The owner of more than 10% of Impinj’s (NASDAQ:PI) shares, Sylebra Capital Ltd., revealed that it bought PI stock worth $3.11 million recently. It is worth mentioning that the insider’s love for PI continues to grow, as the investment firm has been consistently purchasing shares since August 11.
Based in Seattle, WA, Impinj manufactures radio-frequency identification devices and software.
As per the most recent SEC filing, Sylebra Capital bought 37,513 shares of PI stock at a weighted average price of $82.91 per share on November 20. Interestingly, this is the firm’s fifth buy transaction over the past eight days. In total, it has bought PI stock worth $15.58 million in November so far.
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 $344.98 million.
Bullish Insider Trading Signal
Overall, corporate insiders have bought PI shares worth $37.8 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.
Is PI a Good Stock to Buy?
Monitoring insider trading activities can offer valuable cues for investors, helping them gauge the health and potential performance of a company. If insiders are buying shares, it reflects their confidence in the stock’s future performance.
Turning to Wall Street, analysts have a Moderate Buy consensus rating on PI stock based on five Buys and one Sell assigned in the past three months. Furthermore, the average Impinj price target of $79.83 per share implies 1.3% downside potential.
