Point72 Hong Kong Ltd Purchases New Holdings in Impinj, Inc. (NASDAQ:PI)

Point72 Hong Kong Ltd purchased a new stake in Impinj, Inc. (NASDAQ:PI) during the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 7,762 shares of the company’s stock, valued at approximately $1,128,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PI. Capital International Investors lifted its stake in Impinj by 45.0% in the 4th quarter. Capital International Investors now owns 1,527,587 shares of the company’s stock valued at $221,897,000 after buying an additional 473,721 shares in the last quarter. Janus Henderson Group PLC lifted its stake in Impinj by 3,824.4% in the 4th quarter. Janus Henderson Group PLC now owns 435,960 shares of the company’s stock valued at $63,310,000 after buying an additional 424,851 shares in the last quarter. Norges Bank purchased a new position in Impinj in the 4th quarter valued at about $40,100,000. Raymond James Financial Inc. purchased a new position in Impinj in the 4th quarter valued at about $27,699,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in Impinj by 244.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 219,081 shares of the company’s stock valued at $31,825,000 after buying an additional 155,543 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PI. Needham & Company LLC lowered their target price on Impinj from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Thursday, April 24th. Piper Sandler lowered their target price on Impinj from $140.00 to $100.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Susquehanna lowered their target price on Impinj from $260.00 to $220.00 and set a “positive” rating on the stock in a report on Wednesday, January 22nd. Evercore ISI boosted their target price on Impinj from $99.00 to $117.00 and gave the stock an “outperform” rating in a report on Thursday, April 24th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $133.00 target price on shares of Impinj in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $155.38.

Impinj Stock Performance

PI opened at $121.75 on Friday. Impinj, Inc. has a one year low of $60.85 and a one year high of $239.88. The stock has a market capitalization of $3.53 billion, a PE ratio of 89.52 and a beta of 1.64. The business’s 50 day moving average price is $87.10 and its 200 day moving average price is $126.11.

Impinj (NASDAQ:PI) last released its quarterly earnings data on Wednesday, April 23rd. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.12. Impinj had a return on equity of 7.11% and a net margin of 11.15%. The firm had revenue of $74.28 million for the quarter, compared to analysts’ expectations of $71.73 million. During the same period in the prior year, the firm posted $0.21 earnings per share. The firm’s quarterly revenue was down 3.3% on a year-over-year basis. As a group, equities research analysts forecast that Impinj, Inc. will post -0.47 earnings per share for the current fiscal year.

Insider Activity at Impinj

In other Impinj news, COO Hussein Mecklai sold 3,739 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $98.81, for a total value of $369,450.59. Following the sale, the chief operating officer now owns 70,347 shares of the company’s stock, valued at $6,950,987.07. The trade was a 5.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Cathal G. Phelan sold 565 shares of the business’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $98.77, for a total value of $55,805.05. Following the completion of the sale, the insider now directly owns 7,925 shares in the company, valued at approximately $782,752.25. The trade was a 6.65% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,857 shares of company stock worth $1,665,290. Insiders own 12.40% of the company’s stock.

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.