IMPINJ (NASDAQ:PI) Trading Up 8.7%

IMPINJ Inc (NASDAQ:PI)’s stock price was up 8.7% during trading on Thursday . The company traded as high as $28.79 and last traded at $28.65. Approximately 275,006 shares were traded during trading, a decline of 31% from the average daily volume of 396,476 shares. The stock had previously closed at $26.35.

A number of equities research analysts have commented on PI shares. Zacks Investment Research cut IMPINJ from a “buy” rating to a “hold” rating in a report on Wednesday, August 5th. Canaccord Genuity reiterated a “buy” rating and issued a $35.00 price target on shares of IMPINJ in a research report on Wednesday, June 10th. Needham & Company LLC reiterated a “buy” rating and issued a $30.00 price target (down previously from $34.00) on shares of IMPINJ in a research report on Thursday, July 30th. Morgan Stanley dropped their price target on IMPINJ from $28.00 to $26.00 and set an “equal weight” rating for the company in a research report on Thursday, July 30th. Finally, Piper Sandler dropped their price target on IMPINJ from $35.00 to $28.00 and set an “overweight” rating for the company in a research report on Thursday, July 30th. Three investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $30.50.

The company has a 50-day simple moving average of $25.37 and a 200-day simple moving average of $23.93. The firm has a market cap of $654.80 million, a PE ratio of -19.10 and a beta of 2.32. The company has a debt-to-equity ratio of 0.60, a current ratio of 7.17 and a quick ratio of 5.65.

IMPINJ (NASDAQ:PI) last announced its earnings results on Wednesday, July 29th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.49) by $0.24. IMPINJ had a negative return on equity of 14.90% and a negative net margin of 21.57%. The business had revenue of $26.50 million during the quarter, compared to analyst estimates of $26.80 million. During the same quarter in the previous year, the business earned $0.03 earnings per share. The company’s revenue for the quarter was down 30.3% compared to the same quarter last year. As a group, equities research analysts predict that IMPINJ Inc will post -1.57 earnings per share for the current year.

In other news, EVP Jeffrey Dossett sold 2,487 shares of IMPINJ stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $23.35, for a total transaction of $58,071.45. Following the completion of the sale, the executive vice president now owns 23,783 shares of the company’s stock, valued at $555,333.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 25.70% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. Two Sigma Advisers LP raised its stake in IMPINJ by 4.9% in the second quarter. Two Sigma Advisers LP now owns 261,400 shares of the company’s stock worth $7,181,000 after buying an additional 12,100 shares in the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in shares of IMPINJ during the second quarter worth $283,000. Neuberger Berman Group LLC increased its position in shares of IMPINJ by 45.3% during the second quarter. Neuberger Berman Group LLC now owns 351,480 shares of the company’s stock worth $9,651,000 after purchasing an additional 109,612 shares in the last quarter. FMR LLC increased its position in shares of IMPINJ by 1,462.6% during the second quarter. FMR LLC now owns 5,469 shares of the company’s stock worth $150,000 after purchasing an additional 5,119 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of IMPINJ by 6.2% during the second quarter. Charles Schwab Investment Management Inc. now owns 104,621 shares of the company’s stock worth $2,874,000 after purchasing an additional 6,100 shares in the last quarter. 82.66% of the stock is owned by institutional investors.

IMPINJ Company Profile (NASDAQ:PI)

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.

Further Reading: Price to Earnings Ratio (PE) Basics

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