Impinj (NASDAQ:PI) Trading Down 6.9% – Should You Sell?

Shares of Impinj, Inc. (NASDAQ:PI) dropped 6.9% during trading on Tuesday . The stock traded as low as $94.06 and last traded at $93.72. Approximately 244,394 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 523,306 shares. The stock had previously closed at $100.71.

Analyst Ratings Changes

A number of brokerages recently commented on PI. The Goldman Sachs Group dropped their price target on shares of Impinj from $200.00 to $132.00 and set a “neutral” rating on the stock in a research note on Thursday, February 6th. Piper Sandler cut their price target on shares of Impinj from $235.00 to $140.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. StockNews.com downgraded shares of Impinj from a “hold” rating to a “sell” rating in a research note on Friday, January 24th. Susquehanna dropped their price objective on shares of Impinj from $260.00 to $220.00 and set a “positive” rating on the stock in a research note on Wednesday, January 22nd. Finally, Cantor Fitzgerald raised shares of Impinj to a “strong-buy” rating in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Impinj currently has an average rating of “Moderate Buy” and an average price target of $180.10.

Impinj Stock Down 6.1 %

The business has a 50 day moving average price of $120.53 and a two-hundred day moving average price of $164.17. The stock has a market cap of $2.70 billion, a P/E ratio of 69.56 and a beta of 1.98.

Impinj (NASDAQ:PI) last released its quarterly earnings data on Wednesday, February 5th. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.48 by ($0.49). Impinj had a net margin of 11.15% and a return on equity of 7.11%. On average, research analysts forecast that Impinj, Inc. will post -0.47 earnings per share for the current year.

Insider Transactions at Impinj

In other news, CFO Cary Baker sold 1,553 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $98.76, for a total transaction of $153,374.28. Following the transaction, the chief financial officer now directly owns 76,451 shares of the company’s stock, valued at approximately $7,550,300.76. This represents a 1.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Chris Ph.D. Diorio sold 8,334 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $98.78, for a total value of $823,232.52. Following the completion of the sale, the chief executive officer now directly owns 354,076 shares of the company’s stock, valued at approximately $34,975,627.28. This represents a 2.30 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 22,323 shares of company stock valued at $2,454,588. 51.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Impinj

Several hedge funds have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC lifted its position in shares of Impinj by 1,084.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 154 shares of the company’s stock valued at $33,000 after buying an additional 141 shares in the last quarter. Janney Montgomery Scott LLC purchased a new position in Impinj in the third quarter worth approximately $1,777,000. Van ECK Associates Corp acquired a new stake in shares of Impinj during the 3rd quarter worth about $314,000. Asset Management One Co. Ltd. acquired a new position in shares of Impinj in the 3rd quarter worth approximately $138,000. Finally, Amalgamated Bank grew its stake in shares of Impinj by 718.3% in the third quarter. Amalgamated Bank now owns 6,702 shares of the company’s stock valued at $1,451,000 after buying an additional 5,883 shares in the last quarter.

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.