Zacks Investment Research upgraded shares of IMPINJ Inc (NYSE:PI) from a sell rating to a buy rating in a research report report published on Wednesday morning. Zacks Investment Research currently has $39.00 target price on the stock.
According to Zacks, “Impinj, Inc. is a provider of referral and information network radio frequency identification solutions to the retail, pharmaceutical, healthcare, food and beverage and other industries. The company’s products include Indy Reader Chips which consists of integrated radio chips and supporting SDKs; Monza Tag Chips, which deliver memory options and extended features to RFID tags and Speedway fixed RFID readers and antennas for RFID-based information. Impinj, Inc. is based in Seattle, Washington. “
PI has been the subject of a number of other research reports. BidaskClub cut shares of IMPINJ from a strong-buy rating to a buy rating in a research report on Tuesday, October 10th. KeyCorp reissued a hold rating on shares of IMPINJ in a research report on Wednesday, August 23rd. Dougherty & Co began coverage on shares of IMPINJ in a research report on Wednesday, August 23rd. They set a buy rating and a $62.00 target price for the company. Royal Bank Of Canada reissued a buy rating on shares of IMPINJ in a research report on Friday, September 29th. Finally, Canaccord Genuity reissued a buy rating and set a $50.00 target price (down previously from $57.00) on shares of IMPINJ in a research report on Friday, August 4th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. IMPINJ presently has an average rating of Buy and an average price target of $47.57.
IMPINJ (NYSE PI) traded down 1.77% during trading on Wednesday, hitting $34.91. 418,944 shares of the stock traded hands. The firm’s market cap is $728.22 million. The firm has a 50-day moving average price of $38.13 and a 200 day moving average price of $38.13. IMPINJ has a 12 month low of $23.55 and a 12 month high of $60.85.
IMPINJ (NYSE:PI) last posted its earnings results on Thursday, August 3rd. The company reported $0.06 EPS for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.04. IMPINJ had a negative net margin of 2.86% and a negative return on equity of 3.11%. The company had revenue of $34.10 million during the quarter, compared to analysts’ expectations of $33.41 million. During the same quarter in the prior year, the company posted $0.06 earnings per share. IMPINJ’s revenue for the quarter was up 31.2% compared to the same quarter last year. On average, equities analysts forecast that IMPINJ will post $0.05 EPS for the current fiscal year.
In other IMPINJ news, CFO Evan Fein sold 9,000 shares of the firm’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $38.00, for a total value of $342,000.00. Following the completion of the transaction, the chief financial officer now owns 15,300 shares of the company’s stock, valued at $581,400. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Eric Brodersen sold 7,000 shares of the firm’s stock in a transaction on Friday, October 13th. The stock was sold at an average price of $36.85, for a total transaction of $257,950.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,000 shares of company stock valued at $1,392,420.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Columbus Circle Investors purchased a new position in shares of IMPINJ in the second quarter worth $3,382,000. First Mercantile Trust Co. purchased a new position in shares of IMPINJ in the second quarter worth $178,000. Geode Capital Management LLC raised its holdings in shares of IMPINJ by 4.6% in the first quarter. Geode Capital Management LLC now owns 69,703 shares of the company’s stock worth $2,109,000 after buying an additional 3,050 shares during the last quarter. Chevy Chase Trust Holdings Inc. purchased a new position in shares of IMPINJ in the second quarter worth $13,899,000. Finally, Tocqueville Asset Management L.P. raised its holdings in shares of IMPINJ by 112.3% in the second quarter. Tocqueville Asset Management L.P. now owns 25,475 shares of the company’s stock worth $1,239,000 after buying an additional 13,475 shares during the last quarter.
IMPINJ Company Profile
Impinj, Inc is a provider of RAIN radio frequency identification (RFID) solutions. The Company sells a platform that includes endpoint integrated circuits (ICs), reader ICs, readers and gateways that enable wireless connectivity to everyday items, and software that delivers Item Intelligence from endpoint reads.