Impinj (NASDAQ:PI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, Zacks.com reports. The brokerage presently has a $64.00 price target on the stock. Zacks Investment Research‘s price target suggests a potential upside of 13.94% from the company’s current price.
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. “
A number of other equities research analysts have also commented on the stock. The Goldman Sachs Group upped their price objective on shares of Impinj from $46.00 to $53.00 and gave the company a “buy” rating in a research note on Monday, December 14th. Morgan Stanley boosted their target price on shares of Impinj from $38.00 to $53.00 and gave the company an “equal weight” rating in a research report on Tuesday. Needham & Company LLC boosted their target price on shares of Impinj from $30.00 to $61.00 and gave the company a “buy” rating in a research report on Tuesday. Canaccord Genuity reiterated a “buy” rating and set a $35.00 target price (up previously from $32.00) on shares of Impinj in a research report on Thursday, October 29th. Finally, Piper Sandler boosted their target price on shares of Impinj from $29.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, December 2nd. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $49.14.
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Shares of NASDAQ:PI traded up $1.35 during trading on Tuesday, reaching $56.17. The stock had a trading volume of 9,410 shares, compared to its average volume of 329,246. The firm’s fifty day moving average is $43.09 and its 200 day moving average is $31.82. The company has a debt-to-equity ratio of 0.49, a quick ratio of 6.44 and a current ratio of 8.38. Impinj has a 52 week low of $11.47 and a 52 week high of $58.50. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of -28.95 and a beta of 2.56.
Impinj (NASDAQ:PI) last posted its quarterly earnings data on Wednesday, October 28th. The company reported ($0.29) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.32) by $0.03. Impinj had a negative net margin of 30.63% and a negative return on equity of 26.61%. The company had revenue of $28.20 million for the quarter, compared to analyst estimates of $24.90 million. On average, research analysts forecast that Impinj will post -1.67 earnings per share for the current fiscal year.
In other Impinj news, Director Sylebra Capital Ltd acquired 391,743 shares of the stock in a transaction on Tuesday, November 10th. The shares were purchased at an average price of $31.09 per share, for a total transaction of $12,179,289.87. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Chris Ph.D. Diorio sold 5,000 shares of the company’s stock in a transaction on Monday, November 30th. The stock was sold at an average price of $40.00, for a total transaction of $200,000.00. Following the transaction, 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. In the last 90 days, insiders have sold 39,734 shares of company stock worth $1,886,172. Corporate insiders own 25.70% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its holdings in shares of Impinj by 3.4% in the third quarter. BlackRock Inc. now owns 1,229,930 shares of the company’s stock valued at $32,407,000 after purchasing an additional 40,476 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Impinj by 1.6% in the second quarter. Vanguard Group Inc. now owns 878,167 shares of the company’s stock valued at $24,123,000 after purchasing an additional 13,519 shares during the last quarter. Polar Asset Management Partners Inc. raised its holdings in shares of Impinj by 55.0% in the third quarter. Polar Asset Management Partners Inc. now owns 776,007 shares of the company’s stock valued at $20,448,000 after purchasing an additional 275,218 shares during the last quarter. Neuberger Berman Group LLC raised its holdings in shares of Impinj by 46.6% in the third quarter. Neuberger Berman Group LLC now owns 515,349 shares of the company’s stock valued at $13,567,000 after purchasing an additional 163,869 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of Impinj in the third quarter valued at about $8,912,000. Institutional investors own 85.57% of the company’s stock.
Impinj Company Profile
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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