IMPINJ Inc (PI) Shares Down 6.8% on Insider Selling
IMPINJ Inc (NYSE:PI) was down 6.8% during mid-day trading on Monday following insider selling activity. The company traded as low as $37.65 and last traded at $38.44. Approximately 706,615 shares traded hands during mid-day trading, an increase of 7% from the average daily volume of 657,814 shares. The stock had previously closed at $41.25.
Specifically, CFO Evan Fein sold 9,000 shares of the business’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $38.00, for a total transaction of $342,000.00. Following the completion of the sale, the chief financial officer now directly owns 15,300 shares in the company, valued at approximately $581,400. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Eric Brodersen sold 3,500 shares of the business’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $35.74, for a total value of $125,090.00. Following the sale, the chief operating officer now owns 101,443 shares of the company’s stock, valued at $3,625,572.82. The disclosure for this sale can be found here. In the last three months, insiders sold 40,500 shares of company stock valued at $1,693,315.
A number of research firms have issued reports on PI. KeyCorp downgraded IMPINJ to a “hold” rating in a research note on Tuesday, June 27th. Morgan Stanley downgraded IMPINJ from an “overweight” rating to an “equal weight” rating and boosted their price target for the company from $40.00 to $51.00 in a research note on Monday, June 19th. Canaccord Genuity restated a “buy” rating and set a $50.00 price target (down from $57.00) on shares of IMPINJ in a research note on Friday, August 4th. Dougherty & Co began coverage on IMPINJ in a research note on Wednesday, August 23rd. They set a “buy” rating and a $62.00 price target for the company. Finally, Royal Bank Of Canada boosted their price target on IMPINJ from $50.00 to $59.00 and gave the company an “outperform” rating in a research note on Monday, June 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $47.63.
The company’s market capitalization is $801.86 million. The stock’s 50-day moving average price is $38.99 and its 200 day moving average price is $38.99.
IMPINJ (NYSE:PI) last posted its earnings results on Thursday, August 3rd. The company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.02 by $0.04. The firm had revenue of $34.10 million for the quarter, compared to analyst estimates of $33.41 million. IMPINJ had a negative return on equity of 3.11% and a negative net margin of 2.86%. IMPINJ’s revenue for the quarter was up 31.2% compared to the same quarter last year. During the same period last year, the company earned $0.06 earnings per share. Analysts predict that IMPINJ Inc will post $0.05 earnings per share for the current year.
Institutional investors have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA grew its holdings in IMPINJ by 1,261.0% during the second quarter. BNP Paribas Arbitrage SA now owns 2,096 shares of the company’s stock worth $102,000 after acquiring an additional 1,942 shares during the period. Turner Investments LLC acquired a new stake in IMPINJ during the second quarter worth about $146,000. PNC Financial Services Group Inc. grew its holdings in IMPINJ by 95.1% during the second quarter. PNC Financial Services Group Inc. now owns 3,621 shares of the company’s stock worth $176,000 after acquiring an additional 1,765 shares during the period. First Mercantile Trust Co. acquired a new stake in IMPINJ during the second quarter worth about $178,000. Finally, American International Group Inc. acquired a new stake in IMPINJ during the first quarter worth about $112,000.
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IMPINJ Company Profile
Impinj, Inc is a provider of RAIN radio frequency identification (RFID) solutions. The Company sells a platform that includes endpoint integrated circuits (ICs), reader ICs, readers and gateways that enable wireless connectivity to everyday items, and software that delivers Item Intelligence from endpoint reads.
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