Impinj, Inc. (NASDAQ:PI) Short Interest Down 19.5% in October

Impinj, Inc. (NASDAQ:PI - Get Free Report) was the recipient of a large decrease in short interest in October. As of October 31st, there was short interest totalling 3,140,000 shares, a decrease of 19.5% from the October 15th total of 3,900,000 shares. Based on an average daily volume of 541,100 shares, the short-interest ratio is currently 5.8 days.

Analysts Set New Price Targets

A number of analysts have recently weighed in on PI shares. StockNews.com downgraded shares of Impinj from a "hold" rating to a "sell" rating in a report on Friday, October 25th. The Goldman Sachs Group boosted their target price on Impinj from $165.00 to $200.00 and gave the company a "neutral" rating in a research report on Friday, October 25th. Lake Street Capital raised their price target on Impinj from $190.00 to $251.00 and gave the stock a "buy" rating in a research report on Thursday, October 24th. Roth Mkm boosted their price objective on shares of Impinj from $145.00 to $175.00 and gave the company a "buy" rating in a research report on Thursday, July 25th. Finally, Cantor Fitzgerald increased their target price on shares of Impinj from $205.00 to $260.00 and gave the company an "overweight" rating in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Impinj currently has a consensus rating of "Moderate Buy" and an average price target of $224.60.

Impinj Price Performance

Impinj stock traded down $6.86 during trading hours on Friday, hitting $175.87. 171,288 shares of the stock traded hands, compared to its average volume of 472,310. The firm's 50 day moving average price is $204.99 and its 200-day moving average price is $175.70. The stock has a market capitalization of $4.98 billion, a price-to-earnings ratio of 205.31 and a beta of 1.81. Impinj has a 1 year low of $78.17 and a 1 year high of $239.88.

Impinj (NASDAQ:PI - Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $0.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $92.86 million. During the same quarter last year, the company earned ($0.36) EPS. The firm's revenue for the quarter was up 46.5% compared to the same quarter last year. Research analysts forecast that Impinj will post 0.4 earnings per share for the current fiscal year.

Insider Transactions at Impinj

In related news, insider Cathal G. Phelan sold 677 shares of Impinj 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 of the company's stock, valued at approximately $2,821,442.82. This trade represents a 3.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the company's stock in a transaction on Friday, September 13th. The stock was acquired at an average price of $4.69 per share, with a total value of $20,000,003.17. Following the completion of the purchase, the insider now directly owns 33,050,456 shares in the company, 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. Insiders sold 656,351 shares of company stock worth $131,733,291 in the last three months. Corporate insiders own 51.00% of the company's stock.

Institutional Trading of Impinj

A number of large investors have recently modified their holdings of the stock. PDT Partners LLC purchased a new position in shares of Impinj during the third quarter worth about $2,413,000. Fred Alger Management LLC increased its stake in Impinj by 16.9% in the third quarter. Fred Alger Management LLC now owns 121,117 shares of the company's stock valued at $26,224,000 after purchasing an additional 17,515 shares during the last quarter. Captrust Financial Advisors boosted its holdings in shares of Impinj by 2.2% in the 3rd quarter. Captrust Financial Advisors now owns 13,170 shares of the company's stock valued at $2,852,000 after purchasing an additional 284 shares during the last quarter. Public Sector Pension Investment Board acquired a new position in Impinj during the third quarter valued at approximately $10,458,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Impinj by 5.1% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,406 shares of the company's stock valued at $1,171,000 after purchasing an additional 262 shares in the last quarter.

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.