Van ECK Associates Corp Buys Shares of 1,413 Impinj, Inc. (NASDAQ:PI)

Van ECK Associates Corp purchased a new position in shares of Impinj, Inc. (NASDAQ:PI) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,413 shares of the company’s stock, valued at approximately $314,000.

A number of other large investors also recently modified their holdings of the business. SG Americas Securities LLC bought a new stake in Impinj in the 1st quarter valued at $513,000. Swiss National Bank lifted its stake in shares of Impinj by 0.9% in the first quarter. Swiss National Bank now owns 45,400 shares of the company’s stock valued at $5,830,000 after buying an additional 400 shares during the period. ProShare Advisors LLC grew its position in Impinj by 8.5% during the first quarter. ProShare Advisors LLC now owns 4,194 shares of the company’s stock worth $539,000 after buying an additional 330 shares in the last quarter. Lord Abbett & CO. LLC bought a new position in Impinj during the first quarter valued at about $9,659,000. Finally, Vanguard Group Inc. raised its holdings in Impinj by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 2,510,583 shares of the company’s stock valued at $322,384,000 after acquiring an additional 35,893 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. The Goldman Sachs Group lifted their price objective on Impinj from $165.00 to $200.00 and gave the stock a “neutral” rating in a report on Friday, October 25th. Lake Street Capital boosted their price target on shares of Impinj from $190.00 to $251.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Needham & Company LLC raised their price objective on shares of Impinj from $195.00 to $245.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Piper Sandler reissued an “overweight” rating and issued a $235.00 target price (up previously from $225.00) on shares of Impinj in a research note on Thursday, October 24th. Finally, Cantor Fitzgerald increased their price target on shares of Impinj from $205.00 to $260.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $224.60.

Impinj Price Performance

NASDAQ PI opened at $194.64 on Wednesday. The stock’s 50 day simple moving average is $203.93 and its 200 day simple moving average is $175.32. Impinj, Inc. has a one year low of $69.50 and a one year high of $239.88. The firm has a market cap of $5.51 billion, a PE ratio of 223.93 and a beta of 1.81.

Impinj (NASDAQ:PI) 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 negative return on equity of 1.64% and a net margin of 8.21%. The business had revenue of $95.20 million during the quarter, compared to analysts’ expectations of $92.86 million. During the same period in the previous year, the business posted ($0.36) earnings per share. The firm’s revenue for the quarter was up 46.5% compared to the same quarter last year. As a group, equities analysts expect that Impinj, Inc. will post 0.4 earnings per share for the current year.

Insider Activity

In other Impinj news, major shareholder Sylebra Capital Llc sold 78,616 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $201.79, for a total transaction of $15,863,922.64. Following the transaction, the insider now directly owns 2,143,736 shares in the company, valued at approximately $432,584,487.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, major shareholder Sylebra Capital Llc sold 78,616 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $201.79, for a total value of $15,863,922.64. Following the transaction, the insider now directly owns 2,143,736 shares in the company, valued at $432,584,487.44. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Cathal G. Phelan sold 677 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $162.46, for a total value of $109,985.42. Following the completion of the sale, the insider now owns 17,367 shares of the company’s stock, valued at $2,821,442.82. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 646,301 shares of company stock valued at $129,876,220. Company insiders own 51.00% of the company’s stock.

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.