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 released on Thursday morning, 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. “

Other equities analysts have also recently issued reports about the stock. Piper Jaffray Companies lifted their price objective on shares of Shopify from $149.00 to $216.00 and gave the stock a neutral rating in a research report on Tuesday, April 30th. BidaskClub raised shares of SeaSpine from a strong sell rating to a sell rating in a research report on Wednesday, April 24th. Dougherty & Co raised shares of IMPINJ from a neutral rating to a buy rating in a research report on Monday, July 1st. Canaccord Genuity lifted their price objective on shares of IMPINJ from $31.00 to $35.00 and gave the stock a buy rating in a research report on Tuesday, April 30th. Finally, ValuEngine cut shares of Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $33.00.

PI stock opened at $34.86 on Thursday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 3.11 and a current ratio of 4.79. The stock’s fifty day moving average is $29.06. IMPINJ has a one year low of $13.25 and a one year high of $35.81. The company has a market capitalization of $753.92 million, a PE ratio of -51.26 and a beta of 2.71.

IMPINJ (NASDAQ:PI) last released its quarterly earnings data on Monday, April 29th. The company reported ($0.11) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.26) by $0.15. IMPINJ had a negative net margin of 21.33% and a negative return on equity of 12.32%. The firm had revenue of $33.10 million during the quarter, compared to analysts’ expectations of $31.08 million. During the same period in the previous year, the business posted ($0.38) earnings per share. The company’s revenue for the quarter was up 31.9% compared to the same quarter last year. Research analysts expect that IMPINJ will post -0.4 EPS for the current fiscal year.

In other news, insider Eric Brodersen sold 15,000 shares of the business’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $28.62, for a total value of $429,300.00. Following the completion of the sale, the insider now owns 55,600 shares of the company’s stock, valued at $1,591,272. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Chris Ph.D. Diorio sold 10,000 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $20.00, for a total transaction of $200,000.00. Following the completion of the sale, the chief executive officer now directly 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 three months, insiders sold 103,749 shares of company stock valued at $2,937,540. 26.00% of the stock is currently owned by company insiders.

Institutional investors have recently made changes to their positions in the company. Barclays PLC lifted its position in IMPINJ by 11.1% during the fourth quarter. Barclays PLC now owns 126,411 shares of the company’s stock worth $1,840,000 after purchasing an additional 12,633 shares during the period. LPL Financial LLC lifted its position in IMPINJ by 3.3% during the fourth quarter. LPL Financial LLC now owns 25,384 shares of the company’s stock worth $369,000 after purchasing an additional 808 shares during the period. D. E. Shaw & Co. Inc. lifted its position in IMPINJ by 33.1% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 355,425 shares of the company’s stock worth $5,171,000 after purchasing an additional 88,314 shares during the period. Metropolitan Life Insurance Co. NY lifted its position in IMPINJ by 363.7% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 6,186 shares of the company’s stock worth $90,000 after purchasing an additional 4,852 shares during the period. Finally, Rhumbline Advisers lifted its position in IMPINJ by 44.4% during the fourth quarter. Rhumbline Advisers now owns 21,755 shares of the company’s stock worth $317,000 after purchasing an additional 6,684 shares during the period. 65.13% of the stock is owned by institutional investors.

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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