Impinj (NASDAQ:PI) Sees Unusually-High Trading Volume – Time to Buy?

Impinj, Inc. (NASDAQ:PI) shares saw strong trading volume on Wednesday . 384,877 shares changed hands during mid-day trading, an increase of 0% from the previous session’s volume of 384,265 shares.The stock last traded at $139.19 and had previously closed at $149.31.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. StockNews.com upgraded Impinj from a “sell” rating to a “hold” rating in a report on Thursday. Piper Sandler reiterated an “overweight” rating and issued a $235.00 target price (up from $225.00) on shares of Impinj in a report on Thursday, October 24th. Needham & Company LLC decreased their price target on shares of Impinj from $245.00 to $182.00 and set a “buy” rating for the company in a research note on Friday. Lake Street Capital upped their price objective on shares of Impinj from $190.00 to $251.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Finally, Evercore ISI reiterated an “outperform” rating and set a $270.00 price objective (up from $205.00) on shares of Impinj in a report on Thursday, October 24th. Two equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Impinj presently has an average rating of “Moderate Buy” and a consensus price target of $218.30.

Impinj Stock Down 2.9 %

The firm’s fifty day moving average price is $164.71 and its 200-day moving average price is $176.40. The stock has a market cap of $3.75 billion, a P/E ratio of 148.89 and a beta of 1.88.

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

Insider Activity

In other news, CFO Cary Baker sold 15,000 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the chief financial officer now directly owns 71,096 shares of the company’s stock, valued at $14,567,570.40. The trade was a 17.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Cathal G. Phelan sold 11,549 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $200.81, for a total transaction of $2,319,154.69. Following the sale, the insider now owns 6,098 shares of the company’s stock, valued at approximately $1,224,539.38. This represents a 65.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 655,038 shares of company stock worth $131,064,693. Insiders own 51.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in PI. State Street Corp increased its stake in shares of Impinj by 25.7% in the third quarter. State Street Corp now owns 1,078,676 shares of the company’s stock worth $233,555,000 after purchasing an additional 220,776 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Impinj in the 2nd quarter worth $30,116,000. Principal Financial Group Inc. raised its holdings in Impinj by 4,013.7% during the third quarter. Principal Financial Group Inc. now owns 125,633 shares of the company’s stock valued at $27,202,000 after acquiring an additional 122,579 shares during the period. Wellington Management Group LLP purchased a new position in shares of Impinj in the third quarter valued at about $24,771,000. Finally, AXA S.A. bought a new position in shares of Impinj in the second quarter worth about $11,574,000.

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.