Impinj Inc's (NASDAQ:PI) Chief Revenue Officer, Jeffrey Dossett, has recently sold shares of the company's stock totaling over $1.1 million. According to the latest filings, the transactions occurred over a range of prices between $120.67 and $130.15 per share.
On March 14th and 15th, Dossett executed multiple sales of Impinj's common stock. The sales were reported to be conducted under a Rule 10b5-1 trading plan, which was put into effect on December 13, 2023. The plan allows company insiders to set up a predetermined schedule to sell stocks at a time when they do not have any insider knowledge, providing a defense against claims of insider trading.
The transactions included several blocks of shares sold at varying prices, with the largest single sale on March 14th involving 743 shares at a weighted average price of $125.62. Other notable sales on the same day consisted of 374 shares at an average price of $128.04 and 233 shares at $128.91. The following day, Dossett sold 1124 shares at an average price of $121.06 and 1876 shares at $122.12.
Additionally, on March 18th, the executive sold 600 shares at a weighted average price of $123.86, and 132 shares at $124.38, as part of transactions to cover tax withholding obligations related to the settlement of restricted stock units (RSUs). That same day, Dossett also sold 2276 shares at an average price of $122.10 and 724 shares at $122.92.
Apart from the sales, Dossett also acquired shares through the exercise of stock options. The options, priced at $22.40 per share, were exercised on March 14th, 15th, and 18th, for a total transaction value of $201,600. These transactions increased his ownership in the company but were not part of the total sales value.
Investors often look at insider sales to get a sense of how executives feel about the prospects of their company. While these sales can sometimes raise concerns among shareholders, they can also be part of regular financial planning or diversification strategies by company insiders.
Impinj, a leading provider and innovator of RAIN RFID solutions, has not issued any statement regarding these transactions at the time of reporting. Jeffrey Dossett's recent transactions provide insights into executive movements within the company, which investors and analysts may factor into their assessment of the company's stock performance.
InvestingPro Insights
Impinj Inc's (NASDAQ:PI) recent insider trading activity by Chief Revenue Officer Jeffrey Dossett has caught the attention of investors, with over $1.1 million worth of shares sold. To provide further context on the company's financial health and stock performance, here are some key metrics and insights from InvestingPro:
InvestingPro Data reveals that Impinj has a market capitalization of $3.33 billion and is currently trading at a high Price / Book multiple of 97.64 as of the last twelve months ending Q4 2023. Despite a revenue increase of 19.29% during the same period, the company's revenue growth saw a quarterly decrease of 7.75% in Q1 2023. Additionally, Impinj's gross profit margin stands at a healthy 49.42%, although the company operates at a loss, with an operating income margin of -13.08%.
From a stock performance perspective, an InvestingPro Tip suggests that Impinj's stock price movements have been quite volatile, with a significant price uptick of 99.11% over the last six months. This could be indicative of investor confidence or speculative interest in the company's future prospects. Another tip indicates that Impinj's liquid assets exceed its short-term obligations, providing some financial stability in terms of liquidity.
For investors seeking more in-depth analysis and additional InvestingPro Tips, such as whether the stock is currently in overbought territory or the company's debt levels, they can visit InvestingPro's dedicated page for Impinj at https://www.investing.com/pro/PI. There are 13 additional InvestingPro Tips available to help investors make more informed decisions. For those interested in a subscription, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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