Impinj Target of Unusually High Options Trading (NASDAQ:PI)

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Impinj, Inc. (NASDAQ:PI) saw some unusual options trading activity on Monday. Traders acquired 2,990 call options on the company. This represents an increase of 820% compared to the typical daily volume of 325 call options.

NASDAQ:PI traded up $11.02 during midday trading on Monday, hitting $53.94. 40,889 shares of the company were exchanged, compared to its average volume of 205,920. The company has a fifty day simple moving average of $40.65 and a 200 day simple moving average of $30.88. Impinj has a fifty-two week low of $11.47 and a fifty-two week high of $46.55. The company has a current ratio of 7.17, a quick ratio of 5.65 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $1.25 billion, a PE ratio of -37.05 and a beta of 2.24.

Impinj (NASDAQ:PI) last issued its earnings results on Wednesday, October 28th. The company reported ($0.29) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.32) by $0.03. The business had revenue of $28.20 million for the quarter, compared to the consensus estimate of $24.90 million. Impinj had a negative net margin of 21.57% and a negative return on equity of 14.90%. As a group, equities research analysts expect that Impinj will post -1.57 EPS for the current year.

A number of equities analysts recently commented on the company. Morgan Stanley upped their target price on Impinj from $26.00 to $38.00 and gave the company an “equal weight” rating in a report on Monday, December 14th. BidaskClub cut Impinj from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, December 30th. Piper Sandler lifted their price objective on Impinj from $29.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 2nd. The Goldman Sachs Group boosted their price objective on Impinj from $46.00 to $53.00 and gave the company a “buy” rating in a report on Monday, December 14th. Finally, Canaccord Genuity reissued a “buy” rating and set a $35.00 price target (up previously from $32.00) on shares of Impinj in a research report on Thursday, October 29th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $38.29.

In related news, Director Sylebra Capital Ltd purchased 391,743 shares of the business’s stock in a transaction that occurred on Tuesday, November 10th. The shares were bought at an average cost of $31.09 per share, with a total value of $12,179,289.87. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Chris Ph.D. Diorio sold 9,359 shares of the business’s stock in a transaction dated Wednesday, January 6th. The shares were sold at an average price of $44.82, for a total value of $419,470.38. Following the completion of the sale, the chief executive officer now owns 276,247 shares in the company, valued at $12,381,390.54. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,734 shares of company stock worth $843,672. 25.70% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of the stock. Assenagon Asset Management S.A. bought a new position in Impinj during the third quarter worth $8,912,000. Polar Asset Management Partners Inc. lifted its position in Impinj by 55.0% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 776,007 shares of the company’s stock valued at $20,448,000 after purchasing an additional 275,218 shares during the period. Neuberger Berman Group LLC lifted its position in Impinj by 46.6% during the 3rd quarter. Neuberger Berman Group LLC now owns 515,349 shares of the company’s stock valued at $13,567,000 after purchasing an additional 163,869 shares during the period. Morgan Stanley lifted its position in Impinj by 101.0% during the 3rd quarter. Morgan Stanley now owns 294,013 shares of the company’s stock valued at $7,747,000 after purchasing an additional 147,703 shares during the period. Finally, Taylor Frigon Capital Management LLC lifted its position in Impinj by 56.6% during the 3rd quarter. Taylor Frigon Capital Management LLC now owns 148,183 shares of the company’s stock valued at $3,905,000 after purchasing an additional 53,554 shares during the period. 82.66% of the stock is owned by hedge funds and other institutional investors.

Impinj Company Profile

Impinj, Inc operates a platform that enables wireless connectivity to various everyday items to business and consumer applications. Its integrated platform connects everyday items to applications, delivering real-time information to businesses about items they create, manage, transport, and sell. The company’s platform includes endpoint integrated circuits (ICs), a miniature radios-on-a-chip that attach-to and identify their host items; and connectivity products that comprise reader ICs and modules, readers, and gateways to wirelessly identify, locate, authenticate, and engage items, as well as provide power to and communicate bidirectionally with endpoint ICs.

Read More: Initial Coin Offering (ICO)

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