IMPINJ Inc (PI) Receives “Buy” Rating from Canaccord Genuity

IMPINJ Inc (NYSE:PI)‘s stock had its “buy” rating reissued by Canaccord Genuity in a research note issued on Friday, May 12th. They currently have a $38.00 target price on the stock. Canaccord Genuity’s price objective indicates a potential downside of 31.79% from the stock’s current price.

PI has been the topic of several other reports. Royal Bank Of Canada restated an “outperform” rating and set a $37.00 price target on shares of IMPINJ in a research report on Monday, January 23rd. Needham & Company LLC restated a “buy” rating and set a $40.00 price target (up from $32.00) on shares of IMPINJ in a research report on Friday, February 17th. Morgan Stanley assumed coverage on IMPINJ in a research report on Thursday, February 23rd. They set an “overweight” rating and a $40.00 price target on the stock. Finally, Zacks Investment Research upgraded IMPINJ from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a research report on Tuesday, April 25th. One research analyst has rated the stock with a sell rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $38.88.

Analyst Recommendations for IMPINJ (NYSE:PI)

Shares of IMPINJ (PI) traded up 19.11% during mid-day trading on Friday, hitting $55.71. 2,241,238 shares of the company were exchanged. The firm has a 50 day moving average of $43.06 and a 200 day moving average of $34.94. IMPINJ has a 12-month low of $16.36 and a 12-month high of $55.96. The company’s market capitalization is $1.15 billion.

IMPINJ (NYSE:PI) last issued its quarterly earnings data on Thursday, May 4th. The company reported $0.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.02. The business had revenue of $31.70 million during the quarter, compared to the consensus estimate of $30.81 million. The company’s quarterly revenue was up 46.8% on a year-over-year basis. Equities research analysts forecast that IMPINJ will post $0.24 earnings per share for the current year.

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In other news, CFO Evan Fein sold 10,207 shares of the business’s stock in a transaction on Friday, May 5th. The stock was sold at an average price of $41.54, for a total value of $423,998.78. Following the completion of the transaction, the chief financial officer now owns 18,207 shares in the company, valued at $756,318.78. 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 the business’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $46.93, for a total value of $328,510.00. Following the completion of the transaction, the insider now owns 115,043 shares of the company’s stock, valued at approximately $5,398,967.99. The disclosure for this sale can be found here. Insiders have sold 97,973 shares of company stock valued at $3,960,452 in the last quarter.

A number of hedge funds have recently bought and sold shares of PI. American International Group Inc. purchased a new stake in IMPINJ during the first quarter worth approximately $112,000. First Washington CORP purchased a new stake in IMPINJ during the first quarter worth approximately $122,000. Nordea Investment Management AB bought a new stake in IMPINJ during the first quarter valued at about $127,000. ClariVest Asset Management LLC bought a new stake in IMPINJ during the first quarter valued at about $127,000. Finally, Wells Fargo & Company MN bought a new stake in IMPINJ during the third quarter valued at about $141,000.

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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