IMPINJ Inc (NYSE:PI) Raised to Buy at Zacks Investment Research

IMPINJ Inc (NYSE:PI) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a report released on Wednesday, October 25th. The brokerage currently has a $39.00 price target on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 47.50% from the stock’s previous close.

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 reports about the company. Canaccord Genuity reaffirmed a “buy” rating and set a $50.00 price target (down from $57.00) on shares of IMPINJ in a research note on Friday, August 4th. Needham & Company LLC raised their price objective on IMPINJ from $40.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, July 26th. Dougherty & Co started coverage on IMPINJ in a research note on Wednesday, August 23rd. They set a “buy” rating and a $62.00 price objective for the company. BidaskClub lowered IMPINJ from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 10th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating on shares of IMPINJ in a research report on Friday, September 29th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $36.67.

Shares of IMPINJ (PI) opened at $26.44 on Wednesday. IMPINJ has a 1 year low of $19.97 and a 1 year high of $60.85.

IMPINJ (NYSE:PI) last issued its quarterly earnings results on Wednesday, November 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.04). The firm had revenue of $32.60 million for the quarter, compared to the consensus estimate of $32.58 million. IMPINJ had a negative net margin of 2.86% and a negative return on equity of 3.11%. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.10 earnings per share.

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In other IMPINJ news, CFO Evan Fein sold 9,000 shares of IMPINJ stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $38.00, for a total transaction of $342,000.00. Following the sale, the chief financial officer now directly owns 15,300 shares of the company’s stock, valued at $581,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Eric Brodersen sold 7,000 shares of IMPINJ stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $35.81, for a total value of $250,670.00. Following the sale, the insider now directly owns 101,443 shares in the company, valued at $3,632,673.83. The disclosure for this sale can be found here. Insiders sold 37,000 shares of company stock worth $1,392,420 over the last quarter.

Large investors have recently bought and sold shares of the company. Columbus Circle Investors bought a new position in shares of IMPINJ in the second quarter valued at approximately $3,382,000. Pier 88 Investment Partners LLC raised its position in IMPINJ by 98.0% in the 3rd quarter. Pier 88 Investment Partners LLC now owns 7,678 shares of the company’s stock worth $319,000 after purchasing an additional 3,800 shares during the last quarter. First Mercantile Trust Co. bought a new position in IMPINJ in the 2nd quarter worth approximately $178,000. Geode Capital Management LLC raised its position in IMPINJ by 4.6% in the 1st quarter. Geode Capital Management LLC now owns 69,703 shares of the company’s stock worth $2,109,000 after purchasing an additional 3,050 shares during the last quarter. Finally, Chevy Chase Trust Holdings Inc. bought a new position in IMPINJ in the 2nd quarter worth approximately $13,899,000.

About IMPINJ

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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Analyst Recommendations for IMPINJ (NYSE:PI)

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