Impinj (NASDAQ:PI) Shares Down 6.9%

Impinj, Inc. (NASDAQ:PI) shares dropped 6.9% during trading on Friday . The company traded as low as $144.44 and last traded at $144.82. Approximately 231,385 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 403,165 shares. The stock had previously closed at $155.55.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. StockNews.com upgraded Impinj to a “sell” rating in a research note on Friday, February 9th. Evercore ISI started coverage on Impinj in a report on Tuesday, April 16th. They issued an “outperform” rating and a $160.00 target price on the stock. Susquehanna increased their target price on Impinj from $130.00 to $140.00 and gave the company a “positive” rating in a report on Tuesday. Piper Sandler restated an “overweight” rating and issued a $150.00 price objective (up previously from $130.00) on shares of Impinj in a research note on Thursday. Finally, Needham & Company LLC upped their price objective on shares of Impinj from $130.00 to $160.00 and gave the company a “buy” rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $132.89.

Impinj Stock Performance

The stock’s 50-day moving average price is $118.27 and its 200-day moving average price is $94.35. The company has a debt-to-equity ratio of 8.26, a quick ratio of 5.59 and a current ratio of 8.73. The company has a market capitalization of $4.17 billion, a price-to-earnings ratio of -416.97 and a beta of 2.05.

Impinj (NASDAQ:PI) last issued its quarterly earnings data on Wednesday, April 24th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.14. Impinj had a negative return on equity of 81.75% and a negative net margin of 1.90%. The firm had revenue of $76.83 million during the quarter, compared to the consensus estimate of $73.57 million. As a group, equities research analysts expect that Impinj, Inc. will post -0.62 earnings per share for the current year.

Insider Buying and Selling at Impinj

In other Impinj news, COO Hussein Mecklai sold 30,000 shares of the business’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $104.80, for a total value of $3,144,000.00. Following the completion of the transaction, the chief operating officer now directly owns 40,489 shares in the company, valued at approximately $4,243,247.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Chris Ph.D. Diorio sold 16,060 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $101.16, for a total transaction of $1,624,629.60. Following the completion of the sale, the chief executive officer now directly owns 278,863 shares of the company’s stock, valued at approximately $28,209,781.08. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Hussein Mecklai sold 30,000 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $104.80, for a total transaction of $3,144,000.00. Following the sale, the chief operating officer now directly owns 40,489 shares of the company’s stock, valued at $4,243,247.20. The disclosure for this sale can be found here. In the last three months, insiders sold 120,185 shares of company stock worth $12,767,674. Insiders own 17.10% of the company’s stock.

Institutional Trading of Impinj

A number of institutional investors have recently added to or reduced their stakes in PI. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Impinj by 2.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,128 shares of the company’s stock valued at $462,000 after buying an additional 115 shares during the last quarter. Wealth Effects LLC boosted its position in Impinj by 1.0% in the 1st quarter. Wealth Effects LLC now owns 15,145 shares of the company’s stock valued at $1,945,000 after buying an additional 150 shares during the last quarter. Arizona State Retirement System boosted its position in Impinj by 3.3% in the 3rd quarter. Arizona State Retirement System now owns 6,450 shares of the company’s stock valued at $355,000 after buying an additional 205 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new position in Impinj in the 1st quarter valued at about $32,000. Finally, GAMMA Investing LLC purchased a new position in Impinj in the 4th quarter valued at about $40,000.

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.