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

Impinj, Inc. (NASDAQ:PI)’s stock price reached a new 52-week high during 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 changing hands. The stock had previously closed at $120.91.

The company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $73.57 million.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Evercore ISI assumed coverage on shares of Impinj in a research report on Tuesday, April 16th. They set an “outperform” rating and a $160.00 price target for the company. Canaccord Genuity Group upped their price objective on shares of Impinj from $130.00 to $150.00 and gave the company a “buy” rating in a research note on Thursday, March 14th. Needham & Company LLC increased their price target on shares of Impinj from $130.00 to $160.00 and gave the company a “buy” rating in a research note on Thursday. Susquehanna increased their target price on shares of Impinj from $130.00 to $140.00 and gave the company a “positive” rating in a research report on Tuesday. Finally, Roth Mkm increased their target price on shares of Impinj from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, March 14th. Two analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $126.11.

Insider Activity at Impinj

In related news, CRO Jeffrey Dossett sold 4,858 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $101.11, for a total transaction of $491,192.38. Following the completion of the sale, the executive now directly owns 57,110 shares of the company’s stock, valued at approximately $5,774,392.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CRO Jeffrey Dossett sold 4,858 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $101.11, for a total value of $491,192.38. Following the transaction, the executive now directly owns 57,110 shares in the company, valued at approximately $5,774,392.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Cathal G. Phelan sold 10,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $106.23, for a total value of $1,062,300.00. Following the completion of the sale, the insider now owns 21,750 shares in the company, valued at $2,310,502.50. The disclosure for this sale can be found here. Insiders sold 120,185 shares of company stock valued at $12,767,674 in the last three months. Corporate insiders own 17.10% of the company’s stock.

Hedge Funds Weigh In On Impinj

Several institutional investors and hedge funds have recently made changes to their positions in PI. Wealth Effects LLC boosted its stake in shares of Impinj by 1.0% in the first quarter. Wealth Effects LLC now owns 15,145 shares of the company’s stock valued at $1,945,000 after buying an additional 150 shares during the period. Deltec Asset Management LLC bought a new stake in shares of Impinj in the first quarter valued at approximately $584,000. Future Financial Wealth Managment LLC bought a new stake in Impinj during the first quarter worth $32,000. Ghisallo Capital Management LLC acquired a new stake in Impinj in the fourth quarter valued at $4,192,000. Finally, Prudential PLC acquired a new stake in Impinj in the fourth quarter valued at $277,000.

Impinj Stock Up 17.3 %

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

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.