Lake Street Capital Increases Impinj (NASDAQ:PI) Price Target to $190.00

Impinj (NASDAQ:PI) had its target price raised by equities researchers at Lake Street Capital from $155.00 to $190.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. Lake Street Capital’s price target points to a potential upside of 19.60% from the company’s current price.

Several other research firms also recently commented on PI. Roth Mkm upped their price objective on shares of Impinj from $145.00 to $175.00 and gave the company a “buy” rating in a report on Thursday. Piper Sandler upped their price target on shares of Impinj from $150.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, July 11th. Cantor Fitzgerald reiterated an “overweight” rating and set a $205.00 price objective on shares of Impinj in a research note on Thursday. StockNews.com downgraded Impinj from a “hold” rating to a “sell” rating in a research note on Tuesday, May 21st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $195.00 price target on shares of Impinj in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Impinj presently has an average rating of “Moderate Buy” and an average target price of $187.10.

Impinj Stock Performance

Shares of NASDAQ:PI traded up $6.31 on Thursday, hitting $158.86. 727,236 shares of the company were exchanged, compared to its average volume of 433,243. The firm has a market capitalization of $4.40 billion, a P/E ratio of -456.34 and a beta of 1.78. The company has a current ratio of 9.42, a quick ratio of 6.87 and a debt-to-equity ratio of 3.29. Impinj has a 1-year low of $48.39 and a 1-year high of $181.88. The stock’s 50 day moving average price is $161.16 and its 200 day moving average price is $133.22.

Impinj (NASDAQ:PI) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.09. Impinj had a negative return on equity of 60.13% and a negative net margin of 1.90%. The business had revenue of $102.50 million for the quarter, compared to the consensus estimate of $97.47 million. During the same quarter in the previous year, the business earned ($0.14) EPS. The company’s quarterly revenue was up 19.2% compared to the same quarter last year. Sell-side analysts predict that Impinj will post 0.04 EPS for the current year.

Insider Activity

In related news, major shareholder Sylebra Capital Llc sold 1,000,000 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $153.10, for a total value of $153,100,000.00. Following the completion of the sale, the insider now owns 3,197,352 shares of the company’s stock, valued at approximately $489,514,591.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, major shareholder Sylebra Capital Llc sold 1,000,000 shares of Impinj stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $153.10, for a total value of $153,100,000.00. Following the sale, the insider now directly owns 3,197,352 shares in the company, valued at approximately $489,514,591.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Chris Ph.D. Diorio sold 1,187 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $175.43, for a total value of $208,235.41. Following the transaction, the chief executive officer now directly owns 291,412 shares of the company’s stock, valued at approximately $51,122,407.16. The disclosure for this sale can be found here. Insiders sold 1,097,971 shares of company stock worth $167,900,777 over the last three months. 51.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Impinj

Several institutional investors and hedge funds have recently added to or reduced their stakes in PI. Future Financial Wealth Managment LLC purchased a new position in shares of Impinj in the first quarter worth about $32,000. GAMMA Investing LLC acquired a new stake in Impinj in the 4th quarter valued at about $40,000. Headlands Technologies LLC purchased a new position in Impinj in the 4th quarter worth approximately $58,000. Benjamin F. Edwards & Company Inc. boosted its holdings in shares of Impinj by 117.9% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 963 shares of the company’s stock worth $124,000 after purchasing an additional 521 shares during the last quarter. Finally, Jamison Private Wealth Management Inc. grew its position in shares of Impinj by 211.2% in the second quarter. Jamison Private Wealth Management Inc. now owns 809 shares of the company’s stock valued at $127,000 after purchasing an additional 549 shares in the last quarter.

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.