Impinj (NASDAQ:PI) Stock Price Down 3.5% – Time to Sell?

Impinj, Inc. (NASDAQ:PI)’s stock price fell 3.5% during mid-day trading on Thursday . The company traded as low as $131.00 and last traded at $131.75. 100,721 shares traded hands during trading, a decline of 80% from the average session volume of 508,286 shares. The stock had previously closed at $136.52.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on PI shares. Lake Street Capital lifted their price target on Impinj from $190.00 to $251.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Needham & Company LLC lifted their price target on Impinj from $195.00 to $245.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. StockNews.com cut Impinj from a “hold” rating to a “sell” rating in a research note on Friday, October 25th. Evercore ISI reissued an “outperform” rating and issued a $270.00 price target (up previously from $205.00) on shares of Impinj in a research note on Thursday, October 24th. Finally, The Goldman Sachs Group lifted their price target on Impinj from $165.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Impinj currently has an average rating of “Moderate Buy” and an average target price of $224.60.

Impinj Stock Performance

The company has a 50 day simple moving average of $166.12 and a two-hundred day simple moving average of $176.71. The company has a market cap of $3.62 billion, a PE ratio of 143.99 and a beta of 1.88.

Impinj (NASDAQ:PI) last released its earnings results on Wednesday, October 23rd. The company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.08. Impinj had a negative return on equity of 1.64% and a net margin of 8.21%. The company had revenue of $95.20 million for the quarter, compared to analysts’ expectations of $92.86 million. During the same quarter in the previous year, the business posted ($0.36) EPS. The business’s revenue for the quarter was up 46.5% on a year-over-year basis. As a group, analysts expect that Impinj, Inc. will post 0.4 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Cary Baker sold 15,000 shares of Impinj stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $204.90, for a total transaction of $3,073,500.00. Following the completion of the sale, the chief financial officer now directly owns 71,096 shares in the company, valued at $14,567,570.40. The trade was a 17.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Cathal G. Phelan sold 11,549 shares of Impinj stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $200.81, for a total value of $2,319,154.69. Following the sale, the insider now owns 6,098 shares of the company’s stock, valued at approximately $1,224,539.38. This represents a 65.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 655,038 shares of company stock worth $131,064,693 in the last three months. 51.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Impinj

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. First Bank & Trust lifted its holdings in Impinj by 3.2% in the 3rd quarter. First Bank & Trust now owns 1,768 shares of the company’s stock worth $383,000 after purchasing an additional 55 shares during the last quarter. National Bank of Canada FI bought a new position in Impinj in the 3rd quarter worth approximately $30,000. Farther Finance Advisors LLC increased its position in Impinj by 1,084.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 154 shares of the company’s stock worth $33,000 after buying an additional 141 shares during the period. KBC Group NV increased its position in Impinj by 29.7% in the 3rd quarter. KBC Group NV now owns 681 shares of the company’s stock worth $147,000 after buying an additional 156 shares during the period. Finally, Hsbc Holdings PLC increased its position in Impinj by 7.3% in the 2nd quarter. Hsbc Holdings PLC now owns 2,777 shares of the company’s stock worth $432,000 after buying an additional 190 shares during the period.

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.