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

Canaccord Genuity reiterated their buy rating on shares of IMPINJ Inc (NYSE:PI) in a research report report published on Thursday morning. They currently have a $35.00 target price on the stock, down from their previous target price of $50.00.

Several other brokerages have also recently commented on PI. Royal Bank Of Canada reiterated an outperform rating on shares of IMPINJ in a report on Saturday, July 22nd. Zacks Investment Research cut IMPINJ from a hold rating to a sell rating in a report on Wednesday, July 19th. Needham & Company LLC upped 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. BidaskClub raised IMPINJ from a buy rating to a strong-buy rating in a research note on Tuesday, October 3rd. Finally, Dougherty & Co reissued a buy rating and issued a $62.00 price target on shares of IMPINJ in a research note on Thursday, September 14th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $36.67.

IMPINJ (PI) traded up $0.68 during trading 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 1 year low of $19.97 and a 1 year high of $60.85.

IMPINJ (NYSE:PI) last released its quarterly earnings results on Wednesday, November 1st. The company reported ($0.08) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate 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 return on equity of 3.11% and a negative net margin of 2.86%. The business’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.10 earnings per share.

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

Institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA grew its holdings in 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 buying an additional 1,942 shares in the last quarter. American International Group Inc. bought a new stake in IMPINJ during the first quarter worth $112,000. Turner Investments LLC bought a new stake in IMPINJ during the second quarter worth $146,000. PNC Financial Services Group Inc. grew its holdings in IMPINJ by 95.1% during the second quarter. PNC Financial Services Group Inc. now owns 3,621 shares of the company’s stock worth $176,000 after buying an additional 1,765 shares in the last quarter. Finally, First Mercantile Trust Co. bought a new stake in IMPINJ during the second quarter worth $178,000.

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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