Impinj (NASDAQ:PI) Stock Price Down 6.9% - Time to Sell?

Impinj, Inc. (NASDAQ:PI - Get Free Report) shares fell 6.9% on Tuesday . The stock traded as low as $94.06 and last traded at $93.72. 244,394 shares were traded during mid-day trading, a decline of 53% from the average session volume of 523,306 shares. The stock had previously closed at $100.71.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PI shares. Needham & Company LLC decreased their target price on shares of Impinj from $182.00 to $130.00 and set a "buy" rating for the company in a research report on Thursday, February 6th. StockNews.com downgraded shares of Impinj from a "hold" rating to a "sell" rating in a research report on Friday, January 24th. Susquehanna decreased their target price on shares of Impinj from $260.00 to $220.00 and set a "positive" rating for the company in a research report on Wednesday, January 22nd. The Goldman Sachs Group decreased their target price on shares of Impinj from $200.00 to $132.00 and set a "neutral" rating for the company in a research report on Thursday, February 6th. Finally, Piper Sandler reduced their price objective on shares of Impinj from $235.00 to $140.00 and set an "overweight" rating for the company in a research report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, one has given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Impinj has an average rating of "Moderate Buy" and a consensus price target of $180.10.

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Impinj Stock Performance

The company has a market capitalization of $2.58 billion, a PE ratio of 66.87 and a beta of 1.98. The stock's 50 day moving average is $118.43 and its 200 day moving average is $163.18.

Impinj (NASDAQ:PI - Get Free Report) last announced its quarterly earnings results on Wednesday, February 5th. The company reported ($0.01) 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, equities research analysts forecast that Impinj, Inc. will post -0.47 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Cathal G. Phelan sold 210 shares of the stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $146.06, for a total transaction of $30,672.60. Following the transaction, the insider now owns 6,979 shares of the company's stock, valued at approximately $1,019,352.74. This trade represents a 2.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Chris Ph.D. Diorio sold 8,334 shares of the stock in a transaction 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 directly owns 354,076 shares in the company, valued at approximately $34,975,627.28. This represents a 2.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 22,323 shares of company stock worth $2,454,588 in the last three months. 51.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Impinj

Several institutional investors and hedge funds have recently made changes to their positions in PI. Los Angeles Capital Management LLC lifted its position in shares of Impinj by 210.2% in the 3rd quarter. Los Angeles Capital Management LLC now owns 8,569 shares of the company's stock worth $1,855,000 after purchasing an additional 5,807 shares during the period. Nordea Investment Management AB purchased a new position in Impinj during the 4th quarter valued at about $3,341,000. Thrivent Financial for Lutherans purchased a new position in Impinj during the 3rd quarter valued at about $3,872,000. Teachers Retirement System of The State of Kentucky purchased a new position in Impinj during the 3rd quarter valued at about $846,000. Finally, Intech Investment Management LLC purchased a new position in Impinj during the 3rd quarter valued at about $1,437,000.

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.