Impinj (NASDAQ:PI) Reaches New 52-Week High – Here’s Why

Impinj, Inc. (NASDAQ:PI) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $222.48 and last traded at $222.38, with a volume of 47819 shares trading hands. The stock had previously closed at $218.11.

Analyst Ratings Changes

Several analysts have commented on the company. Evercore ISI increased their target price on Impinj from $172.00 to $205.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Cantor Fitzgerald reiterated an “overweight” rating and set a $205.00 target price on shares of Impinj in a research report on Thursday, July 25th. Lake Street Capital lifted their target price on Impinj from $155.00 to $190.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Roth Mkm boosted their price objective on Impinj from $145.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Finally, Susquehanna boosted their price objective on Impinj from $150.00 to $215.00 and gave the company a “positive” rating in a research report on Wednesday, July 17th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Impinj presently has an average rating of “Moderate Buy” and an average price target of $191.60.

Impinj Stock Up 1.8 %

The company has a 50 day simple moving average of $175.60 and a two-hundred day simple moving average of $159.83. The company has a market capitalization of $6.25 billion, a P/E ratio of -634.63 and a beta of 1.80.

Impinj (NASDAQ:PI) last announced its earnings results on Wednesday, July 24th. The company reported $0.83 earnings per share (EPS) 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 business had revenue of $102.50 million during the quarter, compared to analyst estimates of $97.47 million. During the same quarter in the previous year, the business earned ($0.14) earnings per share. The company’s revenue for the quarter was up 19.2% compared to the same quarter last year. As a group, research analysts expect that Impinj, Inc. will post 0.31 EPS for the current fiscal year.

Insider Activity at Impinj

In related news, CFO Cary Baker sold 356 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $175.42, for a total value of $62,449.52. Following the completion of the sale, the chief financial officer now owns 69,760 shares in the company, valued at approximately $12,237,299.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Cary Baker sold 356 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $175.42, for a total transaction of $62,449.52. Following the transaction, the chief financial officer now owns 69,760 shares in the company, valued at $12,237,299.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were bought at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the acquisition, the insider now owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 21,713 shares of company stock worth $3,657,482. Company insiders own 51.00% of the company’s stock.

Institutional Investors Weigh In On Impinj

Several hedge funds have recently bought and sold shares of PI. Future Financial Wealth Managment LLC acquired a new position in shares of Impinj during the 1st quarter worth approximately $32,000. SouthState Corp purchased a new position in Impinj during the 2nd quarter valued at about $94,000. nVerses Capital LLC boosted its holdings in Impinj by 75.0% during the 2nd quarter. nVerses Capital LLC now owns 700 shares of the company’s stock valued at $110,000 after acquiring an additional 300 shares during the period. Jamison Private Wealth Management Inc. boosted its holdings in Impinj by 211.2% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 809 shares of the company’s stock valued at $127,000 after acquiring an additional 549 shares during the period. Finally, Benjamin F. Edwards & Company Inc. boosted its stake in shares of Impinj by 117.9% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 963 shares of the company’s stock valued at $124,000 after buying an additional 521 shares during the period.

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.