Piper Sandler Reiterates Overweight Rating for Impinj (NASDAQ:PI)

Impinj (NASDAQ:PI)‘s stock had its “overweight” rating reissued by investment analysts at Piper Sandler in a research note issued on Friday, Benzinga reports. They presently have a $225.00 price objective on the stock, up from their prior price objective of $180.00. Piper Sandler’s price target would suggest a potential upside of 5.17% from the stock’s current price.

Several other brokerages have also recently weighed in on PI. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $205.00 target price on shares of Impinj in a report on Thursday, July 25th. Evercore ISI lifted their price objective on shares of Impinj from $172.00 to $205.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Lake Street Capital increased their target price on Impinj from $155.00 to $190.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Needham & Company LLC reaffirmed a “buy” rating and set a $195.00 price target on shares of Impinj in a report on Thursday, July 25th. Finally, Roth Mkm upped their price objective on Impinj from $145.00 to $175.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $191.60.

Impinj Stock Performance

Shares of NASDAQ:PI traded down $3.90 during trading on Friday, hitting $213.93. The company’s stock had a trading volume of 142,628 shares, compared to its average volume of 457,618. Impinj has a fifty-two week low of $48.39 and a fifty-two week high of $220.17. The business has a 50 day moving average price of $167.65 and a two-hundred day moving average price of $154.27. The company has a market capitalization of $5.93 billion, a PE ratio of -611.23 and a beta of 1.78.

Impinj (NASDAQ:PI) last released its earnings results on Wednesday, July 24th. The company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.09. Impinj had a negative return on equity of 21.12% and a net margin of 3.93%. The firm had revenue of $102.50 million during the quarter, compared to analyst estimates of $97.47 million. During the same period last year, the business posted ($0.14) earnings per share. Impinj’s revenue was up 19.2% compared to the same quarter last year. As a group, equities analysts expect that Impinj will post 0.31 earnings per share for the current fiscal year.

Insider Transactions at Impinj

In other Impinj news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was purchased at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the purchase, the insider now directly owns 33,050,456 shares in the company, valued at $155,006,638.64. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CRO Jeffrey Dossett sold 475 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $175.38, for a total transaction of $83,305.50. Following the completion of the sale, the executive now owns 63,642 shares in the company, valued at $11,161,533.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was purchased at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the transaction, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 31,713 shares of company stock worth $5,239,232. Insiders own 51.00% of the company’s stock.

Institutional Trading of Impinj

Several hedge funds have recently made changes to their positions in the company. Future Financial Wealth Managment LLC purchased a new stake in shares of Impinj during the 1st quarter worth $32,000. SouthState Corp purchased a new stake in Impinj during the second quarter worth about $94,000. nVerses Capital LLC grew its position in Impinj by 75.0% during the second quarter. nVerses Capital LLC now owns 700 shares of the company’s stock worth $110,000 after buying an additional 300 shares during the period. Benjamin F. Edwards & Company Inc. increased its holdings in Impinj by 117.9% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 963 shares of the company’s stock valued at $124,000 after buying an additional 521 shares in the last quarter. Finally, Jamison Private Wealth Management Inc. lifted its position in shares of Impinj by 211.2% during the 2nd 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.

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.