Impinj (NASDAQ:PI) Sets New 52-Week High After Better-Than-Expected Earnings

Impinj, Inc. (NASDAQ:PI) reached a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $144.39 and last traded at $141.85, with a volume of 782109 shares trading hands. The stock had previously closed at $120.91.

The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.14. Impinj had a negative net margin of 14.10% and a negative return on equity of 74.70%. The company had revenue of $76.83 million during the quarter, compared to analyst estimates of $73.57 million.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Canaccord Genuity Group lifted their price objective on shares of Impinj from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, March 14th. The Goldman Sachs Group increased their target price on shares of Impinj from $89.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. Evercore ISI began coverage on shares of Impinj in a research report on Tuesday, April 16th. They set an “outperform” rating and a $160.00 target price for the company. Roth Mkm upped their price target on Impinj from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, March 14th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $150.00 price objective (up previously from $130.00) on shares of Impinj in a report on Thursday. Two analysts have rated the stock with a sell rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $126.11.

Insider Buying and Selling

In related news, CFO Cary Baker sold 374 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $118.70, for a total value of $44,393.80. Following the completion of the sale, the chief financial officer now directly owns 67,948 shares in the company, valued at approximately $8,065,427.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO Cary Baker sold 374 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $118.70, for a total transaction of $44,393.80. Following the completion of the transaction, the chief financial officer now directly owns 67,948 shares in the company, valued at $8,065,427.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Chris Ph.D. Diorio sold 16,060 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $101.16, for a total value of $1,624,629.60. Following the transaction, the chief executive officer now owns 278,863 shares of the company’s stock, valued at $28,209,781.08. The disclosure for this sale can be found here. In the last ninety days, insiders sold 120,185 shares of company stock worth $12,767,674. 17.10% of the stock is currently owned by insiders.

Institutional Trading of Impinj

A number of large investors have recently bought and sold shares of the stock. Sylebra Capital LLC acquired a new position in Impinj in the third quarter worth $217,290,000. Capital International Investors acquired a new position in Impinj in the fourth quarter worth $68,211,000. Fred Alger Management LLC boosted its stake in Impinj by 249.6% in the third quarter. Fred Alger Management LLC now owns 795,973 shares of the company’s stock worth $43,802,000 after purchasing an additional 568,301 shares in the last quarter. Westfield Capital Management Co. LP boosted its stake in Impinj by 40.1% in the third quarter. Westfield Capital Management Co. LP now owns 1,022,359 shares of the company’s stock worth $56,260,000 after purchasing an additional 292,470 shares in the last quarter. Finally, Sora Investors LLC acquired a new position in shares of Impinj during the third quarter valued at $9,080,000.

Impinj Stock Up 17.3 %

The company has a debt-to-equity ratio of 8.26, a current ratio of 8.73 and a quick ratio of 5.59. The firm has a market cap of $3.92 billion, a price-to-earnings ratio of -86.48 and a beta of 2.05. The firm has a 50 day moving average price of $117.29 and a 200-day moving average price of $93.92.

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.