Shares of Impinj, Inc. (NASDAQ:PI – Get Free Report) have earned an average recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation and six have given a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $103.25.
A number of brokerages have recently weighed in on PI. Lake Street Capital cut their target price on shares of Impinj from $130.00 to $90.00 in a research note on Thursday, July 27th. The Goldman Sachs Group cut their price objective on Impinj from $101.00 to $89.00 and set a “buy” rating on the stock in a research report on Thursday, October 26th. Roth Mkm dropped their price target on Impinj from $105.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, October 26th. StockNews.com upgraded Impinj to a “sell” rating in a research report on Thursday, October 26th. Finally, Needham & Company LLC restated a “buy” rating and set a $85.00 target price on shares of Impinj in a report on Thursday, October 26th.
Impinj Price Performance
Impinj (NASDAQ:PI – Get Free Report) last released its quarterly earnings results on Wednesday, October 25th. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.20. The business had revenue of $65.01 million for the quarter, compared to analysts’ expectations of $64.73 million. Impinj had a negative net margin of 9.03% and a negative return on equity of 47.86%. On average, equities research analysts anticipate that Impinj will post -1.1 earnings per share for the current year.
Insiders Place Their Bets
In other news, major shareholder Sylebra Capital Ltd purchased 35,510 shares of the company’s stock in a transaction that occurred on Thursday, November 16th. The shares were bought at an average price of $79.61 per share, for a total transaction of $2,826,951.10. Following the purchase, the insider now directly owns 4,118,587 shares in the company, valued at approximately $327,880,711.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CRO Jeffrey Dossett sold 498 shares of the company’s stock in a transaction on Friday, October 13th. The stock was sold at an average price of $52.37, for a total transaction of $26,080.26. Following the transaction, the executive now directly owns 41,198 shares of the company’s stock, valued at $2,157,539.26. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder Sylebra Capital Ltd purchased 35,510 shares of the stock in a transaction dated Thursday, November 16th. The shares were acquired at an average cost of $79.61 per share, for a total transaction of $2,826,951.10. Following the completion of the acquisition, the insider now owns 4,118,587 shares of the company’s stock, valued at $327,880,711.07. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 177,141 shares of company stock valued at $12,346,470 and have sold 13,589 shares valued at $814,767. Corporate insiders own 17.10% of the company’s stock.
Hedge Funds Weigh In On Impinj
Several hedge funds and other institutional investors have recently bought and sold shares of PI. Creative Planning grew its holdings in shares of Impinj by 11.6% in the third quarter. Creative Planning now owns 10,206 shares of the company’s stock worth $562,000 after acquiring an additional 1,058 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Impinj by 22.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 11,497 shares of the company’s stock valued at $633,000 after purchasing an additional 2,144 shares during the period. Royal Bank of Canada increased its position in shares of Impinj by 734.1% during the 3rd quarter. Royal Bank of Canada now owns 33,941 shares of the company’s stock valued at $1,868,000 after purchasing an additional 29,872 shares during the last quarter. Scopia Capital Management LP bought a new position in shares of Impinj in the 3rd quarter worth approximately $878,000. Finally, KADENSA CAPITAL Ltd boosted its holdings in shares of Impinj by 13.8% in the third quarter. KADENSA CAPITAL Ltd now owns 33,324 shares of the company’s stock worth $1,834,000 after buying an additional 4,049 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, which comprises multiple product families, wirelessly connects individual 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.
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