IMPINJ Inc (PI) Rating Lowered to Buy at BidaskClub

IMPINJ Inc (NYSE:PI) was downgraded by BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.

Other equities analysts have also recently issued research reports about the stock. KeyCorp cut shares of IMPINJ to a “hold” rating in a research note on Tuesday, June 27th. Morgan Stanley cut shares of IMPINJ from an “overweight” rating to an “equal weight” rating and increased their price objective for the company from $40.00 to $51.00 in a research note on Monday, June 19th. Canaccord Genuity restated a “buy” rating and issued a $50.00 price objective (down previously from $57.00) on shares of IMPINJ in a research note on Friday, August 4th. Royal Bank Of Canada restated a “buy” rating on shares of IMPINJ in a research note on Friday, September 29th. Finally, Dougherty & Co assumed coverage on shares of IMPINJ in a research note on Wednesday, August 23rd. They issued a “buy” rating and a $62.00 price objective for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $50.67.

IMPINJ (PI) opened at 37.08 on Tuesday. The firm’s market capitalization is $773.49 million. The stock has a 50 day moving average of $39.16 and a 200 day moving average of $39.16. IMPINJ has a 12-month low of $23.55 and a 12-month high of $60.85.

IMPINJ (NYSE:PI) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 EPS. The business’s revenue was up 31.2% on a year-over-year basis. Equities research analysts anticipate that IMPINJ will post $0.05 earnings per share for the current year.

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In related news, COO Eric Brodersen sold 3,500 shares of the stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $53.21, for a total transaction of $186,235.00. Following the completion of the sale, the chief operating officer now owns 106,743 shares in the company, valued at approximately $5,679,795.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Evan Fein sold 9,000 shares of the stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $38.00, for a total transaction of $342,000.00. Following the sale, the chief financial officer now owns 15,300 shares of the company’s stock, valued at approximately $581,400. The disclosure for this sale can be found here. In the last 90 days, insiders sold 40,500 shares of company stock valued at $1,693,315.

Several institutional investors have recently made changes to their positions in the stock. Lord Abbett & CO. LLC acquired a new stake in shares of IMPINJ during the 2nd quarter worth about $5,059,000. Mesirow Financial Investment Management Inc. acquired a new stake in shares of IMPINJ during the 2nd quarter worth about $372,000. Wasatch Advisors Inc. acquired a new stake in shares of IMPINJ during the 2nd quarter worth about $2,794,000. California State Teachers Retirement System increased its position in shares of IMPINJ by 157.3% during the 2nd quarter. California State Teachers Retirement System now owns 31,900 shares of the company’s stock worth $1,552,000 after purchasing an additional 19,500 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of IMPINJ by 165.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 14,041 shares of the company’s stock worth $683,000 after purchasing an additional 8,754 shares in 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.

Analyst Recommendations for IMPINJ (NYSE:PI)

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