KeyCorp Reiterates Hold Rating for IMPINJ Inc (PI)

IMPINJ Inc (NYSE:PI)‘s stock had its “hold” rating reiterated by KeyCorp in a research note issued on Friday.

A number of other equities research analysts have also recently commented on the stock. Dougherty & Co decreased their target price on shares of IMPINJ from $62.00 to $42.00 and set a “buy” rating on the stock in a research note on Thursday. Morgan Stanley decreased their target price on shares of IMPINJ from $37.00 to $29.00 and set an “equal weight” rating on the stock in a research note on Thursday. Needham & Company LLC restated a “buy” rating and set a $34.00 target price (down previously from $45.00) on shares of IMPINJ in a research note on Thursday. Canaccord Genuity restated a “buy” rating and set a $35.00 target price (down previously from $50.00) on shares of IMPINJ in a research note on Thursday. Finally, Piper Jaffray Companies cut shares of IMPINJ from an “overweight” rating to a “neutral” rating in a research note on Thursday. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $36.67.

Shares of IMPINJ (PI) traded up $0.68 during trading hours on Friday, hitting $22.23. 1,682,253 shares of the stock traded hands, 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 issued its quarterly earnings data 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). IMPINJ had a negative return on equity of 3.11% and a negative net margin of 2.86%. The business had revenue of $32.60 million during the quarter, compared to the consensus estimate of $32.58 million. During the same quarter last year, the company earned $0.10 EPS. IMPINJ’s revenue for the quarter was up 5.2% on a year-over-year basis.

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

A number of institutional investors and hedge funds have recently made changes to their positions in PI. Sumitomo Mitsui Asset Management Company LTD purchased a new position in shares of IMPINJ in the third quarter valued at $26,714,000. Chevy Chase Trust Holdings Inc. purchased a new position in shares of IMPINJ in the second quarter valued at $13,899,000. State Street Corp grew its holdings in shares of IMPINJ by 207.6% in the second quarter. State Street Corp now owns 303,827 shares of the company’s stock valued at $14,781,000 after purchasing an additional 205,050 shares in the last quarter. Hood River Capital Management LLC grew its holdings in shares of IMPINJ by 30.9% in the second quarter. Hood River Capital Management LLC now owns 731,965 shares of the company’s stock valued at $35,610,000 after purchasing an additional 172,879 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of IMPINJ by 49.9% in the first quarter. Vanguard Group Inc. now owns 485,247 shares of the company’s stock valued at $14,689,000 after purchasing an additional 161,494 shares in the last quarter.

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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