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.
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.
