Impinj (NASDAQ:PI) Reaches New 12-Month High on Earnings Beat

Shares of Impinj, Inc. (NASDAQ:PI) hit a new 52-week high during 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 traded. The stock had previously closed at $120.91.

The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.14. Impinj had a negative return on equity of 74.70% and a negative net margin of 14.10%. The business had revenue of $76.83 million for the quarter, compared to the consensus estimate of $73.57 million.

Wall Street Analysts Forecast Growth

PI has been the topic of a number of research analyst reports. The Goldman Sachs Group upped their price target on Impinj from $89.00 to $115.00 and gave the company a “buy” rating in a report on Friday, February 9th. Evercore ISI initiated coverage on Impinj in a report on Tuesday, April 16th. They set an “outperform” rating and a $160.00 price target on the stock. Needham & Company LLC upped their price target on Impinj from $130.00 to $160.00 and gave the company a “buy” rating in a report on Thursday. 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. Finally, Roth Mkm upped their price objective on Impinj from $125.00 to $145.00 and gave the company a “buy” rating in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $128.33.

Insider Transactions at Impinj

In other news, insider Cathal G. Phelan sold 10,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $106.23, for a total value of $1,062,300.00. Following the completion of the transaction, the insider now owns 21,750 shares of the company’s stock, valued at $2,310,502.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Cathal G. Phelan sold 10,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $106.23, for a total transaction of $1,062,300.00. Following the completion of the transaction, the insider now directly owns 21,750 shares of the company’s stock, valued at $2,310,502.50. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Hussein Mecklai sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $104.80, for a total value of $3,144,000.00. Following the completion of the sale, the chief operating officer now directly owns 40,489 shares of the company’s stock, valued at $4,243,247.20. The disclosure for this sale can be found here. Insiders sold a total of 120,185 shares of company stock valued at $12,767,674 over the last 90 days. Company insiders own 17.10% of the company’s stock.

Institutional Investors Weigh In On Impinj

Several institutional investors have recently modified their holdings of PI. FMR LLC raised its holdings in shares of Impinj by 0.8% in the third quarter. FMR LLC now owns 4,028,894 shares of the company’s stock worth $221,710,000 after buying an additional 31,289 shares during the period. Sylebra Capital LLC purchased a new stake in shares of Impinj in the third quarter worth approximately $217,290,000. Westfield Capital Management Co. LP increased its holdings in Impinj by 40.1% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,022,359 shares of the company’s stock worth $56,260,000 after purchasing an additional 292,470 shares during the period. Fred Alger Management LLC increased its holdings in Impinj by 249.6% during the 3rd quarter. Fred Alger Management LLC now owns 795,973 shares of the company’s stock worth $43,802,000 after purchasing an additional 568,301 shares during the period. Finally, Capital International Investors bought a new stake in Impinj during the 4th quarter valued at $68,211,000.

Impinj Trading Up 28.6 %

The company has a current ratio of 8.73, a quick ratio of 5.59 and a debt-to-equity ratio of 8.26. The stock has a 50-day simple moving average of $118.27 and a two-hundred day simple moving average of $94.35. The firm has a market capitalization of $4.30 billion, a P/E ratio of -96.02 and a beta of 2.05.

About Impinj

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.