PDT Partners LLC Takes Position in Impinj, Inc. (NASDAQ:PI)

PDT Partners LLC purchased a new stake in shares of Impinj, Inc. (NASDAQ:PI - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 11,144 shares of the company's stock, valued at approximately $2,413,000.

Other hedge funds also recently made changes to their positions in the company. Farther Finance Advisors LLC raised its stake in shares of 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 purchasing an additional 141 shares during the period. Future Financial Wealth Managment LLC bought a new position in Impinj during the 3rd quarter valued at approximately $54,000. SouthState Corp bought a new position in shares of Impinj in the 2nd quarter worth approximately $94,000. Asset Management One Co. Ltd. bought a new position in Impinj during the 3rd quarter valued at approximately $138,000. Finally, USA Financial Formulas increased its position in Impinj by 82.0% during the 3rd quarter. USA Financial Formulas now owns 657 shares of the company's stock valued at $142,000 after buying an additional 296 shares in the last quarter.

Insider Buying and Selling at Impinj

In other Impinj news, insider Cathal G. Phelan sold 209 shares of the business's stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $209.15, for a total transaction of $43,712.35. Following the completion of the transaction, the insider now owns 17,647 shares of the company's stock, valued at approximately $3,690,870.05. The trade was a 1.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the stock in a transaction dated Friday, September 13th. The stock was purchased at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the purchase, the insider now directly owns 33,050,456 shares of the company's stock, valued at $155,006,638.64. This trade represents a 14.81 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 655,674 shares of company stock valued at $131,623,305. 51.00% of the stock is currently owned by corporate insiders.

Impinj Trading Up 1.6 %

NASDAQ PI traded up $2.96 during trading on Friday, reaching $192.21. The company's stock had a trading volume of 107,720 shares, compared to its average volume of 443,429. The stock has a market capitalization of $5.44 billion, a PE ratio of 215.97 and a beta of 1.81. The business has a 50-day moving average price of $205.94 and a 200-day moving average price of $177.89. Impinj, Inc. has a 1-year low of $78.17 and a 1-year high of $239.88.

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

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Needham & Company LLC raised their price target on Impinj from $195.00 to $245.00 and gave the company a "buy" rating in a report on Thursday, October 24th. Piper Sandler reiterated an "overweight" rating and issued a $235.00 price target (up previously from $225.00) on shares of Impinj in a report on Thursday, October 24th. Cantor Fitzgerald boosted their price objective on shares of Impinj from $205.00 to $260.00 and gave the stock an "overweight" rating in a research note on Thursday, October 24th. The Goldman Sachs Group increased their price objective on Impinj from $165.00 to $200.00 and gave the company a "neutral" rating in a report on Friday, October 25th. Finally, Lake Street Capital raised their target price on Impinj from $190.00 to $251.00 and gave the stock a "buy" rating in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Impinj currently has an average rating of "Moderate Buy" and an average price target of $224.60.

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.