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.
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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.
