IMPINJ Inc (PI) Stock Rating Upgraded by BidaskClub
IMPINJ Inc (NYSE:PI) was upgraded by research analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a note issued to investors on Tuesday.
Other analysts have also issued research reports about the company. KeyCorp lowered IMPINJ to a “hold” rating in a report on Tuesday, June 27th. Morgan Stanley downgraded IMPINJ from an “overweight” rating to an “equal weight” rating and upped their target price for the company from $40.00 to $51.00 in a report on Monday, June 19th. Canaccord Genuity reaffirmed a “buy” rating and set a $50.00 target price (down from $57.00) on shares of IMPINJ in a report on Friday, August 4th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of IMPINJ in a report on Friday, September 29th. Finally, Dougherty & Co assumed coverage on IMPINJ in a report on Wednesday, August 23rd. They set a “buy” rating and a $62.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $50.67.
IMPINJ (NYSE:PI) opened at 40.29 on Tuesday. The firm’s market cap is $840.45 million. The stock’s 50 day moving average price is $39.59 and its 200 day moving average price is $39.59. IMPINJ has a 1-year low of $23.55 and a 1-year high of $41.97.
IMPINJ (NYSE:PI) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.06 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.04. The business had revenue of $34.10 million during the quarter, compared to analyst estimates of $33.41 million. IMPINJ had a negative return on equity of 3.11% and a negative net margin of 2.86%. The company’s revenue was up 31.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.06 earnings per share. Equities research analysts predict that IMPINJ will post $0.05 EPS for the current year.
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In related news, insider Eric Brodersen sold 7,000 shares of the stock in a transaction dated Tuesday, July 18th. The stock was sold at an average price of $53.23, for a total value of $372,610.00. Following the completion of the sale, the insider now directly owns 106,743 shares of the company’s stock, valued at approximately $5,681,929.89. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Evan Fein sold 9,000 shares of the stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $38.00, for a total value of $342,000.00. Following the completion of the sale, the chief financial officer now directly owns 15,300 shares of the company’s stock, valued at $581,400. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 40,500 shares of company stock valued at $1,693,315.
A number of institutional investors have recently made changes to their positions in the stock. Lord Abbett & CO. LLC purchased a new stake in IMPINJ in the 2nd quarter worth about $5,059,000. Mesirow Financial Investment Management Inc. purchased a new stake in IMPINJ in the 2nd quarter worth about $372,000. Wasatch Advisors Inc. purchased a new stake in IMPINJ in the 2nd quarter worth about $2,794,000. California State Teachers Retirement System lifted its stake in IMPINJ by 157.3% in the 2nd quarter. California State Teachers Retirement System now owns 31,900 shares of the company’s stock worth $1,552,000 after acquiring an additional 19,500 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in IMPINJ by 165.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 14,041 shares of the company’s stock worth $683,000 after acquiring an additional 8,754 shares in the last quarter.
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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