Impinj’s (PI) Overweight Rating Reaffirmed at Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Impinj (NASDAQ:PI) in a report issued on Friday, Benzinga reports. They currently have a $225.00 target price on the stock, up from their prior target price of $180.00.

Other analysts have also recently issued research reports about the stock. Needham & Company LLC reiterated a buy rating and set a $195.00 price target on shares of Impinj in a research note on Thursday, July 25th. StockNews.com upgraded shares of Impinj from a sell rating to a hold rating in a research note on Friday, July 26th. Susquehanna boosted their price target on Impinj from $150.00 to $215.00 and gave the company a positive rating in a research report on Wednesday, July 17th. Lake Street Capital increased their price objective on Impinj from $155.00 to $190.00 and gave the stock a buy rating in a research report on Thursday, July 25th. Finally, Cantor Fitzgerald reissued an overweight rating and issued a $205.00 target price on shares of Impinj in a report on Thursday, July 25th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $191.60.

Impinj Stock Performance

Shares of PI stock opened at $213.31 on Friday. Impinj has a 1 year low of $48.39 and a 1 year high of $220.17. The firm has a market cap of $6.00 billion, a price-to-earnings ratio of -609.46 and a beta of 1.78. The stock’s 50-day moving average is $169.34 and its two-hundred day moving average is $155.65.

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

Insider Activity

In other news, CEO Chris Ph.D. Diorio sold 5,000 shares of Impinj stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $162.32, for a total transaction of $811,600.00. Following the completion of the sale, the chief executive officer now directly owns 289,474 shares in the company, valued at approximately $46,987,419.68. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO Chris Ph.D. Diorio sold 5,000 shares of the firm’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $162.32, for a total value of $811,600.00. Following the completion of the transaction, the chief executive officer now owns 289,474 shares in the company, valued at $46,987,419.68. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was 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 in the company, valued at $155,006,638.64. The disclosure for this purchase can be found here. Insiders sold 26,713 shares of company stock worth $4,469,082 in the last 90 days. 51.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Impinj

Institutional investors have recently made changes to their positions in the stock. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Impinj during the second quarter worth about $1,395,000. Creative Planning grew its position in shares of Impinj by 13.8% in the second quarter. Creative Planning now owns 9,759 shares of the company’s stock valued at $1,530,000 after purchasing an additional 1,180 shares during the period. Algert Global LLC increased its stake in Impinj by 399.9% in the second quarter. Algert Global LLC now owns 15,871 shares of the company’s stock valued at $2,488,000 after purchasing an additional 12,696 shares during the last quarter. Scientech Research LLC lifted its position in Impinj by 37.5% during the second quarter. Scientech Research LLC now owns 2,373 shares of the company’s stock worth $372,000 after buying an additional 647 shares during the period. Finally, Mackenzie Financial Corp acquired a new stake in Impinj in the 2nd quarter worth about $208,000.

About Impinj

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.