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Insider Trading: Impinj Stock (NASDAQ:PI) Gained on $2.5M Insider Buy
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Insider Trading: Impinj Stock (NASDAQ:PI) Gained on $2.5M Insider Buy

Story Highlights

One of Impinj’s major insiders has been consistently buying the company’s stock. In the most recent transaction, the insider increased its total investment in PI stock to $318.58 million.

Shares of Impinj (NASDAQ:PI) gained 2.5% in yesterday’s extended trading session after the investment firm Sylebra Capital Ltd. disclosed that it had bought stock worth $2.5 million. It is worth mentioning that the firm is the owner of more than 10% of Impinj’s shares. Interestingly, PI stock has increased by 33.3% since Sylebra Capital began purchasing the company’s shares on August 11.

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The company manufactures radio-frequency identification devices and software. PI stock has increased by 33.3% since Sylebra Capital began purchasing on August 11.

In the SEC filing, Sylebra Capital disclosed that it purchased 33,682 shares of PI stock on November 13 at a weighted average price of $73.16 per share. Before this, the firm purchased PI shares worth $13.36 million in September and another $53.52 million in August. Upon completion of the latest transaction, Sylebra Capital held 2.46 million company shares worth $318.58 million.

Bullish Insider Trading Signal

Overall, corporate insiders have bought PI shares worth $69.1 million over the last three months. TipRanks’ Insider Trading Activity Tool shows that insider confidence in IMPINJ is currently Positive.

Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.

PI’s Impressive Outlook

In October, Impinj raised expectations for fourth-quarter earnings and revenue. The company expects to report Q4 earnings of $0.01 per share, compared with prior guidance of a loss of $0.04 per share. Also, it raised the revenue outlook to $68.5 million from $65.5 million, driven by improving retail demand.

The company’s optimistic outlook and improving retail scenario help instill confidence in the stock. Furthermore, considering the insider’s optimistic stance, there’s a reasonable expectation of positive developments in the company’s future.

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 five Buy and one Sell recommendations. The average stock price target of $79.83 implies 1% upside potential. Shares have tanked by 28.3% so far in 2023.

Disclosure

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