IMPINJ Inc (NYSE:PI) gapped down prior to trading on Monday after Zacks Investment Research downgraded the stock from a hold rating to a sell rating. The stock had previously closed at $37.04, but opened at $37.52. IMPINJ shares last traded at $37.87, with a volume of 1,073,533 shares traded.
A number of other research analysts also recently issued reports on PI. Royal Bank Of Canada decreased their price objective on IMPINJ from $44.00 to $42.00 and set an “outperform” rating for the company in a report on Friday, May 5th. Canaccord Genuity reissued a “buy” rating and set a $38.00 price target on shares of IMPINJ in a research report on Friday, May 12th. Morgan Stanley cut IMPINJ from an “overweight” rating to an “equal weight” rating and increased their price target for the company from $40.00 to $51.00 in a research report on Monday, June 19th. KeyCorp cut IMPINJ to a “hold” rating in a research report on Tuesday, June 27th. Finally, Needham & Company LLC increased their price target on IMPINJ from $40.00 to $55.00 and gave the company a “buy” rating in a research report on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $43.63.
In other news, CFO Evan Fein sold 10,000 shares of IMPINJ stock in a transaction on Friday, June 16th. The stock was sold at an average price of $53.19, for a total value of $531,900.00. Following the transaction, the chief financial officer now owns 21,100 shares in the company, valued at approximately $1,122,309. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Eric Brodersen sold 7,000 shares of IMPINJ stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $46.93, for a total value of $328,510.00. Following the completion of the transaction, the insider now owns 115,043 shares in the company, valued at approximately $5,398,967.99. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 60,666 shares of company stock worth $2,876,162.
Several large investors have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA increased 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. American International Group Inc. bought a new position in shares of IMPINJ during the first quarter valued at approximately $112,000. First Washington CORP bought a new position in shares of IMPINJ during the first quarter valued at approximately $122,000. Nordea Investment Management AB bought a new position in shares of IMPINJ during the first quarter valued at approximately $127,000. Finally, ClariVest Asset Management LLC bought a new position in shares of IMPINJ during the first quarter valued at approximately $127,000.
The company has a 50-day moving average of $45.87 and a 200 day moving average of $39.41. The company’s market cap is $655.84 million.
IMPINJ (NYSE:PI) last issued its quarterly earnings data on Thursday, August 3rd. The company reported $0.06 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.04. IMPINJ had a negative net margin of 2.86% and a negative return on equity of 3.11%. The business had revenue of $34.10 million during the quarter, compared to analyst estimates of $33.41 million. During the same period last year, the business posted $0.06 earnings per share. IMPINJ’s quarterly revenue was up 31.2% compared to the same quarter last year. On average, analysts anticipate that IMPINJ Inc will post $0.06 earnings per share for the current fiscal year.
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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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