Impinj (NASDAQ:PI) Shares Gap Down Following Weak Earnings

Impinj, Inc. (NASDAQ:PI)’s stock price gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $127.06, but opened at $99.79. Impinj shares last traded at $111.85, with a volume of 655,340 shares.

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 8.21% and a negative return on equity of 1.64%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. StockNews.com lowered shares of Impinj from a “hold” rating to a “sell” rating in a research report on Friday, January 24th. Lake Street Capital increased their price target on Impinj from $190.00 to $251.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. The Goldman Sachs Group decreased 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. Needham & Company LLC cut their price objective on Impinj from $182.00 to $130.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Susquehanna decreased their target price on Impinj from $260.00 to $220.00 and set a “positive” rating for the company in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Impinj has a consensus rating of “Moderate Buy” and a consensus price target of $180.10.

Insider Transactions at Impinj

In other news, insider Cathal G. Phelan sold 210 shares of the stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $146.06, for a total value of $30,672.60. Following the completion of the sale, the insider now owns 6,979 shares of the company’s stock, valued at $1,019,352.74. This represents a 2.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Cary Baker sold 290 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $140.96, for a total transaction of $40,878.40. Following the sale, the chief financial officer now owns 71,754 shares of the company’s stock, valued at $10,114,443.84. This represents a 0.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 94,132 shares of company stock valued at $18,510,291 in the last three months. 51.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Impinj

A number of institutional investors have recently made changes to their positions in PI. National Bank of Canada FI purchased a new stake in shares of Impinj during the third quarter worth $30,000. Farther Finance Advisors LLC grew its stake in Impinj by 1,084.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 154 shares of the company’s stock worth $33,000 after purchasing an additional 141 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in Impinj during the 4th quarter worth about $33,000. Jones Financial Companies Lllp increased its holdings in Impinj by 205.9% during the 4th quarter. Jones Financial Companies Lllp now owns 260 shares of the company’s stock worth $38,000 after purchasing an additional 175 shares during the period. Finally, IFP Advisors Inc raised its position in Impinj by 116.5% in the 4th quarter. IFP Advisors Inc now owns 368 shares of the company’s stock valued at $53,000 after purchasing an additional 198 shares in the last quarter.

Impinj Trading Down 15.2 %

The firm has a market cap of $3.05 billion, a PE ratio of 121.08 and a beta of 1.88. The firm has a 50 day moving average price of $148.65 and a 200-day moving average price of $173.07.

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.