IMPINJ Inc (PI) Lowered to Sell at Zacks Investment Research
Zacks Investment Research lowered shares of IMPINJ Inc (NYSE:PI) from a hold rating to a sell rating in a report released on Wednesday.
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. “
Other research analysts also recently issued research reports about the stock. Canaccord Genuity reiterated a buy rating and issued a $50.00 target price (down previously from $57.00) on shares of IMPINJ in a report on Friday, August 4th. Needham & Company LLC lifted their target price on shares of IMPINJ from $40.00 to $55.00 and gave the stock a buy rating in a report on Wednesday, July 26th. Morgan Stanley downgraded shares of IMPINJ from an overweight rating to an equal weight rating and lifted their target price for the stock from $40.00 to $51.00 in a report on Monday, June 19th. KeyCorp downgraded shares of IMPINJ to a hold rating in a report on Tuesday, June 27th. Finally, Royal Bank Of Canada dropped their target price on shares of IMPINJ from $59.00 to $50.00 and set an outperform rating on the stock in a report on Friday, August 4th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $43.63.
IMPINJ (NYSE PI) traded down 8.09% during trading on Wednesday, reaching $33.61. 1,335,564 shares of the company’s stock were exchanged. IMPINJ has a 1-year low of $19.55 and a 1-year high of $60.85. The company’s market capitalization is $701.04 million. The company’s 50-day moving average is $50.43 and its 200-day moving average is $39.56.
IMPINJ (NYSE:PI) last released its quarterly earnings data on Thursday, August 3rd. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.04. IMPINJ had a negative net margin of 2.86% and a negative return on equity of 3.11%. The business had revenue of $34.10 million during the quarter, compared to analyst estimates of $33.41 million. During the same quarter in the previous year, the business earned $0.06 EPS. IMPINJ’s quarterly revenue was up 31.2% compared to the same quarter last year. Equities research analysts expect that IMPINJ will post $0.06 earnings per share for the current fiscal year.
In other IMPINJ news, COO Eric Brodersen sold 3,500 shares of the business’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $53.21, for a total value of $186,235.00. Following the transaction, the chief operating officer now directly owns 106,743 shares in the company, valued at $5,679,795.03. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Oppen Peter H. Van sold 25,000 shares of the business’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $39.25, for a total transaction of $981,250.00. Following the completion of the transaction, the director now owns 80,595 shares in the company, valued at $3,163,353.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 85,666 shares of company stock worth $3,857,412.
A number of institutional investors have recently added to or reduced their stakes in the stock. Tocqueville Asset Management L.P. purchased a new position in IMPINJ during the first quarter worth approximately $363,000. Monarch Partners Asset Management LLC purchased a new position in IMPINJ during the first quarter worth approximately $219,000. Mesirow Financial Investment Management Equity Management purchased a new position in IMPINJ during the first quarter worth approximately $411,000. Pier 88 Investment Partners LLC purchased a new position in IMPINJ during the first quarter worth approximately $432,000. Finally, Sigma Planning Corp raised its position in IMPINJ by 90.9% in the first quarter. Sigma Planning Corp now owns 20,581 shares of the company’s stock worth $623,000 after buying an additional 9,800 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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