IMPINJ (PI) Upgraded to “Hold” by Zacks Investment Research
IMPINJ (NASDAQ:PI) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Thursday, January 4th.
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. “
Other equities research analysts have also issued reports about the company. Royal Bank of Canada reiterated a “buy” rating on shares of IMPINJ in a report on Friday, September 29th. Dougherty & Co restated a “buy” rating and issued a $62.00 target price on shares of IMPINJ in a report on Thursday, September 14th. Needham & Company LLC reduced their target price on IMPINJ from $48.00 to $45.00 and set a “buy” rating for the company in a report on Thursday, October 26th. BidaskClub lowered IMPINJ from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 10th. Finally, Canaccord Genuity restated a “buy” rating and issued a $35.00 target price (down from $50.00) on shares of IMPINJ in a report on Thursday, November 2nd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $36.33.
IMPINJ (NASDAQ:PI) last announced its quarterly earnings results on Wednesday, November 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.04). The firm had revenue of $32.60 million for the quarter, compared to analyst estimates of $32.58 million. IMPINJ had a negative net margin of 5.97% and a negative return on equity of 1.15%. The firm’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.10 earnings per share. equities research analysts forecast that IMPINJ will post -0.41 EPS for the current fiscal year.
In other IMPINJ news, Director Clinton Bybee purchased 4,000 shares of the company’s stock in a transaction on Thursday, November 9th. The shares were bought at an average cost of $24.43 per share, with a total value of $97,720.00. Following the transaction, the director now directly owns 4,417 shares in the company, valued at approximately $107,907.31. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Evan Fein sold 5,700 shares of IMPINJ stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $25.01, for a total value of $142,557.00. Following the completion of the transaction, the chief financial officer now directly owns 17,500 shares in the company, valued at $437,675. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,400 shares of company stock valued at $363,006. Corporate insiders own 15.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of PI. Taylor Frigon Capital Management LLC bought a new stake in shares of IMPINJ during the fourth quarter valued at approximately $2,056,000. Pier 88 Investment Partners LLC increased its position in shares of IMPINJ by 149.8% during the fourth quarter. Pier 88 Investment Partners LLC now owns 19,178 shares of the company’s stock valued at $432,000 after purchasing an additional 11,500 shares during the period. WealthTrust Arizona LLC bought a new stake in shares of IMPINJ during the fourth quarter valued at approximately $144,000. Hartline Investment Corp increased its position in shares of IMPINJ by 34.6% during the third quarter. Hartline Investment Corp now owns 79,831 shares of the company’s stock valued at $3,322,000 after purchasing an additional 20,501 shares during the period. Finally, Rainier Group Investment Advisory LLC bought a new stake in shares of IMPINJ during the third quarter valued at approximately $208,000. 80.98% of the stock is currently owned by institutional investors.
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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