Impinj (NASDAQ:PI) Sets New 12-Month Low - Here's Why

Impinj, Inc. (NASDAQ:PI - Get Free Report) shares reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $83.53 and last traded at $88.40, with a volume of 431077 shares traded. The stock had previously closed at $90.70.

Analyst Ratings Changes

PI has been the topic of a number of recent research reports. StockNews.com cut Impinj from a "hold" rating to a "sell" rating in a research note on Friday, January 24th. Piper Sandler decreased their price target on Impinj from $235.00 to $140.00 and set an "overweight" rating for the company in a report on Thursday, February 6th. Susquehanna dropped their price objective on shares of Impinj from $260.00 to $220.00 and set a "positive" rating on the stock in a research note on Wednesday, January 22nd. Cantor Fitzgerald raised shares of Impinj to a "strong-buy" rating in a research report on Thursday, February 27th. Finally, Needham & Company LLC lowered their price target on shares of Impinj from $182.00 to $130.00 and set a "buy" rating for the company in a report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $183.44.

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Impinj Stock Performance

The stock has a 50 day moving average of $100.18 and a 200 day moving average of $153.07. The stock has a market capitalization of $2.08 billion, a P/E ratio of 53.68 and a beta of 1.74.

Impinj (NASDAQ:PI - Get Free Report) last posted its earnings results on Wednesday, February 5th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.48 by ($0.49). Impinj had a net margin of 11.15% and a return on equity of 7.11%. On average, research analysts anticipate that Impinj, Inc. will post -0.47 EPS for the current fiscal year.

Insider Activity at Impinj

In related news, CEO Chris Ph.D. Diorio sold 8,334 shares of the firm's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $98.78, for a total transaction of $823,232.52. Following the transaction, the chief executive officer now owns 354,076 shares in the company, valued at $34,975,627.28. This trade represents a 2.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Cary Baker sold 1,553 shares of the business's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $98.76, for a total value of $153,374.28. Following the sale, the chief financial officer now directly owns 76,451 shares in the company, valued at approximately $7,550,300.76. The trade was a 1.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,704 shares of company stock worth $1,925,748 in the last three months. 51.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. The Manufacturers Life Insurance Company grew its position in Impinj by 7.7% in the third quarter. The Manufacturers Life Insurance Company now owns 13,736 shares of the company's stock worth $2,974,000 after buying an additional 983 shares during the last quarter. State Street Corp boosted its stake in shares of Impinj by 25.7% during the 3rd quarter. State Street Corp now owns 1,078,676 shares of the company's stock worth $233,555,000 after acquiring an additional 220,776 shares in the last quarter. Two Sigma Advisers LP grew its holdings in shares of Impinj by 8.9% in the 3rd quarter. Two Sigma Advisers LP now owns 168,200 shares of the company's stock worth $36,419,000 after acquiring an additional 13,800 shares during the last quarter. Wellington Management Group LLP acquired a new stake in shares of Impinj during the third quarter worth $24,771,000. Finally, EP Wealth Advisors LLC acquired a new position in shares of Impinj in the 3rd quarter valued at $294,000.

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.