State of Alaska Department of Revenue Makes New $2.81 Million Investment in Impinj, Inc. (NASDAQ:PI)

State of Alaska Department of Revenue acquired a new stake in shares of Impinj, Inc. (NASDAQ:PI - Free Report) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 12,996 shares of the company's stock, valued at approximately $2,813,000.

Other large investors have also modified their holdings of the company. Future Financial Wealth Managment LLC bought a new position in Impinj during the third quarter worth about $54,000. SouthState Corp bought a new position in shares of Impinj during the 2nd quarter worth approximately $94,000. nVerses Capital LLC boosted its stake in Impinj by 75.0% in the 2nd quarter. nVerses Capital LLC now owns 700 shares of the company's stock valued at $110,000 after buying an additional 300 shares in the last quarter. Jamison Private Wealth Management Inc. grew its position in Impinj by 211.2% in the second quarter. Jamison Private Wealth Management Inc. now owns 809 shares of the company's stock valued at $127,000 after acquiring an additional 549 shares during the period. Finally, USA Financial Formulas raised its stake in Impinj by 82.0% during the third quarter. USA Financial Formulas now owns 657 shares of the company's stock worth $142,000 after acquiring an additional 296 shares in the last quarter.

Impinj Stock Up 2.5 %

Shares of PI traded up $4.72 during trading hours on Friday, reaching $194.71. The stock had a trading volume of 339,882 shares, compared to its average volume of 470,121. The company has a market cap of $5.51 billion, a P/E ratio of 217.01 and a beta of 1.80. Impinj, Inc. has a 52 week low of $62.84 and a 52 week high of $239.88. The firm has a 50-day moving average of $199.27 and a 200 day moving average of $171.00.

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

Insider Activity at Impinj

In related news, insider Cathal G. Phelan sold 677 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $162.46, for a total transaction of $109,985.42. Following the completion of the transaction, the insider now owns 17,367 shares in the company, valued at approximately $2,821,442.82. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Cathal G. Phelan sold 677 shares of the company's stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $162.46, for a total transaction of $109,985.42. Following the sale, the insider now owns 17,367 shares in the company, valued at $2,821,442.82. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Sylebra Capital Llc sold 32,031 shares of the firm's stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $195.35, for a total transaction of $6,257,255.85. Following the completion of the transaction, the insider now directly owns 3,021,548 shares of the company's stock, valued at $590,259,401.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 98,284 shares of company stock valued at $19,783,007. 51.00% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Susquehanna lifted their target price on shares of Impinj from $215.00 to $260.00 and gave the company a "positive" rating in a research note on Monday, October 21st. Lake Street Capital lifted their price objective on Impinj from $190.00 to $251.00 and gave the company a "buy" rating in a research report on Thursday, October 24th. Piper Sandler restated an "overweight" rating and set a $235.00 target price (up previously from $225.00) on shares of Impinj in a report on Thursday, October 24th. The Goldman Sachs Group raised their target price on Impinj from $165.00 to $200.00 and gave the company a "neutral" rating in a research note on Friday, October 25th. Finally, Cantor Fitzgerald upped their price target on shares of Impinj from $205.00 to $260.00 and gave the stock an "overweight" rating in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $224.60.

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.