IMPINJ Inc (PI) Rating Reiterated by Canaccord Genuity
IMPINJ Inc (NYSE:PI)‘s stock had its “buy” rating reiterated by equities researchers at Canaccord Genuity in a research report issued to clients and investors on Friday. They presently have a $50.00 target price on the stock, down from their prior target price of $57.00. Canaccord Genuity’s price target would suggest a potential upside of 33.26% from the stock’s previous close.
Several other equities analysts have also commented on the stock. Needham & Company LLC increased their price objective on shares of IMPINJ from $40.00 to $55.00 and gave the company a “buy” rating in a research report on Wednesday, July 26th. Royal Bank Of Canada reiterated an “outperform” rating on shares of IMPINJ in a research report on Saturday, July 22nd. Zacks Investment Research lowered shares of IMPINJ from a “hold” rating to a “sell” rating in a research report on Wednesday, July 19th. KeyCorp lowered shares of IMPINJ to a “hold” rating in a research report on Tuesday, June 27th. Finally, Morgan Stanley lowered 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 report on Monday, June 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $43.63.
IMPINJ (NYSE PI) traded down 21.70% during mid-day trading on Friday, reaching $37.52. 4,861,036 shares of the company’s stock traded hands. The stock’s market capitalization is $774.23 million. The stock has a 50-day moving average price of $52.16 and a 200-day moving average price of $39.25. IMPINJ has a 12-month low of $18.35 and a 12-month high of $60.85.
IMPINJ (NYSE:PI) last released its quarterly earnings data on Thursday, August 3rd. The company reported $0.06 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.04. IMPINJ had a negative net margin of 6.81% and a negative return on equity of 6.95%. The business had revenue of $34.10 million during the quarter, compared to analyst estimates of $33.41 million. During the same quarter last year, the business earned $0.06 earnings per share. IMPINJ’s quarterly revenue was up 31.2% compared to the same quarter last year. Equities research analysts expect that IMPINJ will post $0.23 EPS for the current year.
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In other news, CFO Evan Fein sold 9,000 shares of the firm’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $43.68, for a total value of $393,120.00. Following the completion of the sale, the chief financial officer now owns 19,000 shares in the company, valued at approximately $829,920. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Eric Brodersen sold 3,500 shares of the firm’s stock in a transaction dated Monday, July 17th. The stock was 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 of the company’s stock, valued at approximately $5,679,795.03. The disclosure for this sale can be found here. Insiders sold a total of 85,666 shares of company stock valued at $3,857,412 in the last 90 days.
Several large investors have recently added to or reduced their stakes in the company. Tocqueville Asset Management L.P. raised its stake in IMPINJ by 112.3% in the second quarter. Tocqueville Asset Management L.P. now owns 25,475 shares of the company’s stock valued at $1,239,000 after buying an additional 13,475 shares during the period. Columbus Circle Investors purchased a new stake in IMPINJ during the second quarter valued at about $3,382,000. Turner Investments LLC purchased a new stake in IMPINJ during the second quarter valued at about $146,000. BNP Paribas Arbitrage SA raised its stake in IMPINJ by 1,261.0% in the second quarter. BNP Paribas Arbitrage SA now owns 2,096 shares of the company’s stock valued at $102,000 after buying an additional 1,942 shares during the period. Finally, Legal & General Group Plc raised its stake in IMPINJ by 221.3% in the second quarter. Legal & General Group Plc now owns 4,520 shares of the company’s stock valued at $223,000 after buying an additional 3,113 shares during the period.
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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