Impinj (NASDAQ:PI) Hits New 52-Week High on Insider Buying Activity

Impinj, Inc. (NASDAQ:PI)’s stock price reached a new 52-week high during mid-day trading on Tuesday after an insider bought additional shares in the company. The company traded as high as $191.00 and last traded at $189.93, with a volume of 55286 shares. The stock had previously closed at $186.62.

Specifically, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the stock in a transaction on Friday, September 13th. The stock was acquired at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the acquisition, the insider now owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Needham & Company LLC reiterated a “buy” rating and issued a $195.00 price target on shares of Impinj in a report on Thursday, July 25th. Roth Mkm boosted their price target on shares of Impinj from $145.00 to $175.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Cantor Fitzgerald restated an “overweight” rating and set a $205.00 price objective on shares of Impinj in a report on Thursday, July 25th. StockNews.com upgraded shares of Impinj from a “sell” rating to a “hold” rating in a report on Friday, July 26th. Finally, Susquehanna upped their target price on shares of Impinj from $150.00 to $215.00 and gave the stock a “positive” rating in a report on Wednesday, July 17th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $187.10.

Impinj Stock Performance

The firm has a market capitalization of $5.19 billion, a PE ratio of -535.31 and a beta of 1.78. The business’s 50 day moving average is $163.53 and its two-hundred day moving average is $150.67.

Impinj (NASDAQ:PI) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.09. Impinj had a negative return on equity of 21.12% and a net margin of 3.93%. The firm had revenue of $102.50 million for the quarter, compared to analysts’ expectations of $97.47 million. During the same period in the prior year, the business posted ($0.14) earnings per share. The company’s revenue was up 19.2% on a year-over-year basis. As a group, equities research analysts predict that Impinj, Inc. will post 0.31 EPS for the current year.

Institutional Investors Weigh In On Impinj

Institutional investors and hedge funds have recently bought and sold shares of the stock. Hsbc Holdings PLC increased its position in shares of Impinj by 7.3% during the 2nd quarter. Hsbc Holdings PLC now owns 2,777 shares of the company’s stock valued at $432,000 after purchasing an additional 190 shares during the last quarter. Rhumbline Advisers raised its stake in shares of Impinj by 0.8% during the second quarter. Rhumbline Advisers now owns 32,900 shares of the company’s stock worth $5,158,000 after acquiring an additional 248 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new position in shares of Impinj during the first quarter worth approximately $32,000. Arizona State Retirement System lifted its holdings in shares of Impinj by 4.1% in the 2nd quarter. Arizona State Retirement System now owns 6,581 shares of the company’s stock worth $1,032,000 after acquiring an additional 261 shares during the last quarter. Finally, nVerses Capital LLC boosted its stake in shares of Impinj by 75.0% in the 2nd quarter. nVerses Capital LLC now owns 700 shares of the company’s stock valued at $110,000 after purchasing an additional 300 shares in 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 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.