Impinj (NASDAQ:PI) Sets New 52-Week High Following Earnings Beat

Shares of Impinj, Inc. (NASDAQ:PI) reached a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The company 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 (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.14. The firm had revenue of $76.83 million for the quarter, compared to the consensus estimate of $73.57 million. Impinj had a negative net margin of 1.90% and a negative return on equity of 81.75%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Roth Mkm increased their price objective on shares of Impinj from $125.00 to $145.00 and gave the company a “buy” rating in a research report on Thursday. Evercore ISI assumed coverage on shares of Impinj in a research report on Tuesday, April 16th. They set an “outperform” rating and a $160.00 price objective on the stock. Canaccord Genuity Group increased their price objective on shares of Impinj from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, March 14th. Susquehanna upped their target price on shares of Impinj from $130.00 to $140.00 and gave the company a “positive” rating in a report on Tuesday. Finally, The Goldman Sachs Group upped their target price on shares of Impinj from $130.00 to $156.00 and gave the company a “buy” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Impinj currently has a consensus rating of “Moderate Buy” and a consensus price target of $132.89.

Insider Buying and Selling

In related news, insider Cathal G. Phelan sold 2,556 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $98.88, for a total transaction of $252,737.28. Following the completion of the transaction, the insider now owns 24,990 shares in the company, valued at $2,471,011.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Impinj news, insider Cathal G. Phelan sold 2,556 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $98.88, for a total transaction of $252,737.28. Following the completion of the transaction, the insider now owns 24,990 shares in the company, valued at $2,471,011.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Hussein Mecklai sold 30,000 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $104.80, for a total transaction of $3,144,000.00. Following the transaction, the chief operating officer now owns 40,489 shares of the company’s stock, valued at approximately $4,243,247.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 120,185 shares of company stock worth $12,767,674. 17.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Impinj

Institutional investors have recently bought and sold shares of the business. Wealth Effects LLC lifted its holdings in shares of Impinj by 1.0% in the 1st quarter. Wealth Effects LLC now owns 15,145 shares of the company’s stock worth $1,945,000 after acquiring an additional 150 shares during the last quarter. Deltec Asset Management LLC bought a new stake in shares of Impinj in the 1st quarter worth about $584,000. Future Financial Wealth Managment LLC bought a new stake in shares of Impinj in the 1st quarter worth about $32,000. Ghisallo Capital Management LLC bought a new stake in shares of Impinj in the 4th quarter worth about $4,192,000. Finally, Prudential PLC bought a new stake in shares of Impinj in the 4th quarter worth about $277,000.

Impinj Stock Down 3.0 %

The company’s fifty day moving average price is $119.23 and its 200-day moving average price is $95.02. The stock has a market cap of $4.17 billion, a P/E ratio of -431.17 and a beta of 2.05. The company has a debt-to-equity ratio of 8.26, a quick ratio of 5.59 and a current ratio of 8.73.

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.