Impinj (NASDAQ:PI) shares have gained about 15.1% since August 11, when investment firm Sylebra Capital Ltd. started buying PI stock. Importantly, the firm is the owner of more than 10% of Impinj’s shares. Upon completion of the latest transaction, it held 3.87 million company shares worth $263.92 million.
The company engages in the development and sale of a radio frequency identification solution. Its platform supports inventory management, patient safety, asset tracking, and item authentication for several industries.
Sylebra Capital’s Purchases of PI Stock
In the latest SEC filing, Sylebra Capital disclosed that it bought 126,427 shares of PI stock on August 30 at a weighted average price of $63.32 per share. The transaction’s total consideration stands at about $8 million.
Prior to this, the firm purchased 28,579 shares on August 29, worth $1.81 million. Additionally, in the period between August 11 and August 22, Sylebra Capital bought 866,105 shares of PI stock for about $51.7 million.
Based on the purchases of this corporate insider, TipRanks’ Insider Trading Activity Tool shows that insider confidence in Impinj is currently Positive.
Considering the insider’s optimistic stance, it is reasonable to anticipate some positive developments in the company’s future. In general, investors could consider keeping track of top insiders’ transactions as they reflect their perception of the company’s performance going forward.
Interestingly, TipRanks offers daily insider transactions as well as a list of the top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
What is the PI Stock Price Forecast?
Currently, Wall Street is cautiously optimistic about PI stock. It has a Moderate Buy consensus rating based on six Buy and one Sell recommendations. The average stock price target of $90.86 implies 33.2% upside potential. Shares have tanked by 38.1% so far in 2023.
Investors looking for the most accurate forecast regarding the performance of PI stock over the past year may turn to Needham analyst James Ricchiuti. It is noteworthy that copying the analyst’s trades and holding each position for a year would yield an average return of 29.77% per trade and an overall success rate of 60.87%.
