Canaccord Genuity Reiterates Buy Rating for IMPINJ Inc (PI)
IMPINJ Inc (NYSE:PI)‘s stock had its “buy” rating reiterated by investment analysts at Canaccord Genuity in a research note issued on Thursday, The Fly reports. They presently have a $35.00 price target on the stock, down from their previous price target of $50.00. Canaccord Genuity’s target price indicates a potential upside of 2.52% from the company’s current price.
Several other equities research analysts have also issued reports on the stock. Zacks Investment Research lowered shares of IMPINJ from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Royal Bank Of Canada restated an “outperform” rating on shares of IMPINJ in a research note on Saturday, July 22nd. Needham & Company LLC raised their price target on shares of IMPINJ from $40.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, July 26th. Dougherty & Co started coverage on shares of IMPINJ in a research note on Wednesday, August 23rd. They set a “buy” rating and a $62.00 price target for the company. Finally, BidaskClub lowered shares of IMPINJ from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 10th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $44.14.
IMPINJ (NYSE:PI) last issued its quarterly earnings results on Wednesday, November 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.04). IMPINJ had a negative return on equity of 3.11% and a negative net margin of 2.86%. The company had revenue of $32.60 million for the quarter, compared to analysts’ expectations of $32.58 million. During the same quarter in the previous year, the business earned $0.10 EPS. The company’s revenue for the quarter was up 5.2% on a year-over-year basis.
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In related news, CFO Evan Fein sold 9,000 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $38.00, for a total value of $342,000.00. Following the completion of the transaction, the chief financial officer now directly owns 15,300 shares of the company’s stock, valued at approximately $581,400. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Eric Brodersen sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $35.81, for a total transaction of $250,670.00. Following the completion of the transaction, the insider now directly owns 101,443 shares of the company’s stock, valued at $3,632,673.83. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,000 shares of company stock valued at $1,392,420.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in PI. BNP Paribas Arbitrage SA boosted its holdings in IMPINJ by 1,261.0% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 2,096 shares of the company’s stock worth $102,000 after buying an additional 1,942 shares during the period. American International Group Inc. bought a new position in IMPINJ in the 1st quarter worth approximately $112,000. Turner Investments LLC bought a new position in IMPINJ in the 2nd quarter worth approximately $146,000. PNC Financial Services Group Inc. boosted its holdings in IMPINJ by 95.1% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,621 shares of the company’s stock worth $176,000 after buying an additional 1,765 shares during the period. Finally, First Mercantile Trust Co. bought a new position in IMPINJ in the 2nd quarter worth approximately $178,000.
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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