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.
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.
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