Evercore ISI Reaffirms Outperform Rating for Impinj (NASDAQ:PI)

Evercore ISI reiterated their outperform rating on shares of Impinj (NASDAQ:PI) in a report released on Thursday, Benzinga reports. The firm currently has a $270.00 price target on the stock, up from their previous price target of $205.00.

A number of other research firms have also commented on PI. Cantor Fitzgerald restated an “overweight” rating and issued a $205.00 price objective on shares of Impinj in a research note on Thursday, July 25th. Lake Street Capital boosted their price target on Impinj from $155.00 to $190.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Piper Sandler reaffirmed an “overweight” rating and set a $235.00 price objective (up from $225.00) on shares of Impinj in a research report on Thursday. Roth Mkm boosted their target price on Impinj from $145.00 to $175.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Finally, StockNews.com upgraded Impinj from a “sell” rating to a “hold” rating in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $224.60.

Impinj Stock Performance

PI opened at $200.70 on Thursday. Impinj has a one year low of $58.56 and a one year high of $239.88. The stock has a market capitalization of $5.64 billion, a P/E ratio of 692.07 and a beta of 1.80. The business’s 50-day simple moving average is $196.40 and its 200-day simple moving average is $169.26.

Impinj (NASDAQ:PI) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.08. The company had revenue of $95.20 million during the quarter, compared to analysts’ expectations of $92.86 million. Impinj had a negative return on equity of 21.12% and a net margin of 3.93%. The firm’s revenue for the quarter was up 46.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.36) earnings per share. On average, equities research analysts forecast that Impinj will post 0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of Impinj stock in a transaction that occurred on Friday, September 13th. The stock was purchased at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the purchase, the insider now directly owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of Impinj stock in a transaction that occurred on Friday, September 13th. The stock was purchased at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the completion of the acquisition, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO Jeffrey Dossett sold 15,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $157.81, for a total value of $2,367,150.00. Following the sale, the executive now owns 63,642 shares in the company, valued at approximately $10,043,344.02. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,779 shares of company stock worth $3,825,046. 51.00% of the stock is owned by corporate insiders.

Institutional Trading of Impinj

Several institutional investors and hedge funds have recently modified their holdings of the business. New York State Teachers Retirement System purchased a new stake in shares of Impinj in the third quarter valued at $1,126,000. State of Alaska Department of Revenue acquired a new position in Impinj in the 3rd quarter valued at about $2,813,000. 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 valued at $383,000 after purchasing an additional 55 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Impinj by 157.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 9,278 shares of the company’s stock worth $2,009,000 after purchasing an additional 5,669 shares during the last quarter. Finally, Consolidated Portfolio Review Corp purchased a new stake in shares of Impinj during the third quarter worth about $1,861,000.

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.