IMPINJ Inc (NYSE:PI) Cut to Sell at Zacks Investment Research
Zacks Investment Research cut shares of IMPINJ Inc (NYSE:PI) from a hold rating to a sell rating in a research note published on Wednesday.
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 recently weighed in on PI. Royal Bank Of Canada dropped their price target on IMPINJ from $44.00 to $42.00 and set an outperform rating on the stock in a research note on Friday, May 5th. Canaccord Genuity restated a buy rating and issued a $38.00 price target on shares of IMPINJ in a research note on Friday, May 12th. Morgan Stanley cut IMPINJ from an overweight rating to an equal weight rating and increased their price target for the company from $40.00 to $51.00 in a research note on Monday, June 19th. KeyCorp cut IMPINJ to a hold rating in a research note on Tuesday, June 27th. Finally, Needham & Company LLC increased their price target on IMPINJ from $40.00 to $55.00 and gave the company a buy rating in a research note on Wednesday, July 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $43.63.
Shares of IMPINJ (PI) traded up 0.48% during midday trading on Wednesday, hitting $33.77. 1,145,994 shares of the stock traded hands. The company’s market capitalization is $704.37 million. IMPINJ has a 12-month low of $19.55 and a 12-month high of $60.85. The firm’s 50 day moving average price is $49.23 and its 200 day moving average price is $39.52.
IMPINJ (NYSE:PI) last posted its quarterly earnings results on Thursday, August 3rd. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.04. IMPINJ had a negative return on equity of 3.11% and a negative net margin of 2.86%. The business had revenue of $34.10 million for the quarter, compared to analysts’ expectations of $33.41 million. During the same quarter in the prior year, the business earned $0.06 EPS. The firm’s revenue for the quarter was up 31.2% on a year-over-year basis. Analysts expect that IMPINJ will post $0.06 EPS for the current year.
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In other IMPINJ news, CFO Evan Fein sold 9,000 shares of the company’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $43.68, for a total value of $393,120.00. Following the transaction, the chief financial officer now directly owns 19,000 shares of the company’s stock, valued at approximately $829,920. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Eric Brodersen sold 7,000 shares of the company’s stock in a transaction on Tuesday, July 18th. The shares were sold at an average price of $53.23, for a total value of $372,610.00. Following the completion of the transaction, the insider now directly owns 106,743 shares in the company, valued at $5,681,929.89. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 85,666 shares of company stock worth $3,857,412.
A number of hedge funds and other institutional investors have recently modified their holdings of PI. State Street Corp raised its position in shares of IMPINJ by 23.5% in the fourth quarter. State Street Corp now owns 86,778 shares of the company’s stock worth $3,069,000 after buying an additional 16,506 shares in the last quarter. Teachers Advisors LLC raised its position in shares of IMPINJ by 88.1% in the fourth quarter. Teachers Advisors LLC now owns 11,164 shares of the company’s stock worth $395,000 after buying an additional 5,228 shares in the last quarter. Macquarie Group Ltd. raised its position in shares of IMPINJ by 99.0% in the fourth quarter. Macquarie Group Ltd. now owns 86,550 shares of the company’s stock worth $3,059,000 after buying an additional 43,050 shares in the last quarter. Bank of Montreal Can purchased a new position in shares of IMPINJ during the first quarter worth approximately $245,000. Finally, Capital Asset Advisory Services LLC raised its position in shares of IMPINJ by 25.8% in the first quarter. Capital Asset Advisory Services LLC now owns 7,310 shares of the company’s stock worth $221,000 after buying an additional 1,500 shares in the last quarter.
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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