Impinj (NASDAQ:PI) Shares Gap Down – Here’s What Happened

Impinj, Inc. (NASDAQ:PI) shares gapped down prior to trading on Thursday . The stock had previously closed at $222.46, but opened at $209.28. Impinj shares last traded at $204.32, with a volume of 240,163 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Piper Sandler restated an “overweight” rating and set a $235.00 price target (up previously from $225.00) on shares of Impinj in a research note on Thursday. Evercore ISI reaffirmed an “outperform” rating and set a $270.00 price target (up previously from $205.00) on shares of Impinj in a research report on Thursday. Needham & Company LLC lifted their price objective on Impinj from $195.00 to $245.00 and gave the stock a “buy” rating in a report on Thursday. Susquehanna upped their price objective on shares of Impinj from $215.00 to $260.00 and gave the company a “positive” rating in a report on Monday. Finally, StockNews.com upgraded shares of Impinj from a “sell” rating to a “hold” rating in a research note on Friday, July 26th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $208.60.

Impinj Stock Performance

The company’s 50 day simple moving average is $195.01 and its 200-day simple moving average is $168.26. The firm has a market capitalization of $5.44 billion, a PE ratio of 704.00 and a beta of 1.80.

Impinj (NASDAQ:PI) last posted its quarterly earnings data 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. The company had revenue of $102.50 million during 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 quarterly revenue was up 19.2% on a year-over-year basis. During the same quarter last year, the company earned ($0.14) earnings per share. On average, equities research analysts forecast that Impinj, Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Cary Baker sold 496 shares of the stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $209.17, for a total value of $103,748.32. Following the transaction, the chief financial officer now owns 70,524 shares of the company’s stock, valued at $14,751,505.08. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was bought at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the transaction, the insider now directly owns 33,050,456 shares of the company’s stock, valued at $155,006,638.64. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Cary Baker sold 496 shares of the stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $209.17, for a total transaction of $103,748.32. Following the transaction, the chief financial officer now owns 70,524 shares in the company, valued at $14,751,505.08. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,779 shares of company stock worth $3,825,046. 51.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Impinj

Institutional investors and hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC bought a new stake in Impinj in the first quarter valued at approximately $513,000. TimesSquare Capital Management LLC purchased a new stake in Impinj during the 1st quarter valued at $19,195,000. Harbor Capital Advisors Inc. increased its position in shares of Impinj by 112.0% in the second quarter. Harbor Capital Advisors Inc. now owns 13,533 shares of the company’s stock valued at $2,122,000 after acquiring an additional 7,151 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Impinj by 13.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 63,111 shares of the company’s stock valued at $7,990,000 after acquiring an additional 7,247 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Impinj by 1.5% during the first quarter. Vanguard Group Inc. now owns 2,510,583 shares of the company’s stock worth $322,384,000 after purchasing an additional 35,893 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.