Point72 Hong Kong Ltd Acquires New Position in Impinj, Inc. (NASDAQ:PI)

Point72 Hong Kong Ltd bought a new position in Impinj, Inc. (NASDAQ:PI - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 7,762 shares of the company's stock, valued at approximately $1,128,000.

A number of other hedge funds also recently added to or reduced their stakes in PI. Canada Pension Plan Investment Board purchased a new stake in Impinj during the 4th quarter valued at $29,000. SBI Securities Co. Ltd. bought a new stake in shares of Impinj during the 4th quarter valued at $33,000. Jones Financial Companies Lllp increased its stake in Impinj by 205.9% in the 4th quarter. Jones Financial Companies Lllp now owns 260 shares of the company's stock worth $38,000 after buying an additional 175 shares in the last quarter. IFP Advisors Inc raised its stake in Impinj by 116.5% during the 4th quarter. IFP Advisors Inc now owns 368 shares of the company's stock valued at $53,000 after purchasing an additional 198 shares during the period. Finally, Spire Wealth Management bought a new position in shares of Impinj during the fourth quarter worth $87,000.

Impinj Stock Performance

NASDAQ:PI traded down $1.73 during mid-day trading on Monday, hitting $123.32. 394,599 shares of the company's stock traded hands, compared to its average volume of 594,218. The company has a fifty day moving average of $87.71 and a 200 day moving average of $124.68. The company has a market capitalization of $3.57 billion, a P/E ratio of 90.68 and a beta of 1.64. Impinj, Inc. has a twelve month low of $60.85 and a twelve month high of $239.88.

Impinj (NASDAQ:PI - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.21 EPS for the quarter, topping 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 company had revenue of $74.28 million during the quarter, compared to analysts' expectations of $71.73 million. During the same quarter in the previous year, the firm posted $0.21 EPS. The firm's revenue was down 3.3% compared to the same quarter last year. On average, research analysts expect that Impinj, Inc. will post -0.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Cathal G. Phelan sold 565 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $98.77, for a total transaction of $55,805.05. Following the transaction, the insider now owns 7,925 shares in the company, valued at $782,752.25. This trade represents a 6.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Cary Baker sold 1,553 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $98.76, for a total transaction of $153,374.28. Following the transaction, the chief financial officer now directly owns 76,451 shares in the company, valued at approximately $7,550,300.76. The trade was a 1.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,857 shares of company stock valued at $1,665,290 over the last 90 days. Insiders own 12.40% of the company's stock.

Wall Street Analyst Weigh In

PI has been the subject of several research analyst reports. Piper Sandler cut their price target on Impinj from $140.00 to $100.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Evercore ISI upped their target price on Impinj from $99.00 to $117.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. Susquehanna reduced their price target on shares of Impinj from $260.00 to $220.00 and set a "positive" rating on the stock in a research note on Wednesday, January 22nd. StockNews.com lowered Impinj from a "hold" rating to a "sell" rating in a research report on Friday, January 24th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $133.00 price objective on shares of Impinj in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $155.38.

Impinj 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.