Needham & Company LLC reiterated their buy rating on shares of IMPINJ Inc (NYSE:PI) in a research report report published on Thursday morning, Marketbeat reports. They currently have a $34.00 target price on the stock, down from their prior target price of $45.00.
Several other equities research analysts have also recently weighed in on the company. Canaccord Genuity reaffirmed a buy rating and issued a $35.00 price target (down from $50.00) on shares of IMPINJ in a research note on Thursday. Piper Jaffray Companies cut IMPINJ from an overweight rating to a neutral rating in a research note on Thursday. Royal Bank Of Canada reduced their price target on IMPINJ from $50.00 to $41.00 and set an outperform rating on the stock in a research note on Thursday. BidaskClub cut IMPINJ from a buy rating to a hold rating in a research note on Thursday. Finally, Zacks Investment Research cut IMPINJ from a buy rating to a hold rating in a research note on Friday, October 27th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $36.67.
IMPINJ (NYSE:PI) traded up $1.00 on Thursday, hitting $23.24. The stock had a trading volume of 642,043 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 issued 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 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%. IMPINJ’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.10 earnings per share.
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In other IMPINJ news, CFO Evan Fein sold 9,000 shares of the business’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 directly owns 15,300 shares of the company’s stock, valued at $581,400. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Eric Brodersen sold 7,000 shares of the business’s stock in a transaction on Friday, October 13th. The stock was sold at an average price of $36.85, for a total value of $257,950.00. The disclosure for this sale can be found here. Insiders sold 37,000 shares of company stock worth $1,392,420 over the last three months.
A number of institutional investors have recently added to or reduced their stakes in PI. BNP Paribas Arbitrage SA boosted its holdings in IMPINJ by 1,261.0% in the second quarter. BNP Paribas Arbitrage SA now owns 2,096 shares of the company’s stock worth $102,000 after acquiring an additional 1,942 shares in the last quarter. American International Group Inc. bought a new stake in IMPINJ in the first quarter worth $112,000. Turner Investments LLC bought a new position in shares of IMPINJ during the second quarter valued at $146,000. PNC Financial Services Group Inc. lifted its holdings in shares of IMPINJ by 95.1% during the second quarter. PNC Financial Services Group Inc. now owns 3,621 shares of the company’s stock valued at $176,000 after purchasing an additional 1,765 shares in the last quarter. Finally, First Mercantile Trust Co. bought a new position in shares of IMPINJ during the second quarter valued at $178,000.
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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