Impinj, Inc. $PI Stock Acquired by Kornitzer Capital Management Inc. KS

Key Points

• Kornitzer Capital Management increased its Impinj stake by 38.8% in the third quarter, adding 23,596 shares to hold 84,412 shares valued at about $15.1 million.
• Impinj beat quarterly estimates, reporting EPS of $0.69 versus $0.61 expected and revenue of $112.1 million, up 16.7% year over year. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $196.10.
• Company insiders sold 103,041 shares worth about $19.1 million over the past 90 days.

Kornitzer Capital Management Inc. KS boosted its holdings in shares of Impinj, Inc. (NASDAQ:PI - Free Report) by 38.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 84,412 shares of the company's stock after purchasing an additional 23,596 shares during the quarter. Kornitzer Capital Management Inc. KS owned about 0.28% of Impinj worth $15,134,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in PI. BlackRock Inc. bought a new position in Impinj in the 2nd quarter worth approximately $637,286,000. The Manufacturers Life Insurance Company bought a new stake in shares of Impinj in the second quarter valued at approximately $95,867,000. William Blair Investment Management LLC bought a new stake in shares of Impinj in the second quarter valued at approximately $42,514,000. AWM Investment Company Inc. bought a new stake in shares of Impinj in the second quarter valued at approximately $29,651,000. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Impinj by 7.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 181,978 shares of the company's stock valued at $18,551,000 after acquiring an additional 11,896 shares during the period.

Impinj Price Performance

Impinj stock opened at $171.03 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 9.42 and a quick ratio of 7.07. The company has a market capitalization of $5.28 billion, a PE ratio of -518.26 and a beta of 1.90. Impinj, Inc. has a one year low of $87.36 and a one year high of $215.25. The business has a 50 day simple moving average of $178.13 and a 200 day simple moving average of $144.42.

Impinj (NASDAQ:PI - Get Free Report) last announced its quarterly earnings results on Wednesday, October 28th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.61 by $0.08. Impinj had a positive return on equity of 6.65% and a negative net margin of 2.45%. The business had revenue of $112.08 million for the quarter, compared to analyst estimates of $107.16 million. During the same quarter in the previous year, the firm earned $0.58 EPS. Impinj's quarterly revenue was up 16.7% on a year-over-year basis. On average, sell-side analysts forecast that Impinj, Inc. will post 0.59 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on PI shares. Weiss Ratings restated a "sell (d)" rating on shares of Impinj in a research note on Wednesday, October 28th. Zacks Research lowered Impinj from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 31st. Wall Street Zen raised Impinj from a "hold" rating to a "buy" rating in a report on Saturday, August 1st. Susquehanna raised their price objective on Impinj from $175.00 to $225.00 and gave the stock a "positive" rating in a research report on Thursday, October 29th. Finally, Needham & Company LLC lifted their price objective on Impinj from $168.00 to $195.00 and gave the stock a "buy" rating in a report on Thursday, October 29th. Seven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $196.10.

Insider Buying and Selling

In other news, Director Sylebra Capital Llc sold 49,691 shares of the company's stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $185.23, for a total value of $9,204,263.93. Following the sale, the director owned 726,252 shares of the company's stock, valued at approximately $134,523,657.96. This represents a 6.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Meera Rao sold 1,729 shares of the stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $201.60, for a total transaction of $348,566.40. Following the sale, the director owned 9,593 shares of the company's stock, valued at $1,933,948.80. This trade represents a 15.27% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 103,041 shares of company stock valued at $19,062,138 in the last ninety days. Insiders own 6.80% of the company's stock.

Impinj Company Profile

Impinj, Inc NASDAQ: PI develops technology for the Internet of Things (IoT) based on RAIN RFID, a wireless technology used to identify, locate and authenticate individual items. Its platform is designed to connect physical products, packages and assets to digital systems, helping organizations collect real-time information throughout supply chains and business operations.

The company offers a portfolio of RAIN RFID endpoint integrated circuits, reader chips, RFID readers and gateways, antennas, and cloud and software solutions.

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