Federated Hermes Inc. Reduces Holdings in Impinj, Inc. (NASDAQ:PI)

Key Points

• Federated Hermes Inc. reduced its holdings in Impinj, Inc. by 97.3% in the first quarter, holding only 5,142 shares after selling 188,338 shares during this period.
• Various institutional investors, including LPL Financial LLC and Cetera Investment Advisers, have increased their stakes in Impinj, with Cetera growing its position by 254.3%.
• Analyst ratings indicate a generally positive outlook for Impinj, with an average target price of $163.29 and six analysts rating the stock as a buy.

Federated Hermes Inc. cut its holdings in Impinj, Inc. (NASDAQ:PI - Free Report) by 97.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,142 shares of the company's stock after selling 188,338 shares during the quarter. Federated Hermes Inc.'s holdings in Impinj were worth $466,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Canada Pension Plan Investment Board purchased a new position in Impinj during the fourth quarter worth $29,000. SBI Securities Co. Ltd. boosted its stake in Impinj by 75.3% during the first quarter. SBI Securities Co. Ltd. now owns 398 shares of the company's stock worth $36,000 after buying an additional 171 shares during the period. GAMMA Investing LLC boosted its stake in Impinj by 68.7% during the first quarter. GAMMA Investing LLC now owns 722 shares of the company's stock worth $65,000 after buying an additional 294 shares during the period. KBC Group NV boosted its stake in Impinj by 35.0% during the first quarter. KBC Group NV now owns 1,227 shares of the company's stock worth $111,000 after buying an additional 318 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Impinj during the fourth quarter worth $156,000.

Impinj Stock Down 0.1%

Impinj stock traded down $0.18 during trading hours on Monday, reaching $153.55. The stock had a trading volume of 376,286 shares, compared to its average volume of 644,524. The company has a market cap of $4.47 billion, a price-to-earnings ratio of 15,370.37 and a beta of 1.74. The business's 50 day moving average price is $120.03 and its 200-day moving average price is $105.53. Impinj, Inc. has a 52 week low of $60.85 and a 52 week high of $239.88. The company has a debt-to-equity ratio of 1.51, a current ratio of 11.64 and a quick ratio of 8.44.

Impinj (NASDAQ:PI - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.72 by $0.08. The firm had revenue of $97.89 million during the quarter, compared to analyst estimates of $93.78 million. Impinj had a net margin of 0.18% and a return on equity of 8.14%. Impinj's revenue was down 4.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.83 EPS. Sell-side analysts anticipate that Impinj, Inc. will post -0.47 EPS for the current year.

Wall Street Analysts Forecast Growth

PI has been the subject of a number of recent analyst reports. Susquehanna boosted their target price on shares of Impinj from $130.00 to $140.00 and gave the company a "positive" rating in a research note on Tuesday, July 22nd. Evercore ISI boosted their target price on shares of Impinj from $99.00 to $117.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Piper Sandler boosted their target price on shares of Impinj from $140.00 to $180.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Cantor Fitzgerald boosted their target price on shares of Impinj from $133.00 to $158.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Finally, Needham & Company LLC boosted their target price on shares of Impinj from $115.00 to $165.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Impinj presently has an average rating of "Moderate Buy" and an average price target of $163.29.

Impinj Company Profile

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.