IMPINJ Inc (NYSE:PI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
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. “
Several other equities analysts have also issued reports on the company. BidaskClub upgraded IMPINJ from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, October 3rd. Royal Bank Of Canada restated an “outperform” rating on shares of IMPINJ in a research note on Saturday, July 22nd. Needham & Company LLC boosted their price target on IMPINJ from $40.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, July 26th. KeyCorp reiterated a “hold” rating on shares of IMPINJ in a research note on Wednesday, August 23rd. Finally, Dougherty & Co reiterated a “buy” rating and issued a $62.00 price objective on shares of IMPINJ in a research note on Thursday, September 14th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the stock. IMPINJ currently has a consensus rating of “Buy” and an average target price of $50.67.
IMPINJ (NYSE:PI) last released 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. The firm had revenue of $34.10 million during the quarter, compared to analysts’ expectations of $33.41 million. IMPINJ had a negative return on equity of 3.11% and a negative net margin of 2.86%. The business’s revenue for the quarter was up 31.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.06 earnings per share.
In related news, CFO Evan Fein sold 9,000 shares of the stock in a transaction that occurred on 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 directly owns 15,300 shares in the company, valued at approximately $581,400. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Eric Brodersen sold 3,500 shares of the stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $53.21, for a total value of $186,235.00. Following the sale, the chief operating officer now owns 106,743 shares in the company, valued at $5,679,795.03. The disclosure for this sale can be found here. Over the last quarter, insiders sold 40,500 shares of company stock worth $1,693,315.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lord Abbett & CO. LLC bought a new stake in IMPINJ during the 2nd quarter worth approximately $5,059,000. Mesirow Financial Investment Management Inc. bought a new stake in IMPINJ during the 2nd quarter worth approximately $372,000. Wasatch Advisors Inc. bought a new stake in IMPINJ during the 2nd quarter worth approximately $2,794,000. California State Teachers Retirement System grew its position in 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 acquiring an additional 19,500 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in 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 acquiring an additional 8,754 shares during the last quarter.
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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