IMPINJ (NASDAQ:PI) Lifted 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 report issued on Thursday morning, Zacks.com reports. The brokerage currently has $38.00 price target 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 issued research reports about the stock. ValuEngine lowered shares of Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. Dougherty & Co raised shares of IMPINJ from a neutral rating to a buy rating in a research report on Monday, July 1st. Roth Capital reissued a buy rating on shares of GENFIT S A/ADR in a research report on Tuesday, April 23rd. BidaskClub raised shares of SeaSpine from a strong sell rating to a sell rating in a research report on Wednesday, April 24th. Finally, Canaccord Genuity increased 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. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. IMPINJ presently has a consensus rating of Buy and an average price target of $33.00.
IMPINJ (NASDAQ:PI) last announced its quarterly earnings data on Monday, April 29th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.15. The business had revenue of $33.10 million for the quarter, compared to the consensus estimate of $31.08 million. IMPINJ had a negative net margin of 21.33% and a negative return on equity of 12.32%. The company’s quarterly revenue was up 31.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.38) earnings per share. As a group, equities research analysts expect that IMPINJ will post -0.4 earnings per share for the current fiscal year.
In related news, CEO Chris Ph.D. Diorio sold 18,257 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $35.00, for a total value of $638,995.00. Following the sale, the chief executive officer now owns 271,278 shares of the company’s stock, valued at approximately $9,494,730. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Eric Brodersen sold 15,000 shares of the stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $28.62, for a total transaction of $429,300.00. Following the completion of the sale, the insider now directly owns 55,600 shares in the company, valued at approximately $1,591,272. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 93,749 shares of company stock worth $2,737,540. Insiders own 26.00% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers grew its stake in shares of IMPINJ by 44.4% in the 4th 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 last quarter. LPL Financial LLC grew its stake in shares of IMPINJ by 3.3% in the 4th 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 last quarter. BlackRock Inc. grew its stake in shares of IMPINJ by 1.3% in the 4th quarter. BlackRock Inc. now owns 1,138,180 shares of the company’s stock worth $16,560,000 after purchasing an additional 14,164 shares during the last quarter. Citigroup Inc. grew its stake in shares of IMPINJ by 14,485.7% in the 4th quarter. Citigroup Inc. now owns 2,042 shares of the company’s stock worth $30,000 after purchasing an additional 2,028 shares during the last quarter. Finally, Barclays PLC grew its stake in shares of IMPINJ by 11.1% in the 4th 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 last quarter. 65.41% of the stock is currently owned by institutional investors and hedge funds.
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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