Oppenheimer Asset Management Inc. Cuts Stake in Impinj, Inc. (NASDAQ:PI)

Oppenheimer Asset Management Inc. lessened its stake in shares of Impinj, Inc. (NASDAQ:PI) by 65.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,557 shares of the company’s stock after selling 2,995 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Impinj were worth $244,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in PI. Future Financial Wealth Managment LLC purchased a new stake in shares of Impinj during the 1st quarter valued at about $32,000. SouthState Corp purchased a new position in shares of Impinj in the second quarter worth approximately $94,000. nVerses Capital LLC boosted its holdings in shares of Impinj by 75.0% in the second quarter. nVerses Capital LLC now owns 700 shares of the company’s stock worth $110,000 after buying an additional 300 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its holdings in shares of Impinj by 117.9% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 963 shares of the company’s stock worth $124,000 after buying an additional 521 shares during the last quarter. Finally, Jamison Private Wealth Management Inc. boosted its holdings in shares of Impinj by 211.2% in the second quarter. Jamison Private Wealth Management Inc. now owns 809 shares of the company’s stock worth $127,000 after buying an additional 549 shares during the last quarter.

Impinj Stock Performance

PI stock opened at $201.99 on Friday. Impinj, Inc. has a one year low of $48.39 and a one year high of $204.24. The company’s fifty day moving average price is $165.49 and its 200-day moving average price is $152.23. The company has a market capitalization of $5.60 billion, a PE ratio of -577.11 and a beta of 1.78.

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

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on PI shares. Needham & Company LLC reissued a “buy” rating and issued a $195.00 price objective on shares of Impinj in a report on Thursday, July 25th. Cantor Fitzgerald reissued an “overweight” rating and issued a $205.00 price objective on shares of Impinj in a report on Thursday, July 25th. Lake Street Capital raised their target price on shares of Impinj from $155.00 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, July 25th. Susquehanna lifted their price target on shares of Impinj from $150.00 to $215.00 and gave the company a “positive” rating in a report on Wednesday, July 17th. Finally, Roth Mkm lifted their price target on shares of Impinj from $145.00 to $175.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $187.10.

Insider Activity at Impinj

In other news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the business’s stock in a transaction on Friday, September 13th. The shares were acquired at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the transaction, the insider now directly owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the business’s stock in a transaction on Friday, September 13th. The shares were acquired at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the transaction, the insider now directly owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Cathal G. Phelan sold 677 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $162.46, for a total transaction of $109,985.42. Following the transaction, the insider now owns 17,367 shares in the company, valued at approximately $2,821,442.82. The disclosure for this sale can be found here. Insiders have sold a total of 36,762 shares of company stock valued at $5,765,390 over the last 90 days. 51.00% of the stock is owned by corporate insiders.

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.