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.

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.

Analyst Recommendations for IMPINJ (NYSE:PI)

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