Impinj (NASDAQ:PI) Shares Gap Up Following Analyst Upgrade

Impinj, Inc. (NASDAQ:PI) shares gapped up prior to trading on Thursday after Evercore ISI raised their price target on the stock from $99.00 to $117.00. The stock had previously closed at $77.07, but opened at $91.87. Evercore ISI currently has an outperform rating on the stock. Impinj shares last traded at $91.02, with a volume of 610,515 shares.

Several other equities research analysts have also recently issued reports on the stock. StockNews.com cut shares of Impinj from a “hold” rating to a “sell” rating in a report on Friday, January 24th. Piper Sandler cut their price objective on Impinj from $140.00 to $100.00 and set an “overweight” rating for the company in a report on Tuesday. Needham & Company LLC reduced their price objective on Impinj from $182.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, February 6th. Susquehanna dropped their target price on Impinj from $260.00 to $220.00 and set a “positive” rating on the stock in a research report on Wednesday, January 22nd. Finally, The Goldman Sachs Group cut their price target on Impinj from $200.00 to $132.00 and set a “neutral” rating for the company in a research note on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $160.33.

Insider Activity

In other Impinj news, CEO Chris Ph.D. Diorio sold 8,334 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $98.78, for a total transaction of $823,232.52. Following the sale, the chief executive officer now owns 354,076 shares of the company’s stock, valued at approximately $34,975,627.28. This trade represents a 2.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Hussein Mecklai sold 3,739 shares of the firm’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $98.81, for a total value of $369,450.59. Following the sale, the chief operating officer now directly owns 70,347 shares in the company, valued at approximately $6,950,987.07. The trade was a 5.05 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,857 shares of company stock valued at $1,665,290. 51.00% of the stock is currently owned by insiders.

Institutional Trading of Impinj

Institutional investors have recently modified their holdings of the company. Sylebra Capital LLC boosted its holdings in Impinj by 8.6% in the fourth quarter. Sylebra Capital LLC now owns 3,472,116 shares of the company’s stock worth $504,360,000 after acquiring an additional 274,764 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Impinj by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 3,442,164 shares of the company’s stock valued at $500,009,000 after purchasing an additional 104,861 shares during the last quarter. Capital International Investors boosted its stake in Impinj by 45.0% in the 4th quarter. Capital International Investors now owns 1,527,587 shares of the company’s stock worth $221,897,000 after purchasing an additional 473,721 shares in the last quarter. Geode Capital Management LLC grew its position in Impinj by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 546,823 shares of the company’s stock worth $79,654,000 after purchasing an additional 3,899 shares during the last quarter. Finally, Janus Henderson Group PLC increased its stake in Impinj by 3,824.4% during the 4th quarter. Janus Henderson Group PLC now owns 435,960 shares of the company’s stock valued at $63,310,000 after purchasing an additional 424,851 shares in the last quarter.

Impinj Price Performance

The stock’s fifty day simple moving average is $85.20 and its 200-day simple moving average is $137.75. The firm has a market cap of $2.61 billion, a PE ratio of 67.29 and a beta of 1.74.

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

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.