Van ECK Associates Corp Purchases Shares of 1,413 Impinj, Inc. (NASDAQ:PI)

Van ECK Associates Corp acquired a new position in shares of Impinj, Inc. (NASDAQ:PI) in the 3rd quarter, Holdings Channel.com reports. The fund acquired 1,413 shares of the company’s stock, valued at approximately $314,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. First Bank & Trust increased its holdings in Impinj by 3.2% during 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 in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Impinj by 1,084.6% during the third quarter. Farther Finance Advisors LLC now owns 154 shares of the company’s stock worth $33,000 after buying an additional 141 shares in the last quarter. Hsbc Holdings PLC raised its position in Impinj by 7.3% in the 2nd quarter. Hsbc Holdings PLC now owns 2,777 shares of the company’s stock valued at $432,000 after buying an additional 190 shares during the last quarter. Rhumbline Advisers lifted its stake in Impinj by 0.8% in the 2nd quarter. Rhumbline Advisers now owns 32,900 shares of the company’s stock valued at $5,158,000 after acquiring an additional 248 shares in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in Impinj during the 3rd quarter worth approximately $54,000.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Cantor Fitzgerald boosted their price objective on shares of Impinj from $205.00 to $260.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th. StockNews.com cut shares of Impinj from a “hold” rating to a “sell” rating in a research report on Friday, October 25th. The Goldman Sachs Group raised their price objective on Impinj from $165.00 to $200.00 and gave the company a “neutral” rating in a report on Friday, October 25th. Evercore ISI reiterated an “outperform” rating and set a $270.00 target price (up previously from $205.00) on shares of Impinj in a report on Thursday, October 24th. Finally, Susquehanna raised their price target on Impinj from $215.00 to $260.00 and gave the company a “positive” rating in a research note on Monday, October 21st. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Impinj currently has a consensus rating of “Moderate Buy” and an average target price of $224.60.

Impinj Price Performance

PI stock opened at $194.64 on Wednesday. Impinj, Inc. has a one year low of $69.50 and a one year high of $239.88. The stock has a market cap of $5.51 billion, a price-to-earnings ratio of 223.93 and a beta of 1.81. The company has a fifty day moving average price of $203.93 and a two-hundred day moving average price of $175.32.

Impinj (NASDAQ:PI) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.08. Impinj had a net margin of 8.21% and a negative return on equity of 1.64%. The business had revenue of $95.20 million for the quarter, compared to analyst estimates of $92.86 million. During the same quarter in the prior year, the business earned ($0.36) EPS. Impinj’s quarterly revenue was up 46.5% on a year-over-year basis. Research analysts anticipate that Impinj, Inc. will post 0.4 EPS for the current fiscal year.

Insider Activity at Impinj

In other Impinj news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were acquired at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the completion of the transaction, the insider now owns 33,050,456 shares in the company, valued at $155,006,638.64. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Cathal G. Phelan sold 677 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $162.46, for a total value of $109,985.42. Following the completion of the transaction, the insider now owns 17,367 shares of the company’s stock, valued at $2,821,442.82. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of Impinj stock in a transaction on Friday, September 13th. The shares were 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 represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 646,301 shares of company stock worth $129,876,220 in the last ninety days. 51.00% of the stock is owned by company insiders.

Impinj 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.