Zacks Investment Research cut shares of IMPINJ Inc (NYSE:PI) from a hold rating to a sell rating in a research note released on Wednesday morning.

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 recently weighed in on the company. Morgan Stanley restated a buy rating and issued a $40.00 price objective on shares of IMPINJ in a report on Tuesday, March 21st. Canaccord Genuity restated a buy rating and issued a $38.00 price objective on shares of IMPINJ in a report on Friday, May 12th. Royal Bank Of Canada raised their price objective on IMPINJ from $50.00 to $59.00 and gave the company an outperform rating in a report on Monday, June 19th. Finally, KeyCorp cut IMPINJ to a hold rating in a report on Tuesday, June 27th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $41.38.

Shares of IMPINJ (PI) traded down 2.94% during mid-day trading on Wednesday, hitting $52.41. The company’s stock had a trading volume of 592,745 shares. IMPINJ has a 1-year low of $18.00 and a 1-year high of $60.85. The company has a 50-day moving average price of $51.02 and a 200-day moving average price of $38.18. The stock’s market cap is $1.08 billion.

IMPINJ (NYSE:PI) last announced its quarterly earnings data on Thursday, May 4th. The company reported $0.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. The company had revenue of $31.70 million during the quarter, compared to analysts’ expectations of $30.81 million. IMPINJ had a negative return on equity of 6.95% and a negative net margin of 6.81%. The company’s revenue was up 46.8% compared to the same quarter last year. Analysts predict that IMPINJ will post $0.23 EPS for the current fiscal year.

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In other IMPINJ news, insider Eric Brodersen sold 7,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 4th. The shares were sold at an average price of $36.64, for a total transaction of $256,480.00. Following the completion of the sale, the insider now directly owns 119,943 shares in the company, valued at $4,394,711.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Evan Fein sold 10,207 shares of the firm’s stock in a transaction that occurred on Friday, May 5th. The stock was sold at an average price of $41.54, for a total transaction of $423,998.78. Following the sale, the chief financial officer now owns 18,207 shares of the company’s stock, valued at $756,318.78. The disclosure for this sale can be found here. Insiders sold a total of 102,873 shares of company stock valued at $4,537,891 over the last quarter.

A number of large investors have recently modified their holdings of the company. Capital Impact Advisors LLC acquired a new position in shares of IMPINJ during the first quarter valued at approximately $1,643,000. Hillman Co. acquired a new position in shares of IMPINJ during the first quarter valued at approximately $337,000. Baird Financial Group Inc. acquired a new position in shares of IMPINJ during the first quarter valued at approximately $487,000. Quadrature Capital Ltd acquired a new position in shares of IMPINJ during the fourth quarter valued at approximately $609,000. Finally, Nordea Investment Management AB acquired a new position in shares of IMPINJ during the first quarter valued at approximately $127,000.

About IMPINJ

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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Analyst Recommendations for IMPINJ (NYSE:PI)

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