Impinj (NASDAQ:PI) Lifted to Buy at Zacks Investment Research

Impinj (NASDAQ:PI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday, Zacks.com reports. The brokerage presently has a $100.00 price target on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 10.35% from the company’s previous close.

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. “

A number of other brokerages have also recently issued reports on PI. Canaccord Genuity Group raised their price objective on shares of Impinj from $95.00 to $100.00 in a research note on Wednesday. Colliers Securities reaffirmed a “buy” rating and issued a $82.00 price objective on shares of Impinj in a research note on Friday, October 22nd. Canaccord Genuity Group raised their price objective on shares of Impinj from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday. Lake Street Capital raised their price objective on shares of Impinj from $76.00 to $100.00 in a research note on Tuesday. Finally, Jefferies Financial Group initiated coverage on shares of Impinj in a research note on Wednesday, December 15th. They issued a “buy” rating and a $100.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $91.36.

NASDAQ:PI opened at $90.62 on Friday. Impinj has a 12-month low of $39.69 and a 12-month high of $94.39. The firm has a market capitalization of $2.21 billion, a PE ratio of -45.77 and a beta of 2.33. The firm has a 50-day moving average price of $82.16 and a 200 day moving average price of $63.53.

Impinj (NASDAQ:PI) last posted its quarterly earnings data on Wednesday, October 27th. The company reported ($0.04) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.06. The company had revenue of $45.19 million during the quarter, compared to analyst estimates of $44.13 million. Impinj had a negative net margin of 26.97% and a negative return on equity of 43.37%. The company’s revenue was up 60.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.54) earnings per share. Equities research analysts expect that Impinj will post -1.54 earnings per share for the current fiscal year.

In other Impinj news, CFO Cary Baker sold 337 shares of Impinj stock in a transaction on Thursday, December 16th. The shares were sold at an average price of $80.79, for a total value of $27,226.23. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Chris Ph.D. Diorio sold 670 shares of Impinj stock in a transaction on Thursday, December 16th. The shares were sold at an average price of $81.18, for a total transaction of $54,390.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,057,919 shares of company stock worth $82,789,563. 24.70% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Chevy Chase Trust Holdings Inc. increased its stake in shares of Impinj by 6.5% during the 3rd quarter. Chevy Chase Trust Holdings Inc. now owns 1,836,955 shares of the company’s stock worth $104,946,000 after purchasing an additional 111,671 shares during the last quarter. BlackRock Inc. boosted its holdings in shares of Impinj by 8.6% during the 2nd quarter. BlackRock Inc. now owns 1,465,664 shares of the company’s stock worth $75,613,000 after buying an additional 116,340 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Impinj by 4.6% during the 2nd quarter. Vanguard Group Inc. now owns 1,037,915 shares of the company’s stock worth $53,546,000 after buying an additional 45,951 shares during the period. State Street Corp boosted its holdings in shares of Impinj by 4.6% during the 2nd quarter. State Street Corp now owns 761,101 shares of the company’s stock worth $39,265,000 after buying an additional 33,185 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in shares of Impinj by 1.3% during the 3rd quarter. Janus Henderson Group PLC now owns 688,116 shares of the company’s stock worth $39,278,000 after buying an additional 8,627 shares during the period. Institutional investors own 86.99% of the company’s stock.

Impinj Company Profile

IImpinj, Inc engages in the development and sale of RAIN, a radio frequency identification solution. Its platform allows inventory management, patient safety, asset tracking and item authentication for the retail, healthcare, supply chain and logistics, hospitality, food and beverage, and industrial manufacturing industries.

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