Impinj (NASDAQ:PI) Sets New 52-Week High Following Earnings Beat

Impinj, Inc. (NASDAQ:PI) reached a new 52-week high on Thursday following a better than expected earnings announcement. The stock traded as high as $144.39 and last traded at $141.85, with a volume of 782109 shares. The stock had previously closed at $120.91.

The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.14. Impinj had a negative return on equity of 81.75% and a negative net margin of 1.90%. The business had revenue of $76.83 million during the quarter, compared to analysts’ expectations of $73.57 million.

Wall Street Analyst Weigh In

PI has been the subject of a number of research analyst reports. Susquehanna raised their price target on Impinj from $130.00 to $140.00 and gave the company a “positive” rating in a research report on Tuesday. Canaccord Genuity Group raised their price target on Impinj from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, March 14th. Evercore ISI initiated coverage on Impinj in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $160.00 price target for the company. Piper Sandler restated an “overweight” rating and issued a $150.00 price target (up previously from $130.00) on shares of Impinj in a research report on Thursday. Finally, Roth Mkm lifted their price objective on Impinj from $125.00 to $145.00 and gave the stock a “buy” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $132.89.

Insider Activity

In other news, insider Cathal G. Phelan sold 10,000 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $106.23, for a total transaction of $1,062,300.00. Following the completion of the sale, the insider now directly owns 21,750 shares of the company’s stock, valued at approximately $2,310,502.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Cathal G. Phelan sold 10,000 shares of Impinj stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $106.23, for a total value of $1,062,300.00. Following the transaction, the insider now directly owns 21,750 shares of the company’s stock, valued at approximately $2,310,502.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Cary Baker sold 374 shares of the business’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $118.70, for a total value of $44,393.80. Following the sale, the chief financial officer now owns 67,948 shares of the company’s stock, valued at approximately $8,065,427.60. The disclosure for this sale can be found here. Insiders sold a total of 120,185 shares of company stock valued at $12,767,674 in the last 90 days. 17.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Impinj

Hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its stake in shares of Impinj by 4.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 174,037 shares of the company’s stock valued at $9,577,000 after acquiring an additional 8,038 shares during the period. Aigen Investment Management LP acquired a new stake in Impinj during the 3rd quarter valued at $320,000. FMR LLC grew its holdings in Impinj by 0.8% during the 3rd quarter. FMR LLC now owns 4,028,894 shares of the company’s stock valued at $221,710,000 after purchasing an additional 31,289 shares in the last quarter. Telemus Capital LLC acquired a new stake in Impinj during the 4th quarter valued at $298,000. Finally, AWM Investment Company Inc. grew its holdings in Impinj by 9.5% during the 3rd quarter. AWM Investment Company Inc. now owns 365,428 shares of the company’s stock valued at $20,110,000 after purchasing an additional 31,556 shares in the last quarter.

Impinj Stock Performance

The stock’s fifty day moving average is $119.23 and its two-hundred day moving average is $95.02. The firm has a market capitalization of $4.17 billion, a price-to-earnings ratio of -431.17 and a beta of 2.05. The company has a debt-to-equity ratio of 8.26, a quick ratio of 5.59 and a current ratio of 8.73.

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.