Impinj (PI) Stock Price Down 6.6% After Insider Selling

Impinj, Inc. (NASDAQ:PI) fell 6.6% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $22.80 and last traded at $22.95. 951,500 shares changed hands during mid-day trading, an increase of 27% from the average session volume of 749,850 shares. The stock had previously closed at $24.56.

Specifically, insider Eric Brodersen sold 7,000 shares of the stock in a transaction that occurred on Thursday, September 21st. The stock was sold at an average price of $39.85, for a total transaction of $278,950.00. Following the completion of the sale, the insider now owns 92,843 shares of the company’s stock, valued at $3,699,793.55. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Clinton Bybee acquired 4,000 shares of the company’s stock in a transaction dated Thursday, November 9th. The shares were bought at an average cost of $24.43 per share, with a total value of $97,720.00. Following the purchase, the director now owns 4,417 shares of the company’s stock, valued at approximately $107,907.31. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 26,200 shares of company stock valued at $895,109. 15.20% of the stock is owned by insiders.

PI has been the subject of a number of analyst reports. BidaskClub lowered Impinj from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 10th. Needham & Company LLC decreased their target price on Impinj from $48.00 to $45.00 and set a “buy” rating for the company in a report on Thursday, October 26th. Zacks Investment Research upgraded Impinj from a “sell” rating to a “buy” rating and set a $39.00 target price for the company in a report on Wednesday, October 25th. Dougherty & Co began coverage on Impinj in a report on Wednesday, August 23rd. They set a “buy” rating and a $62.00 target price for the company. Finally, Royal Bank Of Canada restated a “buy” rating on shares of Impinj in a report on Friday, September 29th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $36.67.

The company has a quick ratio of 4.97, a current ratio of 7.49 and a debt-to-equity ratio of 0.06.

Impinj (NASDAQ:PI) last announced its earnings results on Wednesday, November 1st. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.04). The business had revenue of $32.60 million for the quarter, compared to the consensus estimate of $32.58 million. Impinj had a negative net margin of 5.97% and a negative return on equity of 1.15%. Impinj’s revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.10 EPS. sell-side analysts anticipate that Impinj, Inc. will post -0.41 earnings per share for the current fiscal year.

Several institutional investors have recently made changes to their positions in PI. Carnegie Capital Asset Management LLC raised its holdings in Impinj by 10.7% in the second quarter. Carnegie Capital Asset Management LLC now owns 15,230 shares of the company’s stock worth $747,000 after purchasing an additional 1,470 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Impinj by 95.1% in the second quarter. PNC Financial Services Group Inc. now owns 3,621 shares of the company’s stock worth $176,000 after purchasing an additional 1,765 shares in the last quarter. Global X Management Co. LLC raised its holdings in Impinj by 30.6% in the second quarter. Global X Management Co. LLC now owns 8,073 shares of the company’s stock worth $393,000 after purchasing an additional 1,892 shares in the last quarter. BNP Paribas Arbitrage SA raised its holdings in Impinj by 1,261.0% in the second quarter. BNP Paribas Arbitrage SA now owns 2,096 shares of the company’s stock worth $102,000 after purchasing an additional 1,942 shares in the last quarter. Finally, Virtu KCG Holdings LLC raised its holdings in Impinj by 40.6% in the second quarter. Virtu KCG Holdings LLC now owns 9,570 shares of the company’s stock worth $466,000 after purchasing an additional 2,764 shares in the last quarter. Institutional investors own 82.95% of the company’s stock.

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About Impinj

Impinj, Inc is a provider of RAIN radio frequency identification (RFID) solutions. The Company sells a platform that includes endpoint integrated circuits (ICs), reader ICs, readers and gateways that enable wireless connectivity to everyday items, and software that delivers Item Intelligence from endpoint reads.

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