StockNews.com Upgrades Impinj (NASDAQ:PI) to Hold

Impinj (NASDAQ:PI) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a report released on Thursday.

Other analysts have also issued reports about the stock. Piper Sandler restated an “overweight” rating and set a $235.00 target price (up from $225.00) on shares of Impinj in a research note on Thursday, October 24th. The Goldman Sachs Group increased their price objective on shares of Impinj from $165.00 to $200.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Needham & Company LLC lifted their price objective on shares of Impinj from $195.00 to $245.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Evercore ISI reiterated an “outperform” rating and set a $270.00 target price (up previously from $205.00) on shares of Impinj in a research note on Thursday, October 24th. Finally, Cantor Fitzgerald raised their price target on Impinj from $205.00 to $260.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $218.30.

Impinj Stock Down 0.4 %

Shares of PI stock opened at $131.94 on Thursday. The firm has a 50 day moving average of $163.27 and a two-hundred day moving average of $176.24. The stock has a market capitalization of $3.73 billion, a PE ratio of 148.25 and a beta of 1.88. Impinj has a 52 week low of $91.86 and a 52 week high of $239.88.

Impinj (NASDAQ:PI) last released its earnings results on Wednesday, October 23rd. The company reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.08. Impinj had a negative return on equity of 1.64% and a net margin of 8.21%. The firm had revenue of $95.20 million during the quarter, compared to analyst estimates of $92.86 million. During the same period last year, the business posted ($0.36) earnings per share. Impinj’s revenue was up 46.5% compared to the same quarter last year. Analysts expect that Impinj will post 0.4 EPS for the current fiscal year.

Insiders Place Their Bets

In other Impinj news, CFO Cary Baker sold 15,000 shares of the firm’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $204.90, for a total transaction of $3,073,500.00. Following the transaction, the chief financial officer now directly owns 71,096 shares of the company’s stock, valued at approximately $14,567,570.40. This trade represents a 17.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Chris Ph.D. Diorio sold 34,474 shares of Impinj stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $201.51, for a total transaction of $6,946,855.74. Following the completion of the transaction, the chief executive officer now owns 294,438 shares in the company, valued at approximately $59,332,201.38. This represents a 10.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 655,038 shares of company stock valued at $131,064,693. 51.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Impinj

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Inspire Investing LLC lifted its holdings in shares of Impinj by 45.0% during the fourth quarter. Inspire Investing LLC now owns 2,752 shares of the company’s stock worth $400,000 after purchasing an additional 854 shares during the period. Harbour Capital Advisors LLC raised its position in Impinj by 14.1% during the 4th quarter. Harbour Capital Advisors LLC now owns 3,445 shares of the company’s stock worth $521,000 after buying an additional 425 shares during the last quarter. Diversified Trust Co raised its position in Impinj by 11.9% during the 4th quarter. Diversified Trust Co now owns 2,251 shares of the company’s stock worth $327,000 after buying an additional 240 shares during the last quarter. Nordea Investment Management AB acquired a new stake in shares of Impinj in the 4th quarter worth $3,341,000. Finally, Principal Financial Group Inc. boosted its holdings in shares of Impinj by 4,013.7% in the third quarter. Principal Financial Group Inc. now owns 125,633 shares of the company’s stock valued at $27,202,000 after acquiring an additional 122,579 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.