Bank of New York Mellon Corp Raises Stake in Impinj, Inc. (NASDAQ:PI)

Bank of New York Mellon Corp grew its stake in shares of Impinj, Inc. (NASDAQ:PI) by 3.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 171,139 shares of the company’s stock after purchasing an additional 5,475 shares during the period. Bank of New York Mellon Corp owned approximately 0.59% of Impinj worth $15,522,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Canada Pension Plan Investment Board purchased a new position in Impinj in the 4th quarter valued at about $29,000. GAMMA Investing LLC increased its stake in shares of Impinj by 68.7% during the 1st quarter. GAMMA Investing LLC now owns 722 shares of the company’s stock valued at $65,000 after acquiring an additional 294 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Impinj during the 4th quarter valued at about $156,000. KBC Group NV increased its stake in shares of Impinj by 35.0% during the 1st quarter. KBC Group NV now owns 1,227 shares of the company’s stock valued at $111,000 after acquiring an additional 318 shares during the last quarter. Finally, EP Wealth Advisors LLC increased its stake in shares of Impinj by 19.7% during the 4th quarter. EP Wealth Advisors LLC now owns 1,623 shares of the company’s stock valued at $236,000 after acquiring an additional 267 shares during the last quarter.

Analyst Ratings Changes

A number of research firms recently issued reports on PI. Evercore ISI increased their target price on shares of Impinj from $99.00 to $117.00 and gave the stock an “outperform” rating in a research report on Thursday, April 24th. Piper Sandler restated an “overweight” rating and issued a $100.00 price target on shares of Impinj in a report on Thursday, June 12th. Cantor Fitzgerald restated an “overweight” rating and issued a $133.00 price target on shares of Impinj in a report on Thursday, April 24th. Finally, Needham & Company LLC decreased their price target on Impinj from $130.00 to $115.00 and set a “buy” rating for the company in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $155.38.

Impinj Price Performance

Shares of PI opened at $115.98 on Friday. The firm has a market capitalization of $3.36 billion, a price-to-earnings ratio of -2,898.78 and a beta of 1.64. The company has a debt-to-equity ratio of 1.77, a quick ratio of 7.46 and a current ratio of 10.96. Impinj, Inc. has a one year low of $60.85 and a one year high of $239.88. The stock’s fifty day moving average is $113.95 and its 200-day moving average is $106.60.

Impinj (NASDAQ:PI) last announced its earnings results on Wednesday, April 23rd. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.12. Impinj had a positive return on equity of 6.45% and a negative net margin of 0.26%. The business had revenue of $74.28 million during the quarter, compared to analysts’ expectations of $71.73 million. During the same quarter last year, the business posted $0.21 earnings per share. The company’s quarterly revenue was down 3.3% on a year-over-year basis. Equities analysts anticipate that Impinj, Inc. will post -0.47 EPS for the current year.

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.