IMPINJ Inc (PI) Shares Gap Down After Analyst Downgrade

IMPINJ Inc (NYSE:PI) gapped down before the market opened on Friday after Dougherty & Co lowered their price target on the stock from $62.00 to $42.00. The stock had previously closed at $42.50, but opened at $32.80. Dougherty & Co currently has a buy rating on the stock. IMPINJ shares last traded at $21.91, with a volume of 1210839 shares trading hands.

Several other research firms have also issued reports on PI. Zacks Investment Research raised IMPINJ from a “sell” rating to a “buy” rating and set a $39.00 price objective for the company in a research note on Wednesday, October 25th. Needham & Company LLC lifted their price objective on IMPINJ from $40.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, July 26th. Canaccord Genuity reissued a “buy” rating and set a $50.00 price objective (down previously from $57.00) on shares of IMPINJ in a research note on Friday, August 4th. Royal Bank Of Canada dropped their price objective on IMPINJ from $50.00 to $41.00 and set an “outperform” rating for the company in a research note on Thursday. Finally, BidaskClub raised IMPINJ from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, October 3rd. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. IMPINJ has an average rating of “Buy” and an average target price of $36.57.

In other IMPINJ news, COO Eric Brodersen sold 3,500 shares of IMPINJ stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $35.74, for a total transaction of $125,090.00. Following the completion of the sale, the chief operating officer now owns 101,443 shares of the company’s stock, valued at $3,625,572.82. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Evan Fein sold 9,000 shares of IMPINJ stock in a transaction dated 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 directly owns 15,300 shares of the company’s stock, valued at approximately $581,400. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 37,000 shares of company stock valued at $1,392,420.

A number of hedge funds have recently modified their holdings of the business. NJ State Employees Deferred Compensation Plan bought a new stake in IMPINJ during the third quarter worth about $1,123,000. Macguire Cheswick & Tuttle Investment Counsel LLC lifted its stake in IMPINJ by 170.4% during the third quarter. Macguire Cheswick & Tuttle Investment Counsel LLC now owns 16,735 shares of the company’s stock worth $696,000 after purchasing an additional 10,545 shares during the last quarter. K.J. Harrison & Partners Inc bought a new stake in IMPINJ during the third quarter worth about $1,082,000. Victory Capital Management Inc. bought a new stake in IMPINJ during the third quarter worth about $1,453,000. Finally, Sumitomo Mitsui Asset Management Company LTD bought a new stake in IMPINJ during the third quarter worth about $26,714,000.

IMPINJ (NYSE:PI) last released its quarterly earnings data on Wednesday, November 1st. The company reported ($0.08) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.04). The company had revenue of $32.60 million during the quarter, compared to analysts’ expectations of $32.58 million. IMPINJ had a negative return on equity of 3.11% and a negative net margin of 2.86%. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.10 EPS.

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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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