Morgan Stanley Cuts Impinj (PI) Price Target to $27.00
Impinj (NASDAQ:PI) had its price target reduced by equities research analysts at Morgan Stanley from $29.00 to $27.00 in a report released on Wednesday. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s target price suggests a potential upside of 14.50% from the stock’s previous close.
Several other research firms have also recently commented on PI. Royal Bank of Canada reaffirmed a “buy” rating on shares of Impinj in a research note on Friday, September 29th. BidaskClub raised Impinj from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, October 3rd. Dougherty & Co reaffirmed a “buy” rating and set a $62.00 target price on shares of Impinj in a research note on Thursday, September 14th. Zacks Investment Research cut Impinj from a “hold” rating to a “sell” rating in a research note on Wednesday, October 11th. Finally, Needham & Company LLC decreased their target price on Impinj from $48.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, October 26th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. Impinj presently has a consensus rating of “Hold” and an average price target of $36.33.
Shares of Impinj (NASDAQ:PI) traded up $0.20 on Wednesday, hitting $23.58. The stock had a trading volume of 192,369 shares, compared to its average volume of 741,254. Impinj has a 52 week low of $19.97 and a 52 week high of $60.85. The company has a quick ratio of 4.97, a current ratio of 7.49 and a debt-to-equity ratio of 0.06.
Impinj (NASDAQ:PI) last issued its quarterly earnings data on Wednesday, November 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.04) by ($0.04). Impinj had a negative return on equity of 1.15% and a negative net margin of 5.97%. The company had revenue of $32.60 million for the quarter, compared to the consensus estimate of $32.58 million. During the same quarter last year, the business earned $0.10 earnings per share. Impinj’s revenue was up 5.2% compared to the same quarter last year. research analysts anticipate that Impinj will post -0.41 EPS for the current fiscal year.
In other news, Director Clinton Bybee bought 4,000 shares of the stock in a transaction on Thursday, November 9th. The shares were purchased at an average cost of $24.43 per share, for a total transaction of $97,720.00. Following the completion of the purchase, the director now directly owns 4,417 shares in the company, valued at approximately $107,907.31. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Eric Brodersen sold 7,000 shares of the business’s stock in a transaction on Thursday, September 21st. The shares were sold at an average price of $39.85, for a total value of $278,950.00. Following the completion of the sale, the insider now owns 92,843 shares in the company, valued at $3,699,793.55. The disclosure for this sale can be found here. Insiders have sold 26,200 shares of company stock worth $895,109 over the last quarter. 15.20% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in PI. Carnegie Capital Asset Management LLC grew its position in Impinj by 10.7% during the second quarter. Carnegie Capital Asset Management LLC now owns 15,230 shares of the company’s stock worth $747,000 after buying an additional 1,470 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Impinj by 95.1% during the second 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 in the last quarter. Global X Management Co. LLC grew its position in Impinj by 30.6% during the second quarter. Global X Management Co. LLC now owns 8,073 shares of the company’s stock worth $393,000 after buying an additional 1,892 shares in the last quarter. BNP Paribas Arbitrage SA grew its position in Impinj by 1,261.0% during the second 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 in the last quarter. Finally, Virtu KCG Holdings LLC grew its position in Impinj by 40.6% during the second quarter. Virtu KCG Holdings LLC now owns 9,570 shares of the company’s stock worth $466,000 after buying an additional 2,764 shares in the last quarter. Institutional investors own 82.95% of the company’s stock.
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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