Impinj (NASDAQ:PI) Shares Gap Up to $54.39

Impinj, Inc. (NASDAQ:PI) gapped up before the market opened on Friday . The stock had previously closed at $54.39, but opened at $57.19. Impinj shares last traded at $57.91, with a volume of 482 shares trading hands.

A number of equities research analysts have weighed in on PI shares. Piper Sandler cut their price objective on shares of Impinj from $74.00 to $60.00 and set an “overweight” rating on the stock in a report on Thursday, July 29th. Needham & Company LLC cut their price objective on shares of Impinj from $66.00 to $55.00 and set a “buy” rating on the stock in a report on Thursday, July 29th. Finally, Zacks Investment Research cut shares of Impinj from a “hold” rating to a “sell” rating in a report on Thursday, July 29th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Impinj has an average rating of “Buy” and a consensus target price of $64.50.

The firm has a market capitalization of $1.39 billion, a PE ratio of -27.60 and a beta of 2.36. The stock’s fifty day simple moving average is $50.19 and its 200 day simple moving average is $51.81.

Impinj (NASDAQ:PI) last announced its quarterly earnings data on Wednesday, July 28th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.39) by $0.50. The firm had revenue of $47.27 million during the quarter, compared to analysts’ expectations of $42.55 million. Impinj had a negative net margin of 30.79% and a negative return on equity of 41.67%. On average, analysts expect that Impinj, Inc. will post -1.58 EPS for the current fiscal year.

In other Impinj news, CFO Cary Baker sold 5,000 shares of the stock in a transaction on Monday, August 30th. The shares were sold at an average price of $60.00, for a total transaction of $300,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Chris Ph.D. Diorio sold 1,546 shares of the stock in a transaction on Friday, July 2nd. The shares were sold at an average price of $49.63, for a total transaction of $76,727.98. The disclosure for this sale can be found here. Insiders have sold 9,567 shares of company stock valued at $546,205 over the last ninety days. 24.70% of the stock is currently owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its holdings in Impinj by 10.3% during the 1st quarter. Geode Capital Management LLC now owns 322,095 shares of the company’s stock valued at $18,317,000 after buying an additional 30,023 shares in the last quarter. Squarepoint Ops LLC bought a new stake in Impinj during the 1st quarter valued at about $1,235,000. Dynamic Technology Lab Private Ltd bought a new stake in Impinj during the 1st quarter valued at about $556,000. Dimensional Fund Advisors LP lifted its holdings in Impinj by 9.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 105,632 shares of the company’s stock valued at $4,423,000 after buying an additional 9,068 shares in the last quarter. Finally, EAM Investors LLC bought a new stake in Impinj during the 1st quarter valued at about $1,890,000. Hedge funds and other institutional investors own 86.98% of the company’s stock.

About Impinj (NASDAQ:PI)

IImpinj, Inc engages in the development and sale of RAIN, a radio frequency identification solution. Its platform allows inventory management, patient safety, asset tracking and item authentication for the retail, healthcare, supply chain and logistics, hospitality, food and beverage, and industrial manufacturing industries.

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