Renaissance Technologies LLC Raises Stake in Impinj, Inc. (NASDAQ:PI)

Renaissance Technologies LLC lifted its stake in shares of Impinj, Inc. (NASDAQ:PI - Free Report) by 3.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 224,400 shares of the company's stock after acquiring an additional 7,500 shares during the period. Renaissance Technologies LLC owned approximately 0.79% of Impinj worth $32,596,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. National Bank of Canada FI bought a new position in shares of Impinj during the third quarter valued at about $30,000. SBI Securities Co. Ltd. bought a new position in Impinj during the 4th quarter worth approximately $33,000. Jones Financial Companies Lllp increased its stake in Impinj by 205.9% in the 4th quarter. Jones Financial Companies Lllp now owns 260 shares of the company's stock worth $38,000 after purchasing an additional 175 shares during the period. IFP Advisors Inc lifted its position in Impinj by 116.5% in the fourth quarter. IFP Advisors Inc now owns 368 shares of the company's stock valued at $53,000 after purchasing an additional 198 shares during the last quarter. Finally, Spire Wealth Management bought a new position in shares of Impinj in the fourth quarter worth approximately $87,000.

Insiders Place Their Bets

In other news, CEO Chris Ph.D. Diorio sold 8,334 shares of the company's stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $98.78, for a total transaction of $823,232.52. Following the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Hussein Mecklai sold 3,739 shares of the company's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $98.81, for a total value of $369,450.59. Following the sale, the chief operating officer now owns 70,347 shares in the company, valued at approximately $6,950,987.07. This trade represents a 5.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,857 shares of company stock worth $1,665,290 over the last three months. 51.00% of the stock is currently owned by company insiders.

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Wall Street Analyst Weigh In

Several research firms have weighed in on PI. Cantor Fitzgerald upgraded Impinj to a "strong-buy" rating in a report on Thursday, February 27th. The Goldman Sachs Group decreased their target price on Impinj from $200.00 to $132.00 and set a "neutral" rating for the company in a research report on Thursday, February 6th. Needham & Company LLC decreased their price target on shares of Impinj from $182.00 to $130.00 and set a "buy" rating for the company in a research note on Thursday, February 6th. Piper Sandler dropped their price objective on shares of Impinj from $235.00 to $140.00 and set an "overweight" rating on the stock in a research note on Thursday, February 6th. Finally, StockNews.com lowered shares of Impinj from a "hold" rating to a "sell" rating in a report on Friday, January 24th. One analyst has rated the stock with a sell rating, one has issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Impinj has a consensus rating of "Moderate Buy" and a consensus price target of $183.44.

Impinj Trading Down 0.5 %

NASDAQ PI traded down $0.35 during trading hours on Wednesday, hitting $66.03. 498,823 shares of the company's stock traded hands, compared to its average volume of 578,768. Impinj, Inc. has a 52 week low of $60.85 and a 52 week high of $239.88. The firm has a market capitalization of $1.88 billion, a P/E ratio of 48.55 and a beta of 1.74. The business's fifty day moving average price is $89.85 and its two-hundred day moving average price is $145.02.

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

Impinj 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.