Royal Bank of Canada Lowers IMPINJ (PI) to Sector Perform
IMPINJ (NASDAQ:PI) was downgraded by equities research analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a report issued on Friday, MarketBeat.com reports. They presently have a $17.00 price target on the stock. Royal Bank of Canada’s price target indicates a potential upside of 39.80% from the stock’s previous close.
PI has been the subject of a number of other reports. Zacks Investment Research cut shares of IMPINJ from a “buy” rating to a “hold” rating in a report on Friday, October 27th. Needham & Company LLC restated a “buy” rating and set a $34.00 price target (down from $45.00) on shares of IMPINJ in a report on Thursday, November 2nd. BidaskClub cut shares of IMPINJ from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th. Canaccord Genuity restated a “buy” rating and set a $35.00 price target (down from $50.00) on shares of IMPINJ in a report on Thursday, November 2nd. Finally, Morgan Stanley decreased their price target on shares of IMPINJ from $29.00 to $27.00 and set an “equal weight” rating for the company in a report on Wednesday, December 13th. Three investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $28.14.
Shares of IMPINJ (NASDAQ:PI) opened at $12.16 on Friday. The company has a quick ratio of 4.97, a current ratio of 7.49 and a debt-to-equity ratio of 0.06. IMPINJ has a fifty-two week low of $12.01 and a fifty-two week high of $60.85.
In related news, CFO Evan Fein sold 5,700 shares of the stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $25.01, for a total value of $142,557.00. Following the completion of the sale, the chief financial officer now owns 17,500 shares in the company, valued at $437,675. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Clinton Bybee bought 4,000 shares of IMPINJ stock in a transaction that occurred on Thursday, November 9th. The stock was bought at an average price of $24.43 per share, with a total value of $97,720.00. Following the purchase, the director now owns 4,417 shares of the company’s stock, valued at approximately $107,907.31. The disclosure for this purchase can be found here. In the last quarter, insiders sold 14,400 shares of company stock valued at $363,006. 15.20% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bronfman E.L. Rothschild L.P. bought a new stake in shares of IMPINJ in the third quarter valued at about $116,000. Cornerstone Capital Management Holdings LLC. acquired a new position in IMPINJ in the third quarter worth about $128,000. WealthTrust Arizona LLC acquired a new position in IMPINJ in the fourth quarter worth about $144,000. PNC Financial Services Group Inc. raised its position in IMPINJ by 95.1% in the second quarter. PNC Financial Services Group Inc. now owns 3,621 shares of the company’s stock worth $176,000 after purchasing an additional 1,765 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new position in IMPINJ in the second quarter worth about $180,000. Institutional investors and hedge funds own 80.98% of the company’s stock.
IMPINJ Company Profile
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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