Impinj (NASDAQ:PI) Stock Price Down 4.6% - Should You Sell?

Shares of Impinj, Inc. (NASDAQ:PI - Get Free Report) traded down 4.6% during mid-day trading on Thursday . The stock traded as low as $124.86 and last traded at $125.41. 322,585 shares traded hands during trading, a decline of 47% from the average session volume of 613,041 shares. The stock had previously closed at $131.52.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PI. StockNews.com cut shares of Impinj from a "hold" rating to a "sell" rating in a research note on Friday, January 24th. Lake Street Capital lifted their price objective on Impinj from $190.00 to $251.00 and gave the company a "buy" rating in a report on Thursday, October 24th. Susquehanna reduced their target price on Impinj from $260.00 to $220.00 and set a "positive" rating on the stock in a research report on Wednesday, January 22nd. Cantor Fitzgerald raised their target price on Impinj from $205.00 to $260.00 and gave the stock an "overweight" rating in a report on Thursday, October 24th. Finally, Evercore ISI restated an "outperform" rating and issued a $270.00 price target (up previously from $205.00) on shares of Impinj in a research note on Thursday, October 24th. 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 company's stock. According to data from MarketBeat.com, Impinj presently has a consensus rating of "Moderate Buy" and a consensus target price of $214.30.

Impinj Stock Down 3.5 %

The firm has a market capitalization of $3.46 billion, a P/E ratio of 137.54 and a beta of 1.88. The business has a 50-day moving average price of $152.70 and a 200-day moving average price of $174.08.

Insider Buying and Selling at Impinj

In other Impinj news, insider Cathal G. Phelan sold 11,549 shares of the firm's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $200.81, for a total value of $2,319,154.69. Following the completion of the sale, the insider now directly owns 6,098 shares in the company, valued at $1,224,539.38. This trade represents a 65.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Sylebra Capital Llc sold 89,809 shares of Impinj stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $201.78, for a total transaction of $18,121,660.02. Following the completion of the transaction, the insider now directly owns 2,607,543 shares of the company's stock, valued at $526,150,026.54. This trade represents a 3.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 445,490 shares of company stock valued at $89,701,106. 51.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Impinj

A number of institutional investors and hedge funds have recently modified their holdings of PI. National Bank of Canada FI purchased a new stake in Impinj in the 3rd quarter valued at $30,000. Farther Finance Advisors LLC boosted its holdings in Impinj by 1,084.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 154 shares of the company's stock valued at $33,000 after acquiring an additional 141 shares during the period. Future Financial Wealth Managment LLC purchased a new stake in Impinj during the third quarter worth about $54,000. Spire Wealth Management acquired a new stake in shares of Impinj during the fourth quarter worth about $87,000. Finally, KBC Group NV increased its stake in Impinj by 33.5% during the 4th quarter. KBC Group NV now owns 909 shares of the company's stock worth $132,000 after buying an additional 228 shares during the period.

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.