A Bullish Turnaround
The horizon for Impinj (NasdaqGS:PI) is looking brighter than ever as the average one-year price target has been hiked to an impressive 126.61 per share. This significant surge of 38.09% from the prior estimate of 91.69 as of January 16, 2024, leaves investors buzzing with anticipation.
The Analyst Buzz
This new price target is a culmination of numerous analyst forecasts, ranging from a low of 116.15 to a high of 141.75 per share. Impressively, the average price target signifies a remarkable 23.89% upsurge from the latest reported closing price of 102.19 per share, indicating a strong bullish sentiment in the market.
Reading the Fund Sentiment
With 439 funds or institutions currently holding positions in Impinj, a 6.40% decrease equating to 30 owners in the last quarter, the outlook remains positive. The average portfolio weight devoted to PI stands at 0.29%, marking a significant increase of 4.02%. Remarkably, the total shares owned by institutions surged by 14.86% in the last three months, reaching 35,955,000 shares.
The current put/call ratio of PI stands at 0.58, pointing towards a bullish market sentiment among investors.
Shareholder Movements
Noteworthy is the increase in ownership by Sylebra Capital, holding 4,197,000 shares representing 15.43% ownership of the company. The firm augmented its portfolio allocation by an impressive 23.97% over the last quarter, pointing towards a favorable outlook on Impinj’s future.
Similarly, FSELX – Semiconductors Portfolio and Chevy Chase Trust Holdings also saw rises in their ownership percentages, further reflecting a positive sentiment among investors.
Impinj’s Vision and Purpose
Impinj stands at the forefront of innovation, empowering businesses to harness the potential of the Internet of Things. By seamlessly connecting everyday items like apparel, automobile parts, luggage, and shipments to the digital realm through RAIN RFID technology, Impinj facilitates data-driven insights and operational efficiencies for enterprises and consumers alike.
As the industry forges ahead into an era of interconnected devices and seamless data integration, Impinj stands as a beacon of technological advancement, offering unparalleled solutions for modern challenges.
– Insight provided by the company
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This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
