Impinj (NASDAQ:PI) Shares Gap Down – Here’s Why

Impinj, Inc. (NASDAQ:PI) gapped down prior to trading on Thursday . The stock had previously closed at $222.46, but opened at $209.28. Impinj shares last traded at $204.32, with a volume of 240,163 shares changing hands.

Analysts Set New Price Targets

PI has been the subject of several research reports. Susquehanna boosted their price target 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 increased their target price on shares of Impinj from $205.00 to $260.00 and gave the company an “overweight” rating in a research report on Thursday. Lake Street Capital boosted their price target on shares of Impinj from $190.00 to $251.00 and gave the stock a “buy” rating in a research report on Thursday. Needham & Company LLC increased their price objective on shares of Impinj from $195.00 to $245.00 and gave the company a “buy” rating in a report on Thursday. Finally, Piper Sandler restated an “overweight” rating and issued a $235.00 price target (up from $225.00) on shares of Impinj in a research report on Thursday. One 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 stock. According to data from MarketBeat.com, Impinj presently has a consensus rating of “Moderate Buy” and an average price target of $224.60.

Impinj Price Performance

The stock has a 50 day moving average price of $196.40 and a two-hundred day moving average price of $168.96. The firm has a market capitalization of $5.64 billion, a price-to-earnings ratio of 692.07 and a beta of 1.80.

Impinj (NASDAQ:PI) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.08. Impinj had a net margin of 3.93% and a negative return on equity of 21.12%. 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 prior year, the firm earned ($0.36) earnings per share. The business’s revenue for the quarter was up 46.5% compared to the same quarter last year. As a group, research analysts expect that Impinj, Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Activity at Impinj

In related news, CRO Jeffrey Dossett sold 488 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $237.84, for a total transaction of $116,065.92. Following the completion of the sale, the executive now owns 65,294 shares in the company, valued at $15,529,524.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were acquired at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the transaction, the insider now owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Jeffrey Dossett sold 488 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $237.84, for a total value of $116,065.92. Following the completion of the sale, the executive now directly owns 65,294 shares of the company’s stock, valued at approximately $15,529,524.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 21,779 shares of company stock valued at $3,825,046 over the last quarter. 51.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Impinj

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PI. Assenagon Asset Management S.A. purchased a new stake in shares of Impinj in the second quarter valued at about $103,252,000. Jennison Associates LLC acquired a new stake in Impinj during the 1st quarter worth approximately $25,747,000. Renaissance Technologies LLC purchased a new position in shares of Impinj in the 2nd quarter valued at approximately $30,116,000. TimesSquare Capital Management LLC acquired a new position in shares of Impinj in the first quarter valued at approximately $19,195,000. Finally, Lord Abbett & CO. LLC purchased a new stake in shares of Impinj during the first quarter worth approximately $9,659,000.

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.