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

Impinj, Inc. (NASDAQ:PI - Get Free Report) dropped 6.9% on Tuesday . The company traded as low as $86.19 and last traded at $84.41. Approximately 33,572 shares were traded during trading, a decline of 94% from the average daily volume of 541,955 shares. The stock had previously closed at $90.70.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PI shares. StockNews.com cut 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 on the stock in a research report on Wednesday, January 22nd. Cantor Fitzgerald upgraded Impinj to a "strong-buy" rating in a research note on Thursday, February 27th. Piper Sandler reduced their price target on Impinj from $235.00 to $140.00 and set an "overweight" rating on the stock in a research report on Thursday, February 6th. Finally, Needham & Company LLC dropped their price objective on Impinj from $182.00 to $130.00 and set a "buy" rating for the company in a report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Impinj currently has a consensus rating of "Moderate Buy" and a consensus target price of $183.44.

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Impinj Trading Down 0.7 %

The firm has a market cap of $2.08 billion, a P/E ratio of 53.68 and a beta of 1.74. The business has a 50-day moving average of $100.18 and a two-hundred day moving average of $153.35.

Impinj (NASDAQ:PI - Get Free Report) last posted its earnings results on Wednesday, February 5th. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.48 by ($0.49). Impinj had a return on equity of 7.11% and a net margin of 11.15%. As a group, equities analysts expect that Impinj, Inc. will post -0.47 EPS for the current year.

Insider Activity

In related news, COO Hussein Mecklai sold 338 shares of the firm's stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $141.02, for a total transaction of $47,664.76. Following the transaction, the chief operating officer now directly owns 61,586 shares of the company's stock, valued at $8,684,857.72. This trade represents a 0.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Cary Baker sold 290 shares of Impinj stock in a transaction on Monday, January 13th. The stock was sold at an average price of $140.96, for a total value of $40,878.40. Following the sale, the chief financial officer now owns 71,754 shares in the company, valued at $10,114,443.84. This trade represents a 0.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,704 shares of company stock valued at $1,925,748. Company insiders own 51.00% of the company's stock.

Institutional Investors Weigh In On Impinj

Several large investors have recently modified their holdings of the stock. Versant Capital Management Inc boosted its position in shares of Impinj by 7.2% in the first quarter. Versant Capital Management Inc now owns 2,237 shares of the company's stock valued at $203,000 after acquiring an additional 150 shares during the period. 111 Capital purchased a new position in Impinj during the fourth quarter worth about $250,000. Wealth Enhancement Advisory Services LLC lifted its position in Impinj by 25.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 11,605 shares of the company's stock valued at $1,686,000 after purchasing an additional 2,327 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Impinj during the 4th quarter worth $3,431,000. Finally, Mackenzie Financial Corp grew its position in Impinj by 330.9% in the fourth quarter. Mackenzie Financial Corp now owns 6,317 shares of the company's stock worth $918,000 after acquiring an additional 4,851 shares in 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.