Zacks Investment Research Downgrades IMPINJ Inc (PI) to Strong Sell
IMPINJ Inc (NYSE:PI) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday.
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 equities research analysts have also commented on PI. BidaskClub upgraded IMPINJ from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, October 3rd. Royal Bank Of Canada restated an “outperform” rating on shares of IMPINJ in a research report on Saturday, July 22nd. Needham & Company LLC increased their price target on IMPINJ from $40.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, July 26th. KeyCorp restated a “hold” rating on shares of IMPINJ in a research report on Wednesday, August 23rd. Finally, Dougherty & Co reiterated a “buy” rating and issued a $62.00 price objective on shares of IMPINJ in a research report on Thursday, September 14th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $36.67.
Shares of IMPINJ (NYSE PI) opened at $24.00 on Tuesday. IMPINJ has a 12 month low of $19.97 and a 12 month high of $60.85.
IMPINJ (NYSE:PI) last released its quarterly earnings data on Wednesday, November 1st. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.04). IMPINJ had a negative net margin of 2.86% and a negative return on equity of 3.11%. The company had revenue of $32.60 million during the quarter, compared to the consensus estimate of $32.58 million. During the same quarter in the prior year, the company posted $0.10 earnings per share. The company’s revenue for the quarter was up 5.2% on a year-over-year basis.
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In related news, insider Eric Brodersen sold 7,000 shares of the firm’s stock in a transaction on Friday, October 13th. The stock was sold at an average price of $36.85, for a total transaction of $257,950.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Evan Fein sold 9,000 shares of the firm’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 sale, 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.
A number of institutional investors have recently modified their holdings of the stock. Sumitomo Mitsui Asset Management Company LTD bought a new position in IMPINJ during the 3rd quarter worth about $26,714,000. Chevy Chase Trust Holdings Inc. bought a new position in IMPINJ during the 2nd quarter worth about $13,899,000. State Street Corp increased its holdings in IMPINJ by 207.6% during the 2nd quarter. State Street Corp now owns 303,827 shares of the company’s stock worth $14,781,000 after purchasing an additional 205,050 shares in the last quarter. Hood River Capital Management LLC increased its holdings in IMPINJ by 30.9% during the 2nd quarter. Hood River Capital Management LLC now owns 731,965 shares of the company’s stock worth $35,610,000 after purchasing an additional 172,879 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in IMPINJ by 49.9% during the 1st quarter. Vanguard Group Inc. now owns 485,247 shares of the company’s stock worth $14,689,000 after purchasing an additional 161,494 shares in the last quarter.
IMPINJ Company Profile
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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