One of Impinj’s (PI) more-than-10% owners, Sylebra Capital Ltd., recently disclosed a huge purchase of the company’s shares, totaling $20 million. It is worth mentioning that Sylebra is a global investment firm focused on mid-cap technology, media, and telecommunications (TMT) companies.
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Based in Seattle, WA, Impinj manufactures radio-frequency identification devices and software.
Closer Look at PI’s Insider Transactions
According to the recent SEC filing, Sylebra Capital bought 4,264,393 shares of PI stock on September 13, at a weighted average price of $4.69 per share. Importantly, the firm has exercised some of its warrants to purchase PI’s common stock.
Prior to this, the firm disclosed that it sold shares of the company worth $153 million in July. With the completion of the latest transaction, Sylebra Capital holds 33.05 million PI shares, worth $6.14 billion.
Another insider transaction from September 13 includes Impinj’s Director Umesh Padval selling 3,529 shares of the company for $665,104.
Neutral Insider Trading Signal
Overall, corporate insiders have bought PI shares worth $19.3 million over the last three months. TipRanks’ Insider Trading Activity Tool shows that insider confidence in Impinj is currently Neutral.
Investors could keep close track of these notable insider activities, as they reflect the perceptions of key insiders about the company’s prospects. 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?
Turning to Wall Street, PI has a Strong Buy consensus rating based on five Buys and one Hold assigned in the last three months. At $199, the average Impinj stock price target implies 6.63% upside potential. Shares of the company have gained over 107% year-to-date.
Best Analyst Covering PI Stock
Interestingly, investors considering PI stock could follow Piper Sandler analyst Harsh Kumar. He is the best analyst covering the stock (in a one-year timeframe). This five-star analyst boasts an average return of 60.52% per rating and an 85% success rate. (To watch Kumar’s track record, click here).
