Magnetar Financial LLC Buys New Holdings in Impinj, Inc. (NASDAQ:PI)

Magnetar Financial LLC bought a new stake in Impinj, Inc. (NASDAQ:PI) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 8,564 shares of the company’s stock, valued at approximately $1,244,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. National Bank of Canada FI purchased a new stake in shares of Impinj in the third quarter worth approximately $30,000. SBI Securities Co. Ltd. purchased a new stake in shares of Impinj in the fourth quarter worth approximately $33,000. Jones Financial Companies Lllp raised its stake in shares of Impinj by 205.9% in the fourth quarter. Jones Financial Companies Lllp now owns 260 shares of the company’s stock worth $38,000 after purchasing an additional 175 shares during the last quarter. IFP Advisors Inc raised its stake in shares of Impinj by 116.5% in the fourth quarter. IFP Advisors Inc now owns 368 shares of the company’s stock worth $53,000 after purchasing an additional 198 shares during the last quarter. Finally, Spire Wealth Management purchased a new stake in shares of Impinj in the fourth quarter worth approximately $87,000.

Analyst Upgrades and Downgrades

Several analysts have recently commented on PI shares. Susquehanna lowered their price objective on Impinj from $260.00 to $220.00 and set a “positive” rating for the company in a research note on Wednesday, January 22nd. Piper Sandler lowered their price objective on Impinj from $235.00 to $140.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th. The Goldman Sachs Group decreased their price target on Impinj from $200.00 to $132.00 and set a “neutral” rating for the company in a research report on Thursday, February 6th. StockNews.com downgraded Impinj from a “hold” rating to a “sell” rating in a research report on Friday, January 24th. Finally, Needham & Company LLC decreased their price target on Impinj from $182.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $183.44.

Impinj Stock Performance

NASDAQ:PI opened at $90.05 on Friday. The stock has a fifty day moving average of $111.38 and a 200 day moving average of $160.12. Impinj, Inc. has a 52-week low of $84.17 and a 52-week high of $239.88. The firm has a market capitalization of $2.57 billion, a price-to-earnings ratio of 66.21 and a beta of 1.98.

Impinj (NASDAQ:PI) last released its quarterly earnings results on Wednesday, February 5th. The company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.49). Impinj had a net margin of 11.15% and a return on equity of 7.11%. Equities analysts forecast that Impinj, Inc. will post -0.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Impinj

In other news, CRO Jeffrey Dossett sold 580 shares of Impinj stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $146.06, for a total value of $84,714.80. Following the transaction, the executive now owns 66,180 shares in the company, valued at approximately $9,666,250.80. The trade was a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Cathal G. Phelan sold 210 shares of Impinj 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 completion of the transaction, the insider now owns 6,979 shares in the company, valued at approximately $1,019,352.74. This represents a 2.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 22,323 shares of company stock worth $2,454,588 over the last 90 days. Corporate insiders own 51.00% of the company’s stock.

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.