IMPINJ (PI) Lifted to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of IMPINJ (NASDAQ:PI) from a sell rating to a hold rating in a research report report published on Thursday.
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. “
PI has been the topic of several other research reports. Morgan Stanley dropped their price objective on shares of IMPINJ from $27.00 to $14.00 and set an equal weight rating on the stock in a report on Monday, February 5th. Canaccord Genuity reiterated a hold rating on shares of IMPINJ in a report on Friday, February 16th. ValuEngine lowered shares of IMPINJ from a hold rating to a sell rating in a report on Friday, February 2nd. Needham & Company LLC lowered shares of IMPINJ from a buy rating to a hold rating in a report on Friday, February 2nd. Finally, Piper Jaffray dropped their price objective on shares of IMPINJ from $27.50 to $18.00 and set a neutral rating on the stock in a report on Friday, February 2nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. IMPINJ has an average rating of Hold and an average target price of $26.29.
IMPINJ (NASDAQ:PI) last released its earnings results on Thursday, February 15th. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.09). The firm had revenue of $26.90 million during the quarter, compared to analyst estimates of $29.50 million. IMPINJ had a negative net margin of 13.82% and a negative return on equity of 6.01%. IMPINJ’s quarterly revenue was down 20.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.11 EPS. equities analysts anticipate that IMPINJ will post -1.37 earnings per share for the current fiscal year.
In other IMPINJ news, Director Oppen Peter H. Van bought 47,773 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was bought at an average cost of $12.61 per share, with a total value of $602,417.53. Following the completion of the transaction, the director now directly owns 82,455 shares in the company, valued at approximately $1,039,757.55. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Evan Fein sold 5,700 shares of the company’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $25.01, for a total transaction of $142,557.00. Following the completion of the sale, the chief financial officer now directly owns 17,500 shares of the company’s stock, valued at $437,675. The disclosure for this sale can be found here. Insiders own 15.20% of the company’s stock.
A number of hedge funds have recently modified their holdings of PI. Sylebra HK Co Ltd grew its position in IMPINJ by 32.8% in the 4th quarter. Sylebra HK Co Ltd now owns 3,899,063 shares of the company’s stock worth $87,846,000 after purchasing an additional 962,212 shares in the last quarter. Senvest Management LLC bought a new stake in IMPINJ in the 4th quarter worth about $13,371,000. Taylor Frigon Capital Management LLC bought a new stake in IMPINJ in the 4th quarter worth about $2,056,000. Bamco Inc. NY grew its position in IMPINJ by 93.8% in the 4th quarter. Bamco Inc. NY now owns 155,000 shares of the company’s stock worth $3,492,000 after purchasing an additional 75,000 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. grew its position in IMPINJ by 188.9% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 86,956 shares of the company’s stock worth $3,619,000 after purchasing an additional 56,856 shares in the last quarter. 79.37% of the stock is owned by institutional investors and hedge funds.
Impinj, Inc operates a platform that enables wireless connectivity to everyday items by delivering each item's unique identity, location, and authenticity to business and consumer applications. The company's platform includes endpoint integrated circuits (ICs) product, a miniature radios-on-a-chip, which attach-to and identify their host items; and connectivity layer that comprises readers, gateways, and reader ICs to wirelessly identify, locate, authenticate, and engage endpoints via RAIN, as well as provide power to and communicate bidirectionally with endpoint ICs.
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