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

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

The company reported ($0.17) earnings per share 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 company had revenue of $76.83 million during the quarter, compared to analyst estimates of $73.57 million.

Analysts Set New Price Targets

Several research firms have recently commented on PI. Roth Mkm raised their price target on Impinj from $125.00 to $145.00 and gave the stock a “buy” rating in a research report on Thursday. StockNews.com upgraded Impinj to a “sell” rating in a research report on Friday, February 9th. Evercore ISI began coverage on Impinj in a research report on Tuesday, April 16th. They set an “outperform” rating and a $160.00 price target for the company. Needham & Company LLC increased their price objective on Impinj from $130.00 to $160.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Susquehanna increased their price objective on Impinj from $130.00 to $140.00 and gave the company a “positive” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Impinj currently has an average rating of “Moderate Buy” and an average target price of $128.33.

Insider Activity

In other Impinj news, CFO Cary Baker sold 306 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $123.55, for a total value of $37,806.30. Following the sale, the chief financial officer now directly owns 65,748 shares in the company, valued at $8,123,165.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Cathal G. Phelan sold 10,000 shares of Impinj stock in a transaction dated 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 sale, the insider now owns 21,750 shares in the company, valued at $2,310,502.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Cary Baker sold 306 shares of Impinj stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $123.55, for a total value of $37,806.30. Following the sale, the chief financial officer now owns 65,748 shares in the company, valued at approximately $8,123,165.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 120,185 shares of company stock worth $12,767,674. Corporate insiders own 17.10% of the company’s stock.

Institutional Trading of Impinj

A number of hedge funds and other institutional investors have recently made changes to their positions in PI. Wealth Effects LLC grew its holdings in shares of Impinj by 1.0% during the first quarter. Wealth Effects LLC now owns 15,145 shares of the company’s stock worth $1,945,000 after buying an additional 150 shares during the last quarter. Deltec Asset Management LLC purchased a new position in shares of Impinj during the first quarter worth about $584,000. Future Financial Wealth Managment LLC purchased a new position in shares of Impinj during the first quarter worth about $32,000. Ghisallo Capital Management LLC purchased a new position in shares of Impinj during the fourth quarter worth about $4,192,000. Finally, Prudential PLC purchased a new position in shares of Impinj during the fourth quarter worth about $277,000.

Impinj Stock Performance

The company has a quick ratio of 5.59, a current ratio of 8.73 and a debt-to-equity ratio of 8.26. The stock has a fifty day moving average of $118.27 and a 200-day moving average of $94.35. The stock has a market cap of $4.30 billion, a PE 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.