IMPINJ (NASDAQ:PI) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of IMPINJ (NASDAQ:PI) from a hold rating to a buy rating in a research report report published on Thursday, Zacks.com reports. They currently have $38.00 target price on the stock.
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 research firms have also issued reports on PI. Roth Capital restated a buy rating on shares of GENFIT S A/ADR in a report on Tuesday, April 23rd. Dougherty & Co upgraded shares of IMPINJ from a neutral rating to a buy rating in a research note on Monday, July 1st. Canaccord Genuity upped their price objective on shares of IMPINJ from $31.00 to $35.00 and gave the company a buy rating in a research note on Tuesday, April 30th. ValuEngine downgraded shares of Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. Finally, BidaskClub raised shares of SeaSpine from a strong sell rating to a sell rating in a research report on Wednesday, April 24th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. IMPINJ has a consensus rating of Buy and an average target price of $33.00.
IMPINJ (NASDAQ:PI) last issued its quarterly earnings results on Monday, April 29th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.15. The company had revenue of $33.10 million during the quarter, compared to analyst estimates of $31.08 million. IMPINJ had a negative net margin of 21.33% and a negative return on equity of 12.32%. The business’s revenue for the quarter was up 31.9% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.38) EPS. Research analysts anticipate that IMPINJ will post -0.4 earnings per share for the current year.
In related news, insider Eric Brodersen sold 15,000 shares of the stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $28.62, for a total transaction of $429,300.00. Following the completion of the sale, the insider now owns 55,600 shares in the company, valued at approximately $1,591,272. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Chris Ph.D. Diorio sold 10,000 shares of the stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $20.00, for a total transaction of $200,000.00. Following the sale, the chief executive officer now owns 325,478 shares of the company’s stock, valued at approximately $6,509,560. The disclosure for this sale can be found here. In the last 90 days, insiders sold 103,749 shares of company stock valued at $2,937,540. Corporate insiders own 26.00% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Rhumbline Advisers increased its position in IMPINJ by 44.4% in the 4th quarter. Rhumbline Advisers now owns 21,755 shares of the company’s stock valued at $317,000 after acquiring an additional 6,684 shares in the last quarter. LPL Financial LLC increased its position in IMPINJ by 3.3% in the 4th quarter. LPL Financial LLC now owns 25,384 shares of the company’s stock valued at $369,000 after acquiring an additional 808 shares in the last quarter. BlackRock Inc. increased its position in IMPINJ by 1.3% in the 4th quarter. BlackRock Inc. now owns 1,138,180 shares of the company’s stock valued at $16,560,000 after acquiring an additional 14,164 shares in the last quarter. Citigroup Inc. increased its position in IMPINJ by 14,485.7% in the 4th quarter. Citigroup Inc. now owns 2,042 shares of the company’s stock valued at $30,000 after acquiring an additional 2,028 shares in the last quarter. Finally, Barclays PLC increased its position in IMPINJ by 11.1% in the 4th quarter. Barclays PLC now owns 126,411 shares of the company’s stock valued at $1,840,000 after acquiring an additional 12,633 shares in the last quarter. Institutional investors and hedge funds own 65.13% of the company’s stock.
IMPINJ Company Profile
Impinj, Inc operates a platform that enables wireless connectivity for everyday items by delivering each item's unique identity, location, and authenticity to business and consumer applications. Its integrated platform connects everyday items to applications, delivering real-time information to businesses about items they create, manage, transport, and sell.
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