Impinj Inc's (NASDAQ:PI) Chief Financial Officer, Cary Baker, recently sold a portion of his company stock, generating over $44,000. The transactions, which occurred on April 15, 2024, involved selling shares at prices ranging from $118.065 to $119.30.
Baker disposed of 317 shares at an average price of $118.6018 and another 57 shares at an average of $119.237. These sales were part of non-discretionary transactions to cover tax withholding obligations related to the settlement of restricted stock units (RSUs). This is a common practice where executives sell shares to cover the taxes due when RSUs vest.
The sales followed a vesting event of RSUs on April 12, 2024, when one-sixteenth of the RSUs granted to Baker on April 12, 2021, vested. This was part of a four-year vesting schedule that started with a quarter of the RSUs vesting after the first year, and an additional one-sixteenth vesting every three months thereafter.
Post-transaction, Baker's direct ownership in Impinj common stock stands at 67,948 shares. Additionally, the CFO still holds 3,750 RSUs, each representing a contingent right to receive one share of Impinj common stock upon vesting.
Impinj, a company specializing in electronic components, is incorporated in Delaware and has its headquarters in Seattle, Washington. The company is known for its Radio-Frequency Identification (RFID) solutions and technology that connects physical items to the digital world.
Investors often keep a close eye on insider transactions as they can provide insights into executives' perspectives on the company's current valuation and future prospects. Baker's recent stock sale is a transaction of interest, reflecting a significant movement in the executive's stake in the company.
InvestingPro Insights
As Impinj Inc's (NASDAQ:PI) CFO Cary Baker adjusts his holdings in the company, investors may look to broader market metrics to gauge the company's performance and potential. With a market capitalization of 3.36 billion USD, Impinj is positioned in the market with a certain level of stability. Interestingly, the company's stock has witnessed a significant 6-month price total return of 132.59%, highlighting a robust upward trend in the recent half-year period. This aligns with one of the InvestingPro Tips indicating a large price uptick over the last six months.
The company's Price / Book ratio, as of the last twelve months ending Q4 2023, stands at a high 98.37. This metric suggests that the stock is trading at a premium compared to the company’s book value, which could be a point of consideration for value-oriented investors. This reflects another InvestingPro Tip that Impinj is trading at a high Price / Book multiple.
Despite the impressive price performance, the company operates with a negative P/E ratio of -74.69, and an adjusted P/E ratio for the last twelve months of -82.79, indicating that it has not been profitable over the recent year. This is in line with the InvestingPro Tip that the company has not been profitable over the last twelve months. However, it's noteworthy that analysts predict the company will turn profitable this year, which could influence investor sentiment going forward.
For investors seeking a more in-depth analysis of Impinj Inc, there are additional InvestingPro Tips available on InvestingPro. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of data and insights to inform your investment decisions.
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