IMPINJ Inc (PI) Trading Up -4.3% on Insider Buying Activity

IMPINJ Inc (NASDAQ:PI) shares were up 4.3% during trading on Monday following insider buying activity. The stock traded as high as $27.26 and last traded at $25.29. Approximately 492,707 shares changed hands during mid-day trading, a decline of 37% from the average daily volume of 782,114 shares. The stock had previously closed at $26.44.

Specifically, insider Eric Brodersen sold 7,000 shares of the firm’s stock in a transaction on Tuesday, August 29th. The shares were sold at an average price of $35.81, for a total value of $250,670.00. Following the completion of the transaction, the insider now directly owns 101,443 shares of the company’s stock, valued at approximately $3,632,673.83. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Clinton Bybee purchased 4,000 shares of the business’s stock in a transaction on Thursday, November 9th. The stock was purchased at an average cost of $24.43 per share, with a total value of $97,720.00. Following the completion of the acquisition, the director now owns 4,417 shares in the company, valued at $107,907.31. The disclosure for this purchase can be found here. Insiders sold a total of 37,000 shares of company stock valued at $1,392,420 over the last quarter.

PI has been the subject of a number of research analyst reports. Zacks Investment Research downgraded shares of IMPINJ from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of IMPINJ in a report on Saturday, July 22nd. Needham & Company LLC lifted their price objective on shares of IMPINJ from $40.00 to $55.00 and gave the stock a “buy” rating in a report on Wednesday, July 26th. Dougherty & Co initiated coverage on shares of IMPINJ in a report on Wednesday, August 23rd. They set a “buy” rating and a $62.00 price objective for the company. Finally, BidaskClub downgraded shares of IMPINJ from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. IMPINJ has a consensus rating of “Hold” and an average target price of $36.67.

IMPINJ (NASDAQ:PI) last posted its quarterly earnings results on Wednesday, November 1st. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.04). The business had revenue of $32.60 million during the quarter, compared to the consensus estimate of $32.58 million. IMPINJ had a negative return on equity of 3.11% and a negative net margin of 2.86%. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.10 earnings per share.

A number of institutional investors have recently bought and sold shares of the business. BNP Paribas Arbitrage SA increased its position in shares of IMPINJ by 1,261.0% in the second quarter. BNP Paribas Arbitrage SA now owns 2,096 shares of the company’s stock valued at $102,000 after acquiring an additional 1,942 shares during the period. American International Group Inc. purchased a new position in shares of IMPINJ in the first quarter valued at about $112,000. Bronfman E.L. Rothschild L.P. purchased a new position in shares of IMPINJ in the third quarter valued at about $116,000. Cornerstone Capital Management Holdings LLC. purchased a new position in shares of IMPINJ in the third quarter valued at about $128,000. Finally, Turner Investments LLC purchased a new position in shares of IMPINJ in the second quarter valued at about $146,000.

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About IMPINJ

Impinj, Inc is a provider of RAIN radio frequency identification (RFID) solutions. The Company sells a platform that includes endpoint integrated circuits (ICs), reader ICs, readers and gateways that enable wireless connectivity to everyday items, and software that delivers Item Intelligence from endpoint reads.

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