Sylebra Capital Llc Purchases 4,264,393 Shares of Impinj, Inc. (NASDAQ:PI) Stock

Impinj, Inc. (NASDAQ:PI) major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the stock in a transaction on Friday, September 13th. The stock was bought at an average price of $4.69 per share, with a total value of $20,000,003.17. Following the completion of the acquisition, the insider now directly owns 33,050,456 shares of the company’s stock, valued at $155,006,638.64. The purchase was disclosed in a filing with the SEC, which is available at this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Impinj Stock Performance

Shares of Impinj stock opened at $187.36 on Wednesday. The company has a 50-day simple moving average of $163.53 and a two-hundred day simple moving average of $150.67. Impinj, Inc. has a 52-week low of $48.39 and a 52-week high of $191.77. The stock has a market capitalization of $5.19 billion, a PE ratio of -535.31 and a beta of 1.78.

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

Analysts Set New Price Targets

PI has been the subject of a number of research analyst reports. Lake Street Capital raised their target price on Impinj from $155.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Needham & Company LLC reissued a “buy” rating and set a $195.00 price objective on shares of Impinj in a research report on Thursday, July 25th. Roth Mkm upped their target price on shares of Impinj from $145.00 to $175.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $205.00 price target on shares of Impinj in a research note on Thursday, July 25th. Finally, StockNews.com raised shares of Impinj from a “sell” rating to a “hold” rating in a research note on Friday, July 26th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $187.10.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Capital International Investors purchased a new stake in Impinj in the fourth quarter worth approximately $68,211,000. Assenagon Asset Management S.A. purchased a new position in shares of Impinj in the 2nd quarter worth $103,252,000. Jennison Associates LLC bought a new stake in shares of Impinj in the first quarter worth $25,747,000. Renaissance Technologies LLC bought a new position in Impinj in the second quarter valued at about $30,116,000. Finally, TimesSquare Capital Management LLC bought a new position in Impinj in the first quarter valued at about $19,195,000.

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.