Wealth Effects LLC Sells 3,560 Shares of Impinj, Inc. (NASDAQ:PI)

Wealth Effects LLC lessened its stake in Impinj, Inc. (NASDAQ:PI - Free Report) by 23.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,545 shares of the company's stock after selling 3,560 shares during the quarter. Wealth Effects LLC's holdings in Impinj were worth $1,677,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in PI. Hsbc Holdings PLC grew its position in shares of Impinj by 7.3% in the 2nd quarter. Hsbc Holdings PLC now owns 2,777 shares of the company's stock valued at $432,000 after purchasing an additional 190 shares during the period. Xponance Inc. bought a new position in Impinj in the second quarter valued at approximately $224,000. Marshall Wace LLP increased its position in shares of Impinj by 366.1% during the second quarter. Marshall Wace LLP now owns 7,924 shares of the company's stock worth $1,242,000 after acquiring an additional 6,224 shares in the last quarter. AQR Capital Management LLC acquired a new stake in shares of Impinj during the second quarter worth $2,183,000. Finally, The Manufacturers Life Insurance Company lifted its position in Impinj by 2.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,753 shares of the company's stock valued at $1,999,000 after acquiring an additional 317 shares in the last quarter.

Wall Street Analysts Forecast Growth

PI has been the subject of several recent analyst reports. Evercore ISI reiterated an "outperform" rating and issued a $270.00 target price (up from $205.00) on shares of Impinj in a research note on Thursday, October 24th. The Goldman Sachs Group lifted their target price on Impinj from $165.00 to $200.00 and gave the stock a "neutral" rating in a research note on Friday, October 25th. Needham & Company LLC dropped their price target on Impinj from $245.00 to $182.00 and set a "buy" rating on the stock in a research note on Friday, January 17th. Cantor Fitzgerald raised their price target on Impinj from $205.00 to $260.00 and gave the company an "overweight" rating in a report on Thursday, October 24th. Finally, Piper Sandler reissued an "overweight" rating and issued a $235.00 price objective (up from $225.00) on shares of Impinj in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $214.30.

Impinj Stock Performance

Shares of NASDAQ PI traded down $1.24 during midday trading on Friday, hitting $126.70. 264,589 shares of the stock traded hands, compared to its average volume of 627,763. Impinj, Inc. has a one year low of $95.96 and a one year high of $239.88. The business has a 50 day moving average price of $155.19 and a two-hundred day moving average price of $174.77. The company has a market cap of $3.58 billion, a PE ratio of 142.36 and a beta of 1.88.

Insider Activity

In other Impinj news, major shareholder Sylebra Capital Llc sold 250,000 shares of the business's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $203.00, for a total value of $50,750,000.00. Following the transaction, the insider now owns 2,222,352 shares of the company's stock, valued at approximately $451,137,456. The trade was a 10.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Cathal G. Phelan sold 11,549 shares of Impinj stock in a transaction on Friday, November 8th. The stock was sold at an average price of $200.81, for a total value of $2,319,154.69. Following the sale, the insider now owns 6,098 shares in the company, valued at $1,224,539.38. The trade was a 65.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 541,160 shares of company stock worth $108,376,846 over the last 90 days. 51.00% of the stock is currently owned by corporate insiders.

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.