BidaskClub Lowers IMPINJ Inc (PI) to Hold
BidaskClub lowered shares of IMPINJ Inc (NYSE:PI) from a buy rating to a hold rating in a research report released on Thursday morning.
Several other equities research analysts have also recently weighed in on the company. Zacks Investment Research cut IMPINJ from a hold rating to a sell rating in a research note on Wednesday, July 19th. Royal Bank Of Canada restated an outperform rating on shares of IMPINJ in a research note on Saturday, July 22nd. Needham & Company LLC boosted their price objective on IMPINJ from $40.00 to $55.00 and gave the company a buy rating in a research note on Wednesday, July 26th. Dougherty & Co initiated coverage on IMPINJ in a research note on Wednesday, August 23rd. They issued a buy rating and a $62.00 price objective for the company. Finally, Canaccord Genuity reiterated a buy rating and issued a $50.00 price objective (down previously from $57.00) on shares of IMPINJ in a research note on Friday, August 4th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. IMPINJ has a consensus rating of Hold and an average target price of $36.67.
IMPINJ (PI) opened at $22.23 on Thursday. IMPINJ has a 52-week low of $19.97 and a 52-week high of $60.85.
IMPINJ (NYSE:PI) last announced its quarterly earnings data on Wednesday, November 1st. The company reported ($0.08) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.04) by ($0.04). IMPINJ had a negative return on equity of 3.11% and a negative net margin of 2.86%. The company had revenue of $32.60 million for the quarter, compared to analyst estimates of $32.58 million. During the same period in the prior year, the firm posted $0.10 earnings per share. The business’s quarterly revenue was up 5.2% compared to the same quarter last year.
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In related news, insider Eric Brodersen sold 7,000 shares of the company’s stock in a transaction on Thursday, September 21st. The stock was sold at an average price of $39.85, for a total transaction of $278,950.00. Following the transaction, the insider now owns 92,843 shares of the company’s stock, valued at $3,699,793.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Evan Fein sold 9,000 shares of the company’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $38.00, for a total value of $342,000.00. Following the transaction, the chief financial officer now directly owns 15,300 shares in the company, valued at approximately $581,400. The disclosure for this sale can be found here. In the last three months, insiders sold 37,000 shares of company stock worth $1,392,420.
Hedge funds have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA grew its holdings in IMPINJ by 1,261.0% in the second quarter. BNP Paribas Arbitrage SA now owns 2,096 shares of the company’s stock valued at $102,000 after purchasing an additional 1,942 shares during the last quarter. American International Group Inc. acquired a new stake in IMPINJ in the first quarter valued at $112,000. Turner Investments LLC acquired a new stake in IMPINJ in the second quarter valued at $146,000. PNC Financial Services Group Inc. grew its holdings in IMPINJ by 95.1% in the second quarter. PNC Financial Services Group Inc. now owns 3,621 shares of the company’s stock valued at $176,000 after purchasing an additional 1,765 shares during the last quarter. Finally, First Mercantile Trust Co. acquired a new stake in IMPINJ in the second quarter valued at $178,000.
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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