Impinj (NASDAQ:PI) Trading Down 3.5% - Time to Sell?

Impinj, Inc. (NASDAQ:PI - Get Free Report)'s stock price was down 3.5% during mid-day trading on Thursday . The company traded as low as $131.00 and last traded at $131.75. Approximately 100,721 shares were traded during trading, a decline of 80% from the average daily volume of 508,286 shares. The stock had previously closed at $136.52.

Wall Street Analyst Weigh In

Several research firms have recently commented on PI. Needham & Company LLC lowered their price target on Impinj from $245.00 to $182.00 and set a "buy" rating for the company in a research report on Friday. StockNews.com upgraded Impinj from a "sell" rating to a "hold" rating in a report on Thursday. Evercore ISI reaffirmed an "outperform" rating and issued a $270.00 target price (up from $205.00) on shares of Impinj in a research report on Thursday, October 24th. Piper Sandler reissued an "overweight" rating and set a $235.00 price target (up previously from $225.00) on shares of Impinj in a research report on Thursday, October 24th. Finally, Lake Street Capital lifted their price objective on shares of Impinj from $190.00 to $251.00 and gave the company a "buy" rating in a report on Thursday, October 24th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $218.30.

Impinj Price Performance

The company's 50 day simple moving average is $163.27 and its 200 day simple moving average is $176.24. The company has a market capitalization of $3.73 billion, a PE ratio of 148.25 and a beta of 1.88.

Impinj (NASDAQ:PI - Get Free Report) last posted its earnings results on Wednesday, October 23rd. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.08. The business had revenue of $95.20 million during the quarter, compared to the consensus estimate of $92.86 million. Impinj had a negative return on equity of 1.64% and a net margin of 8.21%. The business's quarterly revenue was up 46.5% on a year-over-year basis. During the same period in the previous year, the business earned ($0.36) EPS. On average, equities analysts forecast that Impinj, Inc. will post 0.4 EPS for the current year.

Insiders Place Their Bets

In other Impinj news, COO Hussein Mecklai sold 10,000 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $204.75, for a total value of $2,047,500.00. Following the completion of the transaction, the chief operating officer now owns 60,041 shares in the company, valued at approximately $12,293,394.75. This represents a 14.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Chris Ph.D. Diorio sold 34,474 shares of the business's stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $201.51, for a total transaction of $6,946,855.74. Following the sale, the chief executive officer now owns 294,438 shares in the company, valued at $59,332,201.38. The trade was a 10.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 655,038 shares of company stock valued at $131,064,693. Insiders own 51.00% of the company's stock.

Institutional Trading of Impinj

A number of institutional investors have recently added to or reduced their stakes in PI. FMR LLC raised its stake in shares of Impinj by 1.5% during the 3rd quarter. FMR LLC now owns 4,217,403 shares of the company's stock worth $913,152,000 after buying an additional 60,461 shares during the last quarter. State Street Corp raised its position in Impinj by 25.7% during the third 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 during the last quarter. Geode Capital Management LLC raised its position in Impinj by 1.4% during the third quarter. Geode Capital Management LLC now owns 542,924 shares of the company's stock worth $117,576,000 after acquiring an additional 7,676 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of Impinj by 15.0% in the third quarter. Jennison Associates LLC now owns 239,140 shares of the company's stock valued at $51,779,000 after purchasing an additional 31,269 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Impinj by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 193,240 shares of the company's stock valued at $41,840,000 after purchasing an additional 6,232 shares during the last quarter.

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.