Telemark Asset Management LLC Acquires New Holdings in Impinj, Inc. (NASDAQ:PI)

Telemark Asset Management LLC bought a new stake in shares of Impinj, Inc. (NASDAQ:PI) during the 3rd quarter, Holdings Channel.com reports. The fund bought 60,000 shares of the company’s stock, valued at approximately $12,991,000. Impinj comprises approximately 1.3% of Telemark Asset Management LLC’s investment portfolio, making the stock its 27th largest holding.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Assenagon Asset Management S.A. purchased a new stake in Impinj in the second quarter valued at about $103,252,000. Renaissance Technologies LLC purchased a new position in shares of Impinj in the 2nd quarter valued at approximately $30,116,000. Principal Financial Group Inc. boosted its stake in Impinj by 4,013.7% in the 3rd quarter. Principal Financial Group Inc. now owns 125,633 shares of the company’s stock worth $27,202,000 after purchasing an additional 122,579 shares in the last quarter. AXA S.A. purchased a new stake in Impinj during the 2nd quarter worth approximately $11,574,000. Finally, Squarepoint Ops LLC increased its stake in Impinj by 501.9% during the 2nd quarter. Squarepoint Ops LLC now owns 69,232 shares of the company’s stock valued at $10,854,000 after purchasing an additional 57,730 shares in the last quarter.

Impinj Price Performance

NASDAQ:PI opened at $188.30 on Friday. The company has a 50 day moving average price of $206.07 and a 200-day moving average price of $176.56. Impinj, Inc. has a 1-year low of $78.17 and a 1-year high of $239.88. The firm has a market cap of $5.33 billion, a price-to-earnings ratio of 211.57 and a beta of 1.81.

Impinj (NASDAQ:PI) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.08. Impinj had a net margin of 8.21% and a negative return on equity of 1.64%. The business had revenue of $95.20 million during the quarter, compared to the consensus estimate of $92.86 million. During the same quarter in the prior year, the firm posted ($0.36) earnings per share. The company’s revenue was up 46.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Impinj, Inc. will post 0.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CRO Jeffrey Dossett sold 7,500 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $181.17, for a total transaction of $1,358,775.00. Following the completion of the transaction, the executive now owns 65,294 shares in the company, valued at $11,829,313.98. This represents a 10.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was purchased at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the acquisition, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. The trade was a 14.81 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 655,674 shares of company stock worth $131,623,305. 51.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PI. Cantor Fitzgerald boosted their price objective on shares of Impinj from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Susquehanna boosted their price target on Impinj from $215.00 to $260.00 and gave the company a “positive” rating in a research note on Monday, October 21st. Piper Sandler restated an “overweight” rating and issued a $235.00 price objective (up from $225.00) on shares of Impinj in a research note on Thursday, October 24th. StockNews.com lowered Impinj from a “hold” rating to a “sell” rating in a research report on Friday, October 25th. Finally, Needham & Company LLC raised their price target 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. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $224.60.

Impinj 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.