Impinj, Inc. (NASDAQ:PI) Receives Average Rating of “Buy” from Brokerages

Impinj, Inc. (NASDAQ:PI) has earned an average recommendation of “Buy” from the eight ratings firms that are currently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $69.71.

A number of equities research analysts recently commented on the stock. Needham & Company LLC dropped their price objective on shares of Impinj from $77.00 to $66.00 and set a “buy” rating on the stock in a report on Thursday, April 29th. Zacks Investment Research lowered shares of Impinj from a “buy” rating to a “hold” rating in a research note on Wednesday, June 30th.

In other news, CFO Cary Baker sold 1,503 shares of the business’s stock in a transaction that occurred on Tuesday, May 25th. The shares were sold at an average price of $49.90, for a total value of $74,999.70. Following the completion of the transaction, the chief financial officer now directly owns 24,858 shares in the company, valued at approximately $1,240,414.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Chris Ph.D. Diorio sold 1,546 shares of the business’s stock in a transaction that occurred on Friday, July 2nd. The shares were sold at an average price of $49.63, for a total transaction of $76,727.98. The disclosure for this sale can be found here. Insiders sold a total of 4,549 shares of company stock valued at $227,298 in the last three months. Insiders own 24.70% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC bought a new stake in Impinj during the 4th quarter worth approximately $29,575,000. UBS Asset Management Americas Inc. grew its holdings in Impinj by 3,153.3% during the 1st quarter. UBS Asset Management Americas Inc. now owns 494,506 shares of the company’s stock worth $28,123,000 after acquiring an additional 479,306 shares during the last quarter. Lord Abbett & CO. LLC bought a new stake in Impinj during the 1st quarter worth approximately $12,365,000. Fred Alger Management LLC grew its holdings in Impinj by 32.3% during the 1st quarter. Fred Alger Management LLC now owns 791,699 shares of the company’s stock worth $45,024,000 after acquiring an additional 193,410 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. grew its holdings in Impinj by 66.5% during the 1st quarter. D. E. Shaw & Co. Inc. now owns 482,604 shares of the company’s stock worth $27,445,000 after acquiring an additional 192,726 shares during the last quarter. Institutional investors and hedge funds own 90.40% of the company’s stock.

PI traded down $0.97 during mid-day trading on Friday, hitting $43.04. The stock had a trading volume of 561 shares, compared to its average volume of 187,353. The business’s fifty day simple moving average is $48.94. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of -17.31 and a beta of 2.32. Impinj has a 1-year low of $21.81 and a 1-year high of $79.05.

Impinj (NASDAQ:PI) last posted its earnings results on Wednesday, April 28th. The company reported $0.01 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.12) by $0.13. The company had revenue of $45.25 million for the quarter, compared to analyst estimates of $42.10 million. Impinj had a negative net margin of 41.81% and a negative return on equity of 41.13%. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period last year, the business posted $0.13 earnings per share. Equities research analysts expect that Impinj will post -1.39 earnings per share for the current year.

Impinj Company Profile

Impinj, Inc operates a cloud connectivity platform. Its platform, which comprises multiple product families, wirelessly connects individual items and delivers data about the connected items to business and consumer applications. The company's platform comprises endpoint ICs, a miniature radios-on-a-chip that attaches to a host item and includes a number to identify the item.

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Analyst Recommendations for Impinj (NASDAQ:PI)

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