IMPINJ (NASDAQ:PI) Raised to “Strong-Buy” at ValuEngine

ValuEngine upgraded shares of IMPINJ (NASDAQ:PI) from a buy rating to a strong-buy rating in a report released on Wednesday morning, ValuEngine reports.

Several other analysts also recently weighed in on PI. Canaccord Genuity boosted their target price on shares of IMPINJ from $35.00 to $39.00 and gave the stock a buy rating in a research report on Tuesday. Piper Jaffray Companies boosted their target price on shares of IMPINJ from $32.00 to $40.00 and gave the stock an overweight rating in a research report on Tuesday. Roth Capital boosted their target price on shares of IMPINJ from $31.00 to $38.00 and gave the stock a buy rating in a research report on Tuesday. BidaskClub raised shares of IMPINJ from a buy rating to a strong-buy rating in a research report on Wednesday, April 24th. Finally, Zacks Investment Research downgraded shares of IMPINJ from a buy rating to a hold rating in a research report on Saturday, July 27th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $39.25.

Shares of IMPINJ stock traded down $0.64 on Wednesday, reaching $36.33. The stock had a trading volume of 333,871 shares, compared to its average volume of 399,418. The firm’s 50 day moving average price is $31.97. The company has a quick ratio of 3.11, a current ratio of 5.95 and a debt-to-equity ratio of 0.44. IMPINJ has a 1 year low of $13.25 and a 1 year high of $40.24. The stock has a market cap of $787.76 million, a PE ratio of -53.43 and a beta of 2.72.

IMPINJ (NASDAQ:PI) last issued its quarterly earnings data on Monday, July 29th. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.12. IMPINJ had a negative net margin of 17.31% and a negative return on equity of 7.65%. The firm had revenue of $38.19 million for the quarter, compared to the consensus estimate of $34.95 million. During the same quarter in the previous year, the firm earned ($0.19) EPS. The company’s quarterly revenue was up 33.8% compared to the same quarter last year. As a group, equities research analysts anticipate that IMPINJ will post -0.44 earnings per share for the current year.

In other IMPINJ news, insider Eric Brodersen sold 5,000 shares of IMPINJ stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $25.52, for a total transaction of $127,600.00. Following the completion of the sale, the insider now directly owns 50,600 shares in the company, valued at approximately $1,291,312. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Chris Ph.D. Diorio sold 4,200 shares of IMPINJ stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $35.00, for a total transaction of $147,000.00. Following the sale, the chief executive officer now owns 281,278 shares of the company’s stock, valued at $9,844,730. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 170,714 shares of company stock valued at $5,547,654. Company insiders own 26.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Metropolitan Life Insurance Co. NY lifted its stake in shares of IMPINJ by 363.7% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 6,186 shares of the company’s stock valued at $90,000 after purchasing an additional 4,852 shares during the period. Scout Investments Inc. lifted its stake in shares of IMPINJ by 65.3% in the 2nd quarter. Scout Investments Inc. now owns 146,365 shares of the company’s stock valued at $4,189,000 after purchasing an additional 57,817 shares during the period. K.J. Harrison & Partners Inc acquired a new position in shares of IMPINJ in the 1st quarter valued at $335,000. Rehmann Capital Advisory Group acquired a new position in shares of IMPINJ in the 1st quarter valued at $190,000. Finally, BlackRock Inc. lifted 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 valued at $16,560,000 after purchasing an additional 14,164 shares during the period. Institutional investors and hedge funds own 65.32% of the company’s stock.

IMPINJ Company Profile

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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