IMPINJ Inc (PI) PT Lowered to $29.00

IMPINJ Inc (NYSE:PI) had its price target dropped by investment analysts at Morgan Stanley from $37.00 to $29.00 in a research report issued to clients and investors on Thursday. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 30.45% from the stock’s previous close.

A number of other brokerages have also recently commented on PI. Zacks Investment Research upgraded IMPINJ from a “sell” rating to a “buy” rating and set a $39.00 target price on the stock in a report on Wednesday, October 25th. Needham & Company LLC increased their target price on IMPINJ from $40.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, July 26th. Canaccord Genuity reiterated a “buy” rating and set a $50.00 target price (down previously from $57.00) on shares of IMPINJ in a report on Friday, August 4th. Royal Bank Of Canada lowered their target price on IMPINJ from $50.00 to $41.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, BidaskClub upgraded IMPINJ from a “buy” rating to a “strong-buy” rating in a report on Tuesday, October 3rd. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $36.57.

Shares of IMPINJ (NYSE:PI) traded down $10.57 during trading hours on Thursday, reaching $22.23. The company’s stock had a trading volume of 1,682,253 shares, compared to its average volume of 672,832. IMPINJ has a 52-week low of $19.97 and a 52-week high of $60.85.

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

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In other news, COO Eric Brodersen sold 3,500 shares of the firm’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $35.74, for a total transaction of $125,090.00. Following the sale, the chief operating officer now owns 101,443 shares in the company, valued at $3,625,572.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Evan Fein sold 9,000 shares of the firm’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $38.00, for a total value of $342,000.00. Following the sale, the chief financial officer now owns 15,300 shares in the company, valued at approximately $581,400. The disclosure for this sale can be found here. Insiders have sold 37,000 shares of company stock worth $1,392,420 in the last 90 days.

Hedge funds have recently bought and sold shares of the company. BNP Paribas Arbitrage SA boosted its holdings in shares of IMPINJ by 1,261.0% during the second quarter. BNP Paribas Arbitrage SA now owns 2,096 shares of the company’s stock worth $102,000 after purchasing an additional 1,942 shares during the last quarter. American International Group Inc. acquired a new stake in shares of IMPINJ during the first quarter worth $112,000. Turner Investments LLC acquired a new position in IMPINJ in the second quarter valued at $146,000. PNC Financial Services Group Inc. boosted its holdings in IMPINJ by 95.1% in the second quarter. PNC Financial Services Group Inc. now owns 3,621 shares of the company’s stock valued at $176,000 after acquiring an additional 1,765 shares during the last quarter. Finally, First Mercantile Trust Co. acquired a new position in IMPINJ in the second quarter valued at $178,000.

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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