Kornitzer Capital Management Inc. KS Purchases New Shares in Impinj, Inc. $PI

Kornitzer Capital Management Inc. KS purchased a new position in Impinj, Inc. (NASDAQ:PI) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 9,000 shares of the company’s stock, valued at approximately $1,627,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. CoreCap Advisors LLC purchased a new position in Impinj during the 3rd quarter valued at about $27,000. Caitong International Asset Management Co. Ltd purchased a new stake in Impinj in the second quarter worth about $28,000. Salomon & Ludwin LLC bought a new position in shares of Impinj during the third quarter valued at approximately $31,000. Harbour Investments Inc. bought a new position in shares of Impinj during the second quarter valued at approximately $33,000. Finally, Quaker Wealth Management LLC lifted its holdings in shares of Impinj by 200.0% during the second quarter. Quaker Wealth Management LLC now owns 300 shares of the company’s stock valued at $33,000 after purchasing an additional 600 shares during the last quarter.

Impinj Price Performance

NASDAQ PI opened at $161.56 on Thursday. Impinj, Inc. has a one year low of $60.85 and a one year high of $247.06. The stock has a 50-day moving average of $169.71 and a 200 day moving average of $172.37. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.97 and a current ratio of 2.67. The company has a market capitalization of $4.86 billion, a price-to-earnings ratio of -367.17 and a beta of 1.52.

Impinj (NASDAQ:PI) last announced its quarterly earnings results on Wednesday, October 29th. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.08. Impinj had a negative net margin of 3.45% and a positive return on equity of 8.15%. The firm had revenue of $96.06 million for the quarter, compared to the consensus estimate of $92.71 million. During the same quarter last year, the firm posted $0.56 EPS. The business’s quarterly revenue was up .9% compared to the same quarter last year. On average, sell-side analysts forecast that Impinj, Inc. will post -0.47 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on PI shares. Barclays upped their price target on Impinj from $200.00 to $211.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 5th. Zacks Research cut Impinj from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Piper Sandler lifted their price target on Impinj from $180.00 to $230.00 and gave the stock an “overweight” rating in a research report on Thursday, October 23rd. UBS Group dropped their price target on shares of Impinj from $200.00 to $190.00 and set a “neutral” rating on the stock in a research note on Monday. Finally, Evercore ISI lifted their target price on shares of Impinj from $236.00 to $273.00 and gave the stock an “outperform” rating in a report on Thursday, October 30th. Seven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $225.22.

Insider Transactions at Impinj

In other Impinj news, insider Sylebra Capital Llc sold 134,629 shares of Impinj stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $150.36, for a total value of $20,242,816.44. Following the completion of the sale, the insider owned 1,132,152 shares of the company’s stock, valued at approximately $170,230,374.72. The trade was a 10.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 697,450 shares of company stock valued at $110,643,153 in the last 90 days. Company insiders own 51.00% of the company’s stock.

Impinj Profile

Impinj, Inc, headquartered in Seattle, Washington, develops Radio Frequency Identification (RFID) solutions designed to connect everyday items to the internet. Founded in 2000, the company pioneered RAIN RFID technology with a focus on transforming supply chain and inventory processes across retail, healthcare, airport baggage handling and manufacturing. Impinj’s platform comprises RAIN RFID tag chips, fixed and handheld RFID readers, gateways, antennas and connectivity modules that enable real-time visibility of tagged items.

Impinj’s product portfolio is built around its core RAIN RFID ecosystem, offering tag chips for high-volume production (Monza series), reader chips for integration into third-party devices and complete reader and gateway systems (Speedway series and xArray).