IMPINJ (NASDAQ:PI) Rating Increased 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 released on Tuesday, Zacks.com reports. Zacks Investment Research currently has $29.00 target price 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. “
PI has been the subject of several other research reports. Royal Bank of Canada cut their target price on IMPINJ from $36.00 to $30.00 and set a sector perform rating for the company in a research note on Wednesday, March 4th. Canaccord Genuity reissued a buy rating and set a $35.00 target price on shares of IMPINJ in a research note on Wednesday, June 10th. Morgan Stanley raised their target price on IMPINJ from $21.00 to $28.00 and gave the stock an equal weight rating in a research note on Tuesday, June 16th. Needham & Company LLC raised their target price on IMPINJ from $19.00 to $25.00 and gave the stock a buy rating in a research note on Tuesday, April 28th. Finally, ValuEngine raised IMPINJ from a hold rating to a buy rating in a research note on Thursday, April 2nd. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $32.14.
IMPINJ (NASDAQ:PI) last announced its quarterly earnings data on Monday, April 27th. The company reported $0.13 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.32) by $0.45. IMPINJ had a negative return on equity of 5.98% and a negative net margin of 12.08%. The firm had revenue of $47.80 million for the quarter, compared to the consensus estimate of $38.37 million. During the same quarter last year, the business posted ($0.11) earnings per share. The firm’s revenue was up 44.4% compared to the same quarter last year. On average, analysts predict that IMPINJ will post -1.45 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of PI. Fred Alger Management LLC grew its stake in IMPINJ by 373.4% during the 1st quarter. Fred Alger Management LLC now owns 494,441 shares of the company’s stock worth $8,262,000 after purchasing an additional 389,999 shares in the last quarter. Frontier Capital Management Co. LLC grew its stake in IMPINJ by 272.1% during the 1st quarter. Frontier Capital Management Co. LLC now owns 381,804 shares of the company’s stock worth $6,380,000 after purchasing an additional 279,205 shares in the last quarter. Two Sigma Investments LP grew its stake in IMPINJ by 142.6% during the 1st quarter. Two Sigma Investments LP now owns 384,342 shares of the company’s stock worth $6,422,000 after purchasing an additional 225,928 shares in the last quarter. JPMorgan Chase & Co. grew its stake in IMPINJ by 2,433.6% during the 1st quarter. JPMorgan Chase & Co. now owns 220,141 shares of the company’s stock worth $3,678,000 after purchasing an additional 211,452 shares in the last quarter. Finally, Polar Asset Management Partners Inc. acquired a new position in IMPINJ during the 1st quarter worth $3,492,000. 84.61% of the stock is 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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