDAQ:PI) shares gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $127.06, but opened at $99.79. Impinj shares last traded at $111.85, with a volume of 655,340 shares trading hands.

The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.49). Impinj had a negative return on equity of 1.64% and a net margin of 8.21%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on PI shares. Piper Sandler reduced their price target on Impinj from $235.00 to $140.00 and set an “overweight” rating for the company in a research report on Thursday. Evercore ISI reaffirmed an “outperform” rating and set a $270.00 price objective (up from $205.00) on shares of Impinj in a report on Thursday, October 24th. StockNews.com lowered Impinj from a “hold” rating to a “sell” rating in a research note on Friday, January 24th. The Goldman Sachs Group cut their price objective on shares of Impinj from $200.00 to $132.00 and set a “neutral” rating for the company in a report on Thursday. Finally, Needham & Company LLC decreased their target price on shares of Impinj from $182.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Impinj has an average rating of “Moderate Buy” and an average target price of $180.10.

Insider Buying and Selling at Impinj

In related news, major shareholder Sylebra Capital Llc sold 78,616 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $201.79, for a total value of $15,863,922.64. Following the sale, the insider now directly owns 2,143,736 shares of the company’s stock, valued at approximately $432,584,487.44. This represents a 3.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Cathal G. Phelan sold 210 shares of the company’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $146.06, for a total transaction of $30,672.60. Following the completion of the sale, the insider now directly owns 6,979 shares in the company, valued at $1,019,352.74. This trade represents a 2.92 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 94,132 shares of company stock valued at $18,510,291. 51.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Impinj

A number of institutional investors have recently made changes to their positions in the stock. First Bank & Trust grew its holdings in Impinj by 3.2% in the third quarter. First Bank & Trust now owns 1,768 shares of the company’s stock valued at $383,000 after purchasing an additional 55 shares during the period. Louisiana State Employees Retirement System grew its stake in shares of Impinj by 0.9% during the fourth quarter. Louisiana State Employees Retirement System now owns 11,100 shares of the company’s stock valued at $1,612,000 after acquiring an additional 100 shares in the last quarter. National Bank of Canada FI purchased a new stake in Impinj during the 3rd quarter worth approximately $30,000. Farther Finance Advisors LLC raised its holdings in Impinj by 1,084.6% in the third quarter. Farther Finance Advisors LLC now owns 154 shares of the company’s stock valued at $33,000 after acquiring an additional 141 shares in the last quarter. Finally, KBC Group NV lifted its position in shares of Impinj by 29.7% during the third quarter. KBC Group NV now owns 681 shares of the company’s stock worth $147,000 after purchasing an additional 156 shares during the last quarter.

Impinj Trading Down 2.2 %

The firm has a 50-day moving average price of $147.02 and a 200 day moving average price of $172.62. The company has a market cap of $2.98 billion, a price-to-earnings ratio of 118.40 and a beta of 1.88.

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.