Zacks Investment Research Upgrades Impinj (PI) to Hold

Zacks Investment Research upgraded shares of Impinj (NASDAQ:PI) from a strong sell rating to a hold rating in a research note published on Thursday.

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. “

Other research analysts have also recently issued reports about the company. Dougherty & Co decreased their target price on Impinj from $62.00 to $42.00 and set a buy rating for the company in a research note on Thursday, November 2nd. Royal Bank of Canada reduced their price objective on Impinj from $50.00 to $41.00 and set an outperform rating for the company in a research report on Thursday, November 2nd. Piper Jaffray Companies cut Impinj from an overweight rating to a neutral rating in a research report on Thursday, November 2nd. KeyCorp reaffirmed a hold rating on shares of Impinj in a research report on Friday, November 3rd. Finally, Morgan Stanley reduced their price objective on Impinj from $37.00 to $29.00 and set an equal weight rating for the company in a research report on Thursday, November 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $36.33.

Impinj (NASDAQ PI) remained flat at $$24.01 during trading hours on Thursday. 365,379 shares of the stock were exchanged, compared to its average volume of 477,809. Impinj has a twelve month low of $19.97 and a twelve month high of $60.85. The company has a debt-to-equity ratio of 0.06, a current ratio of 7.49 and a quick ratio of 4.97. The stock has a market capitalization of $503.21 and a price-to-earnings ratio of -63.18.

Impinj (NASDAQ:PI) last posted its earnings results on Wednesday, November 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.04). Impinj had a negative net margin of 5.97% and a negative return on equity of 1.15%. The business had revenue of $32.60 million during the quarter, compared to analyst estimates of $32.58 million. During the same period in the previous year, the firm posted $0.10 earnings per share. The firm’s revenue was up 5.2% on a year-over-year basis. equities analysts predict that Impinj will post -0.41 earnings per share for the current year.

In other Impinj news, Director Clinton Bybee acquired 4,000 shares of the company’s stock in a transaction on Thursday, November 9th. The shares were purchased at an average price of $24.43 per share, for a total transaction of $97,720.00. Following the completion of the purchase, the director now directly owns 4,417 shares of the company’s stock, valued at $107,907.31. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Eric Brodersen sold 7,000 shares of the company’s stock in a transaction that occurred on Friday, October 13th. The shares were 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 have sold 15,700 shares of company stock valued at $478,399 over the last three months. Insiders own 15.20% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA raised its stake in Impinj by 1,261.0% in the second quarter. BNP Paribas Arbitrage SA now owns 2,096 shares of the company’s stock valued at $102,000 after buying an additional 1,942 shares during the period. Bronfman E.L. Rothschild L.P. bought a new position in shares of Impinj during the third quarter worth approximately $116,000. Cornerstone Capital Management Holdings LLC. bought a new position in shares of Impinj during the third quarter worth approximately $128,000. PNC Financial Services Group Inc. increased its stake 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 worth $176,000 after purchasing an additional 1,765 shares during the period. Finally, Quantbot Technologies LP bought a new position in shares of Impinj during the second quarter worth approximately $180,000. Hedge funds and other institutional investors own 82.69% of the company’s stock.

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About Impinj

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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