Shares of Impinj, Inc. (NASDAQ:PI) hit a new 52-week high during trading on Wednesday after Zacks Investment Research upgraded the stock from a hold rating to a buy rating. Zacks Investment Research now has a $64.00 price target on the stock. Impinj traded as high as $58.77 and last traded at $57.33, with a volume of 947 shares traded. The stock had previously closed at $56.45.
According to Zacks, “Impinj, Inc. is a provider of referral and information network radio frequency identification solutions to the retail, pharmaceutical, healthcare, food and beverage and other industries. The company’s products include Indy Reader Chips which consists of integrated radio chips and supporting SDKs; Monza Tag Chips, which deliver memory options and extended features to RFID tags and Speedway fixed RFID readers and antennas for RFID-based information. Impinj, Inc. is based in Seattle, Washington. “
Several other research firms have also issued reports on PI. Morgan Stanley boosted their target price on Impinj from $38.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday. The Goldman Sachs Group boosted their target price on Impinj from $46.00 to $53.00 and gave the stock a “buy” rating in a research report on Monday, December 14th. Piper Sandler boosted their target price on Impinj from $29.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 2nd. Canaccord Genuity restated a “buy” rating and set a $35.00 target price (up from $32.00) on shares of Impinj in a research report on Thursday, October 29th. Finally, Needham & Company LLC boosted their target price on Impinj from $30.00 to $61.00 and gave the stock a “buy” rating in a research report on Tuesday. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $49.14.
In other Impinj news, CRO Jeffrey Dossett sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, December 8th. The stock was sold at an average price of $42.36, for a total value of $105,900.00. Following the sale, the executive now owns 24,763 shares in the company, valued at approximately $1,048,960.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Chris Ph.D. Diorio sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 30th. The shares were sold at an average price of $40.00, for a total value of $200,000.00. Following the completion of the sale, the chief executive officer now owns 274,621 shares in the company, valued at approximately $10,984,840. The disclosure for this sale can be found here. Insiders sold a total of 39,734 shares of company stock valued at $1,886,172 over the last quarter. 25.70% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Private Advisor Group LLC bought a new stake in Impinj in the 2nd quarter valued at approximately $108,000. BNP Paribas Arbitrage SA raised its stake in shares of Impinj by 457.0% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 3,949 shares of the company’s stock worth $104,000 after purchasing an additional 3,240 shares in the last quarter. FMR LLC raised its stake in shares of Impinj by 1,462.6% during the 2nd quarter. FMR LLC now owns 5,469 shares of the company’s stock worth $150,000 after purchasing an additional 5,119 shares in the last quarter. XR Securities LLC bought a new stake in shares of Impinj during the 4th quarter worth approximately $239,000. Finally, Fortis Group Advisors LLC bought a new stake in shares of Impinj during the 3rd quarter worth approximately $158,000. Hedge funds and other institutional investors own 85.57% of the company’s stock.
The company has a market cap of $1.32 billion, a P/E ratio of -29.10 and a beta of 2.56. The company has a current ratio of 8.38, a quick ratio of 6.44 and a debt-to-equity ratio of 0.49. The business has a 50 day moving average price of $44.51 and a 200-day moving average price of $32.38.
Impinj (NASDAQ:PI) last announced its quarterly earnings data on Wednesday, October 28th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.03. Impinj had a negative return on equity of 26.61% and a negative net margin of 30.63%. The company had revenue of $28.20 million for the quarter, compared to analysts’ expectations of $24.90 million. On average, sell-side analysts expect that Impinj, Inc. will post -1.67 earnings per share for the current year.
Impinj Company Profile (NASDAQ:PI)
Impinj, Inc operates a platform that enables wireless connectivity to various everyday items to business and consumer applications. Its integrated platform connects everyday items to applications, delivering real-time information to businesses about items they create, manage, transport, and sell. The company’s platform includes endpoint integrated circuits (ICs), a miniature radios-on-a-chip that attach-to and identify their host items; and connectivity products that comprise reader ICs and modules, readers, and gateways to wirelessly identify, locate, authenticate, and engage items, as well as provide power to and communicate bidirectionally with endpoint ICs.
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