Impinj, Inc. (NASDAQ:PI) Short Interest Update

Impinj, Inc. (NASDAQ:PI) was the recipient of a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 3,140,000 shares, a decline of 19.5% from the October 15th total of 3,900,000 shares. Based on an average daily trading volume, of 541,100 shares, the short-interest ratio is currently 5.8 days.

Impinj Stock Down 3.4 %

PI stock traded down $6.22 during trading on Friday, hitting $176.51. 391,069 shares of the company’s stock traded hands, compared to its average volume of 473,300. The stock has a fifty day moving average price of $205.73 and a two-hundred day moving average price of $175.88. Impinj has a 52 week low of $78.17 and a 52 week high of $239.88. The stock has a market capitalization of $4.99 billion, a price-to-earnings ratio of 198.33 and a beta of 1.81.

Impinj (NASDAQ:PI) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $0.56 earnings per share (EPS) for the quarter, topping 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 business had revenue of $95.20 million for the quarter, compared to the consensus estimate of $92.86 million. During the same quarter last year, the business posted ($0.36) EPS. The business’s revenue was up 46.5% on a year-over-year basis. As a group, equities research analysts expect that Impinj will post 0.4 EPS for the current fiscal year.

Insider Activity at Impinj

In related news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were acquired at an average price 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 of the company’s stock, valued at $155,006,638.64. The trade was a 14.81 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Cathal G. Phelan sold 209 shares of the company’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $209.15, for a total value of $43,712.35. Following the sale, the insider now owns 17,647 shares in the company, valued at approximately $3,690,870.05. This trade represents a 1.17 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 656,351 shares of company stock worth $131,733,291. Company insiders own 51.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. National Bank of Canada FI acquired a new position in shares of Impinj in the 3rd quarter worth $30,000. Farther Finance Advisors LLC increased its position in shares of Impinj by 1,084.6% in the third quarter. Farther Finance Advisors LLC now owns 154 shares of the company’s stock worth $33,000 after acquiring an additional 141 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new stake in shares of Impinj during the third quarter valued at approximately $54,000. SouthState Corp purchased a new stake in shares of Impinj in the second quarter valued at $94,000. Finally, nVerses Capital LLC lifted its stake in Impinj by 75.0% in the 2nd quarter. nVerses Capital LLC now owns 700 shares of the company’s stock worth $110,000 after acquiring an additional 300 shares in the last quarter.

Analysts Set New Price Targets

PI has been the topic of several recent analyst reports. Needham & Company LLC increased their price target on shares of Impinj from $195.00 to $245.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Susquehanna boosted their price target on Impinj from $215.00 to $260.00 and gave the company a “positive” rating in a research report on Monday, October 21st. Lake Street Capital upped their price objective on shares of Impinj from $190.00 to $251.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. The Goldman Sachs Group increased their target price on Impinj from $165.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday, October 25th. Finally, StockNews.com cut shares of Impinj from a “hold” rating to a “sell” 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 given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $224.60.

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.