IMPINJ (NASDAQ:PI) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of IMPINJ (NASDAQ:PI) from a hold rating to a buy rating in a research note released on Tuesday, Zacks.com reports. Zacks Investment Research currently has $29.00 price target 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. “

Several other equities research analysts also recently issued reports on PI. BidaskClub upgraded shares of IMPINJ from a hold rating to a buy rating in a research note on Friday, June 5th. Morgan Stanley upped their price target on shares of IMPINJ from $21.00 to $28.00 and gave the stock an equal weight rating in a research report on Tuesday, June 16th. Canaccord Genuity reiterated a buy rating and issued a $35.00 target price on shares of IMPINJ in a research note on Wednesday, June 10th. Needham & Company LLC lifted their price target on shares of IMPINJ from $19.00 to $25.00 and gave the stock a buy rating in a research note on Tuesday, April 28th. Finally, Royal Bank of Canada reduced their price target on IMPINJ from $36.00 to $30.00 and set a sector perform rating for the company in a report on Wednesday, March 4th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $32.14.

IMPINJ stock opened at $26.62 on Tuesday. The stock has a 50-day moving average price of $26.20 and a 200 day moving average price of $25.37. IMPINJ has a 52 week low of $11.47 and a 52 week high of $40.24. The stock has a market cap of $623.02 million, a PE ratio of -28.93 and a beta of 2.57. The company has a current ratio of 9.20, a quick ratio of 7.59 and a debt-to-equity ratio of 0.54.

IMPINJ (NASDAQ:PI) last released its earnings results on Monday, April 27th. The company reported $0.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.32) by $0.45. IMPINJ had a negative net margin of 12.08% and a negative return on equity of 5.98%. The firm had revenue of $47.80 million during the quarter, compared to analysts’ expectations of $38.37 million. During the same period in the previous year, the company earned ($0.11) EPS. IMPINJ’s revenue for the quarter was up 44.4% on a year-over-year basis. On average, equities analysts predict that IMPINJ will post -1.45 EPS for the current year.

Several institutional investors have recently added to or reduced their stakes in the company. Ameritas Investment Company LLC acquired a new position in shares of IMPINJ during the first quarter worth approximately $25,000. Great West Life Assurance Co. Can acquired a new position in IMPINJ during the 4th quarter worth $29,000. Bank of Montreal Can boosted its position in IMPINJ by 57.1% during the 4th quarter. Bank of Montreal Can now owns 2,253 shares of the company’s stock worth $58,000 after acquiring an additional 819 shares during the period. Advisor Group Holdings Inc. acquired a new position in shares of IMPINJ during the first quarter valued at $62,000. Finally, NumerixS Investment Technologies Inc raised its stake in shares of IMPINJ by 166.7% during the fourth quarter. NumerixS Investment Technologies Inc now owns 3,200 shares of the company’s stock valued at $83,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 84.61% of the company’s stock.

IMPINJ Company Profile

Impinj, Inc operates a platform that enables wireless connectivity for everyday items by delivering each item's unique identity, location, and authenticity to business and consumer applications. Its integrated platform connects everyday items to applications, delivering real-time information to businesses about items they create, manage, transport, and sell.

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