IMPINJ Inc (PI) Price Target Lowered to $42.00 at Royal Bank of Canada

IMPINJ Inc (NYSE:PI) had its target price lowered by Royal Bank of Canada from $44.00 to $42.00 in a report published on Monday, May 15th. Royal Bank of Canada currently has an outperform rating on the stock.

A number of other equities research analysts also recently issued reports on the stock. Canaccord Genuity restated a buy rating and issued a $38.00 target price on shares of IMPINJ in a report on Friday, May 12th. Zacks Investment Research downgraded shares of IMPINJ from a buy rating to a hold rating in a report on Saturday, May 6th. Morgan Stanley reaffirmed a buy rating and set a $40.00 price target on shares of IMPINJ in a research report on Tuesday, March 21st. Finally, Needham & Company LLC reaffirmed a buy rating and set a $40.00 price target on shares of IMPINJ in a research report on Thursday, March 2nd. One research analyst has rated the stock with a sell rating and seven have issued a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $38.88.

Shares of IMPINJ (NYSE PI) traded up 19.11% during mid-day trading on Monday, reaching $55.71. 2,241,238 shares of the company’s stock traded hands. The company’s 50-day moving average price is $43.06 and its 200-day moving average price is $34.94. The stock’s market capitalization is $1.15 billion. IMPINJ has a 12-month low of $16.36 and a 12-month high of $55.96.

IMPINJ (NYSE:PI) last released its earnings results on Thursday, May 4th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.02. The company had revenue of $31.70 million during the quarter, compared to analysts’ expectations of $30.81 million. The business’s revenue for the quarter was up 46.8% compared to the same quarter last year. Analysts anticipate that IMPINJ will post $0.24 earnings per share for the current year.

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In other news, insider Eric Brodersen sold 7,000 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $46.93, for a total transaction of $328,510.00. Following the transaction, the insider now directly owns 115,043 shares of the company’s stock, valued at $5,398,967.99. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Evan Fein sold 9,000 shares of the business’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $43.68, for a total transaction of $393,120.00. Following the transaction, the chief financial officer now directly owns 19,000 shares in the company, valued at $829,920. The disclosure for this sale can be found here. Over the last three months, insiders have sold 97,973 shares of company stock worth $3,960,452.

A number of hedge funds have recently bought and sold shares of PI. Wells Fargo & Company MN bought a new stake in IMPINJ during the third quarter valued at about $141,000. Gilder Gagnon Howe & Co. LLC bought a new stake in IMPINJ during the third quarter valued at about $54,684,000. Bank of New York Mellon Corp bought a new stake in IMPINJ during the third quarter valued at about $5,862,000. Monashee Investment Management LLC bought a new stake in IMPINJ during the third quarter valued at about $338,000. Finally, AWM Investment Company Inc. bought a new stake in IMPINJ during the third quarter valued at about $8,256,000.

About IMPINJ

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.

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