Impinj, Inc. (NASDAQ:PI – Get Free Report) shares hit a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $144.39 and last traded at $141.85, with a volume of 782109 shares trading hands. The stock had previously closed at $120.91.
The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.14. Impinj had a negative net margin of 14.10% and a negative return on equity of 74.70%. The firm had revenue of $76.83 million for 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. Canaccord Genuity Group upped their price target on Impinj from $130.00 to $150.00 and gave the company a “buy” rating in a report on Thursday, March 14th. StockNews.com raised Impinj to a “sell” rating in a report on Friday, February 9th. Susquehanna increased their price objective on Impinj from $130.00 to $140.00 and gave the company a “positive” rating in a report on Tuesday. The Goldman Sachs Group increased their price objective on Impinj from $89.00 to $115.00 and gave the company a “buy” rating in a report on Friday, February 9th. Finally, Piper Sandler reissued an “overweight” rating and issued a $150.00 price objective (up from $130.00) on shares of Impinj in a report on Thursday. Two equities research analysts have rated the stock with a sell rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Impinj presently has an average rating of “Moderate Buy” and a consensus target price of $128.33.
Insider Activity
In other news, COO Hussein Mecklai sold 30,000 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $104.80, for a total value of $3,144,000.00. Following the completion of the transaction, the chief operating officer now owns 40,489 shares in the company, valued at $4,243,247.20. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, COO Hussein Mecklai sold 30,000 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $104.80, for a total value of $3,144,000.00. Following the completion of the transaction, the chief operating officer now owns 40,489 shares in the company, valued at $4,243,247.20. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Cary Baker sold 20,000 shares of Impinj stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $102.14, for a total value of $2,042,800.00. Following the sale, the chief financial officer now owns 55,432 shares of the company’s stock, valued at approximately $5,661,824.48. The disclosure for this sale can be found here. Insiders sold a total of 120,185 shares of company stock worth $12,767,674 over the last 90 days. 17.10% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Impinj
Several hedge funds have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Impinj by 2.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,128 shares of the company’s stock valued at $462,000 after buying an additional 115 shares during the period. Wealth Effects LLC increased its holdings in Impinj by 1.0% during the 1st quarter. Wealth Effects LLC now owns 15,145 shares of the company’s stock worth $1,945,000 after purchasing an additional 150 shares during the last quarter. Arizona State Retirement System increased its holdings in Impinj by 3.3% during the 3rd quarter. Arizona State Retirement System now owns 6,450 shares of the company’s stock worth $355,000 after purchasing an additional 205 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new stake in Impinj during the 1st quarter worth approximately $32,000. Finally, GAMMA Investing LLC purchased a new stake in Impinj during the 4th quarter worth approximately $40,000.
Impinj Stock Up 28.6 %
The company has a debt-to-equity ratio of 8.26, a quick ratio of 5.59 and a current ratio of 8.73. The company has a market capitalization of $4.30 billion, a PE ratio of -89.12 and a beta of 2.05. The firm has a fifty day simple moving average of $117.29 and a 200-day simple moving average of $93.92.
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.