Impinj (NASDAQ:PI) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Impinj (NASDAQ:PI) from a sell rating to a hold rating in a research report report published on Thursday morning.

A number of other research analysts have also recently issued reports on the stock. Lake Street Capital increased their target price on shares of Impinj from $190.00 to $251.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Piper Sandler reaffirmed an “overweight” rating and set a $235.00 price objective (up from $225.00) on shares of Impinj in a report on Thursday, October 24th. Susquehanna boosted their target price on Impinj from $215.00 to $260.00 and gave the stock a “positive” rating in a research report on Monday, October 21st. Cantor Fitzgerald raised their price target on Impinj from $205.00 to $260.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $270.00 price objective (up from $205.00) on shares of Impinj in a research report on Thursday, October 24th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $218.30.

Impinj Price Performance

Impinj stock opened at $131.94 on Thursday. The stock’s 50 day moving average price is $163.27 and its 200 day moving average price is $176.36. Impinj has a 1-year low of $91.86 and a 1-year high of $239.88. The company has a market cap of $3.73 billion, a PE ratio of 148.25 and a beta of 1.88.

Impinj (NASDAQ:PI) last issued its earnings results on Wednesday, October 23rd. The company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.48 by $0.08. Impinj had a net margin of 8.21% and a negative return on equity of 1.64%. The company had revenue of $95.20 million for the quarter, compared to analyst estimates of $92.86 million. During the same period in the previous year, the firm earned ($0.36) EPS. The business’s revenue was up 46.5% on a year-over-year basis. On average, equities research analysts anticipate that Impinj will post 0.4 EPS for the current fiscal year.

Insider Transactions at Impinj

In other news, CFO Cary Baker sold 15,000 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $204.90, for a total transaction of $3,073,500.00. Following the transaction, the chief financial officer now directly owns 71,096 shares in the company, valued at $14,567,570.40. This represents a 17.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Sylebra Capital Llc sold 250,000 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $203.00, for a total transaction of $50,750,000.00. Following the completion of the sale, the insider now owns 2,222,352 shares of the company’s stock, valued at approximately $451,137,456. The trade was a 10.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 655,038 shares of company stock worth $131,064,693 over the last quarter. 51.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Impinj

Hedge funds have recently made changes to their positions in the stock. Inspire Investing LLC raised its holdings in shares of Impinj by 45.0% in the 4th quarter. Inspire Investing LLC now owns 2,752 shares of the company’s stock worth $400,000 after purchasing an additional 854 shares during the period. Harbour Capital Advisors LLC raised its holdings in Impinj by 14.1% in the fourth quarter. Harbour Capital Advisors LLC now owns 3,445 shares of the company’s stock valued at $521,000 after buying an additional 425 shares during the period. Diversified Trust Co lifted its position in Impinj by 11.9% during the fourth quarter. Diversified Trust Co now owns 2,251 shares of the company’s stock valued at $327,000 after buying an additional 240 shares in the last quarter. Nordea Investment Management AB purchased a new stake in Impinj during the fourth quarter worth approximately $3,341,000. Finally, Principal Financial Group Inc. increased its position in shares of Impinj by 4,013.7% in the third quarter. Principal Financial Group Inc. now owns 125,633 shares of the company’s stock worth $27,202,000 after acquiring an additional 122,579 shares in the last quarter.

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.