Victory Capital Management Inc. recently reported a significant cut in their stakeholder position at Impinj, Inc. (NASDAQ:PI) to the Securities & Exchange Commission. According to the filing, the investment firm reduced its stake in Impinj’s shares by 34.3% during the fourth quarter of last year, translating to 187,790 less shares and leaving them with 360,447 shares.
As of the most recent SEC filing, Victory Capital Management Inc.’s holdings owned approximately 1.38% of Impinj with an estimated worth of $39,354,000. These actions raise questions about the long-term prospects of Impinj and its ability to maintain investor interests.
Impinj is known for its pioneering work in radio frequency identification solutions and is headquartered in Seattle, WA. Since being founded by Christopher Diorio in April 2000, the company has been steadfastly committed to developing innovative RFID solutions that help streamline business operations and improve logistics management.
The opening stock price for PI on Monday was $98.99 which underscores Impinj’s impressive market value of $2.64 billion. However, investors should be mindful that this now comes with a price-to-earnings ratio of -139.42 as well as a beta score of 2.19.
Impinj’s average performance over both the fifty-day simple moving average ($107.89) and two-hundred-day simple moving average ($118.40) highlights potential limitations due to possible fluctuations in trends attributable within current economic landscapes.
Investors are keeping a watchful eye on PI as it continues battling debt-to-equity challenges resulting from high market capitalizations that can affect critical liquidity considerations such as quick-ratio (4:02), though their current ratio is robust at 5:59.
Overall, Victory Capital Management Inc.’s move is sending shockwaves throughout markets currently invested in Impinj. It is yet unknown what the firm’s next actions will be, but it will certainly be compelling to watch as investors prepare for any ripple effects of its actions.
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Mixed Reviews for RFID Solutions Developer Impinj as Insiders Buy and Analysts Issue Differing Recommendations
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”PI” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Impinj, a radio frequency identification (RFID) solutions developer, has attracted the attention of institutional investors and analysts alike, with the company releasing earnings results for the first quarter of the fiscal year on April 26. It also emerged that director Steve Sanghi purchased 23,500 shares of Impinj stock in a May transaction; insiders have sold over 31,000 shares in the past 90 days. While several hedge funds – including Advisors Asset Management and Eqis Capital Management – acquired stakes in Impinj recently using investments ranging from $32,000 to $213,000. Overall, institutional investors own 97.32% of the company’s stock.
Despite increasing interest from institutional investors increasing interest, some analysts have issued negative recommendations to clients about Impinj performance outlooks. Piper Sandler dropped its share target price from $140 to $130 on April 27. StockNews.com assigned a ‘sell’ rating last month; while Needham & Company reduced its target price from $151 to $145 on April 27,.
In contrast to these negative outlooks, six other analysts have given buy recommendations for Impinj’s company shares resulting in a consensus rating by Bloomberg.com of ‘Moderate Buy’ with an average target price of $137 per share for prospective buyers. The precise factors behind this lack of unanimity between analysts is ultimately an issue only they can explain at this level of detail.
Impinj was founded by Christopher Diorio almost two decades ago and is headquartered in Seattle.RFID operates via electromagnetic fields that send signals between tag readers and tags attached to objects. The tags contain electronically stored information enabling data tracking throughout supply chains or manufacturing process.
The firm reported negative EPS after it missed Q1 estimates: revenue was recorded at $85.9m versus a forecasted $83.5m while EPS came in at -$0..06 compared with a predicted -$0.04 for the quarter. Nonetheless, Impinj is still expected to post EPS of -$0.16 for the year..
