Short Interest in Impinj, Inc. (NASDAQ:PI) Increases By 70.7%

Impinj, Inc. (NASDAQ:PIGet Rating) was the target of a significant increase in short interest during the month of May. As of May 15th, there was short interest totalling 3,500,000 shares, an increase of 70.7% from the April 30th total of 2,050,000 shares. Based on an average trading volume of 312,300 shares, the short-interest ratio is currently 11.2 days.

A number of research analysts have issued reports on PI shares. The Goldman Sachs Group cut their price objective on Impinj from $102.00 to $90.00 and set a “buy” rating for the company in a report on Monday, March 28th. Lake Street Capital cut their price objective on Impinj from $100.00 to $87.00 in a report on Thursday, April 28th. Roth Capital cut their price objective on Impinj from $95.00 to $76.00 in a report on Thursday, April 28th. Zacks Investment Research raised Impinj from a “hold” rating to a “buy” rating and set a $59.00 price objective for the company in a report on Thursday, May 5th. Finally, Piper Sandler cut their price target on Impinj from $100.00 to $80.00 in a report on Wednesday, April 27th. One analyst has rated the stock with a sell rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $87.73.

PI stock traded up $1.73 during midday trading on Friday, reaching $48.15. The stock had a trading volume of 172,223 shares, compared to its average volume of 328,393. Impinj has a twelve month low of $39.69 and a twelve month high of $94.39. The business has a fifty day simple moving average of $52.18 and a two-hundred day simple moving average of $68.23. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of -22.61 and a beta of 2.40.

Impinj (NASDAQ:PIGet Rating) last issued its earnings results on Wednesday, April 27th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.49) by $0.58. Impinj had a negative return on equity of 89.38% and a negative net margin of 26.39%. During the same period last year, the firm earned ($0.30) EPS. Equities analysts anticipate that Impinj will post -1.48 EPS for the current year.

In other news, COO Hussein Mecklai sold 473 shares of the firm’s stock in a transaction on Wednesday, March 16th. The shares were sold at an average price of $60.68, for a total value of $28,701.64. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Cary Baker sold 1,448 shares of the firm’s stock in a transaction on Wednesday, April 13th. The stock was sold at an average price of $52.38, for a total value of $75,846.24. Following the completion of the transaction, the chief financial officer now directly owns 34,374 shares of the company’s stock, valued at $1,800,510.12. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,737 shares of company stock worth $975,844. 24.70% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. grew its position in shares of Impinj by 1.5% in the first quarter. BlackRock Inc. now owns 1,412,629 shares of the company’s stock valued at $89,758,000 after purchasing an additional 20,404 shares in the last quarter. Invesco Ltd. grew its position in Impinj by 16.5% during the first quarter. Invesco Ltd. now owns 1,189,985 shares of the company’s stock worth $75,610,000 after buying an additional 168,597 shares in the last quarter. Vanguard Group Inc. grew its position in Impinj by 3.1% during the first quarter. Vanguard Group Inc. now owns 1,063,400 shares of the company’s stock worth $67,568,000 after buying an additional 31,819 shares in the last quarter. State Street Corp grew its position in Impinj by 18.2% during the first quarter. State Street Corp now owns 922,301 shares of the company’s stock worth $58,603,000 after buying an additional 142,182 shares in the last quarter. Finally, Janus Henderson Group PLC grew its position in Impinj by 1.3% during the third quarter. Janus Henderson Group PLC now owns 688,116 shares of the company’s stock worth $39,278,000 after buying an additional 8,627 shares in the last quarter. Institutional investors own 88.00% of the company’s stock.

Impinj Company Profile (Get Rating)

Impinj, Inc operates a cloud connectivity platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Its platform, which comprises multiple product families, wirelessly connects individual 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.

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