Impinj Inc's (NASDAQ:PI) Chief Financial Officer, Cary Baker, recently executed a sale of company stock, according to the latest SEC filings. The transactions, which took place on March 18, 2024, involved Baker selling 306 shares of Impinj common stock at prices ranging from $123.3001 to $123.76, with a weighted-average price of $123.5475. The total value of the shares sold amounted to approximately $37,805.
The sales were part of non-discretionary transactions to cover tax withholding obligations related to the settlement of restricted stock units (RSUs). These RSUs represent a contingent right to receive shares of Impinj common stock. On March 15, 2024, a fraction of the RSUs granted to Baker on June 15, 2020, vested, and as a result, 781 RSUs were converted into common stock at no cost to the executive. This transaction increased Baker's direct ownership in the company to 66,054 shares, following the sale.
The SEC filing also provided details about the nature of the RSUs and the vesting schedule. Specifically, it was noted that one-sixteenth of the 12,500 RSUs granted to Baker vested on the aforementioned date in March.
Investors often monitor insider transactions like these as they can provide insights into an executive's perspective on the company's current valuation and future prospects. Impinj Inc., headquartered in Seattle, Washington, specializes in electronic components and is a notable player in the manufacturing sector.
For individuals interested in the specifics of the transactions, including the exact number of shares sold at each separate price within the stated range, the reporting person has agreed to provide full information upon request to the issuer, any security holder of the issuer, or the SEC staff.
The transactions were signed off by Yukio Morikubo, who is an attorney-in-fact for Cary Baker, on March 19, 2024.
InvestingPro Insights
Following the recent insider stock sale by Impinj Inc's (NASDAQ:PI) CFO, Cary Baker, investors are closely observing the company's financial health and market performance. According to InvestingPro data, Impinj currently has a market capitalization of $3.27 billion and is trading at a high Price / Book multiple of 95.84 as of the last twelve months ending Q4 2023. This high valuation metric suggests a significant premium placed on the company's book value by the market.
Despite not being profitable over the last twelve months, with a negative P/E ratio of -73.82 and an adjusted P/E ratio of -80.66, Impinj's liquid assets exceed its short-term obligations, which may offer some solace to investors concerned about the company's immediate financial stability. Moreover, the firm operates with a moderate level of debt, which can be a positive sign for risk-averse investors.
InvestingPro Tips also highlight Impinj's stock price movements as quite volatile, which could be a factor in the CFO's decision to sell shares. Additionally, the company has experienced a strong return over the last month, with a 1-month price total return of 18.87%, and an even more impressive 6-month price total return of 101.56%, potentially indicating investor optimism about the company's future profitability, as analysts predict Impinj will be profitable this year.
For those looking to dive deeper into Impinj's financials and stock performance, InvestingPro offers additional insights and tips. There are more InvestingPro Tips available for Impinj, which can be accessed at InvestingPro. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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