IMPINJ (NASDAQ:PI) Rating Lowered to Hold at BidaskClub

IMPINJ (NASDAQ:PI) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Friday, BidAskClub reports.

Other equities research analysts also recently issued reports about the company. Canaccord Genuity reissued a “buy” rating and set a $35.00 target price on shares of IMPINJ in a research report on Wednesday, June 10th. Needham & Company LLC reissued a “buy” rating and set a $30.00 target price (down from $34.00) on shares of IMPINJ in a research report on Thursday. Morgan Stanley decreased their target price on IMPINJ from $28.00 to $26.00 and set an “equal weight” rating on the stock in a research report on Thursday. Zacks Investment Research raised IMPINJ from a “hold” rating to a “strong-buy” rating and set a $34.00 target price on the stock in a research report on Friday, July 17th. Finally, ValuEngine raised IMPINJ from a “hold” rating to a “buy” rating in a research report on Thursday, April 2nd. Three analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. IMPINJ has an average rating of “Buy” and a consensus target price of $30.50.

Shares of IMPINJ stock traded up $0.81 during trading on Friday, reaching $23.60. The company’s stock had a trading volume of 703,681 shares, compared to its average volume of 407,086. The company has a debt-to-equity ratio of 0.54, a quick ratio of 7.59 and a current ratio of 9.20. The business’s fifty day moving average price is $28.08 and its 200-day moving average price is $25.68. The firm has a market cap of $535.18 million, a price-to-earnings ratio of -15.73 and a beta of 2.56. IMPINJ has a one year low of $11.47 and a one year high of $39.49.

IMPINJ (NASDAQ:PI) last posted its quarterly earnings data on Wednesday, July 29th. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.24. The business had revenue of $26.50 million for the quarter, compared to analyst estimates of $26.80 million. IMPINJ had a negative return on equity of 14.82% and a negative net margin of 21.57%. The firm’s revenue for the quarter was down 30.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.03 earnings per share. Sell-side analysts anticipate that IMPINJ will post -1.45 EPS for the current year.

In other news, CEO Chris Ph.D. Diorio sold 6,073 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $27.12, for a total value of $164,699.76. Following the transaction, the chief executive officer now directly owns 287,898 shares of the company’s stock, valued at approximately $7,807,793.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 25.70% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its holdings in shares of IMPINJ by 0.6% in the 1st quarter. BlackRock Inc. now owns 1,165,051 shares of the company’s stock worth $19,469,000 after acquiring an additional 6,456 shares in the last quarter. Engineers Gate Manager LP boosted its holdings in shares of IMPINJ by 43.8% in the 1st quarter. Engineers Gate Manager LP now owns 72,410 shares of the company’s stock worth $1,210,000 after acquiring an additional 22,050 shares in the last quarter. Citigroup Inc. boosted its holdings in shares of IMPINJ by 105.8% in the 1st quarter. Citigroup Inc. now owns 11,114 shares of the company’s stock worth $186,000 after acquiring an additional 5,714 shares in the last quarter. Morgan Stanley raised its position in IMPINJ by 84.1% in the 1st quarter. Morgan Stanley now owns 156,279 shares of the company’s stock worth $2,611,000 after purchasing an additional 71,406 shares during the last quarter. Finally, Russell Investments Group Ltd. bought a new position in IMPINJ in the 1st quarter worth approximately $84,000. 84.32% of the stock is currently owned by institutional investors and hedge funds.

About IMPINJ

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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Analyst Recommendations for IMPINJ (NASDAQ:PI)

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