Impinj (NASDAQ:PI) Upgraded at StockNews.com

Impinj (NASDAQ:PI) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Friday.

A number of other analysts also recently weighed in on the company. Canaccord Genuity Group upped their target price on Impinj from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, March 14th. The Goldman Sachs Group upped their price objective on Impinj from $130.00 to $156.00 and gave the stock a “buy” rating in a research report on Friday. Evercore ISI initiated coverage on Impinj in a research report on Tuesday, April 16th. They set an “outperform” rating and a $160.00 price objective for the company. Piper Sandler restated an “overweight” rating and set a $150.00 price objective (up from $130.00) on shares of Impinj in a research report on Thursday. Finally, Susquehanna upped their price objective on Impinj from $130.00 to $140.00 and gave the stock a “positive” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $132.89.

Impinj Price Performance

Shares of NASDAQ:PI traded down $4.64 during trading on Friday, reaching $150.91. 1,647,904 shares of the company traded hands, compared to its average volume of 421,742. The company’s 50 day moving average is $119.23 and its two-hundred day moving average is $95.02. The firm has a market capitalization of $4.17 billion, a PE ratio of -431.17 and a beta of 2.05. The company has a quick ratio of 5.59, a current ratio of 8.73 and a debt-to-equity ratio of 8.26. Impinj has a 52 week low of $48.39 and a 52 week high of $156.41.

Impinj (NASDAQ:PI) last released its earnings results on Wednesday, April 24th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.14. The firm had revenue of $76.83 million during the quarter, compared to the consensus estimate of $73.57 million. Impinj had a negative return on equity of 81.75% and a negative net margin of 1.90%. As a group, sell-side analysts predict that Impinj will post -0.62 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Cathal G. Phelan sold 2,556 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $98.88, for a total value of $252,737.28. Following the completion of the sale, the insider now owns 24,990 shares of the company’s stock, valued at $2,471,011.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Cathal G. Phelan sold 2,556 shares of the stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $98.88, for a total value of $252,737.28. Following the completion of the sale, the insider now owns 24,990 shares of the company’s stock, valued at $2,471,011.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Hussein Mecklai sold 435 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $118.75, for a total value of $51,656.25. Following the completion of the sale, the chief operating officer now directly owns 55,414 shares of the company’s stock, valued at approximately $6,580,412.50. The disclosure for this sale can be found here. Insiders sold a total of 120,185 shares of company stock valued at $12,767,674 in the last 90 days. Corporate insiders own 17.10% of the company’s stock.

Institutional Investors Weigh In On Impinj

Several large investors have recently added to or reduced their stakes in PI. Sylebra Capital LLC acquired a new stake in Impinj during the third quarter worth approximately $217,290,000. Capital International Investors bought a new position in Impinj in the fourth quarter worth approximately $68,211,000. Fred Alger Management LLC boosted its holdings in Impinj by 249.6% in the third quarter. Fred Alger Management LLC now owns 795,973 shares of the company’s stock worth $43,802,000 after acquiring an additional 568,301 shares in the last quarter. Westfield Capital Management Co. LP boosted its holdings in Impinj by 40.1% in the third quarter. Westfield Capital Management Co. LP now owns 1,022,359 shares of the company’s stock worth $56,260,000 after acquiring an additional 292,470 shares in the last quarter. Finally, Sora Investors LLC bought a new position in Impinj in the third quarter worth approximately $9,080,000.

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.