IMPINJ (PI) Sets New 52-Week Low After Earnings Miss

Shares of IMPINJ Inc (NASDAQ:PI) hit a new 52-week low during trading on Friday following a dissappointing earnings announcement. The stock traded as low as $10.90 and last traded at $13.43, with a volume of 1379300 shares trading hands. The stock had previously closed at $13.43.

The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.09). The firm had revenue of $26.90 million for the quarter, compared to analysts’ expectations of $29.50 million. IMPINJ had a negative net margin of 13.82% and a negative return on equity of 5.93%. The business’s quarterly revenue was down 20.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.11 EPS.

Several equities analysts recently issued reports on PI shares. Zacks Investment Research raised shares of IMPINJ from a “sell” rating to a “buy” rating and set a $39.00 price objective on the stock in a research note on Wednesday, October 25th. Needham & Company LLC reduced their price objective on shares of IMPINJ from $48.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, October 26th. BidaskClub downgraded shares of IMPINJ from a “buy” rating to a “hold” rating in a research note on Thursday, November 2nd. Royal Bank of Canada cut their price target on shares of IMPINJ from $50.00 to $41.00 and set an “outperform” rating on the stock in a research note on Thursday, November 2nd. Finally, Piper Jaffray Companies downgraded shares of IMPINJ from an “overweight” rating to a “neutral” rating in a research note on Thursday, November 2nd. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. IMPINJ currently has a consensus rating of “Hold” and a consensus target price of $26.29.

In other news, CFO Evan Fein sold 5,700 shares of the firm’s stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $25.01, for a total value of $142,557.00. Following the transaction, the chief financial officer now owns 17,500 shares of the company’s stock, valued at approximately $437,675. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 15.20% of the company’s stock.

Several hedge funds have recently modified their holdings of PI. Sylebra HK Co Ltd raised its stake in shares of IMPINJ by 32.8% in the 4th quarter. Sylebra HK Co Ltd now owns 3,899,063 shares of the company’s stock valued at $87,846,000 after acquiring an additional 962,212 shares during the period. Allianz Asset Management GmbH raised its stake in shares of IMPINJ by 661.1% in the 3rd quarter. Allianz Asset Management GmbH now owns 775,896 shares of the company’s stock valued at $32,285,000 after acquiring an additional 673,948 shares during the period. Sumitomo Mitsui Asset Management Company LTD purchased a new position in shares of IMPINJ in the 3rd quarter valued at $26,714,000. Senvest Management LLC purchased a new position in shares of IMPINJ in the 4th quarter valued at $13,371,000. Finally, Chevy Chase Trust Holdings Inc. grew its holdings in IMPINJ by 125.4% during the 3rd quarter. Chevy Chase Trust Holdings Inc. now owns 643,979 shares of the company’s stock valued at $26,795,000 after purchasing an additional 358,279 shares in the last quarter. 79.29% of the stock is currently owned by institutional investors and hedge funds.

The stock has a market capitalization of $191.24 and a price-to-earnings ratio of -13.34. The company has a current ratio of 7.49, a quick ratio of 4.97 and a debt-to-equity ratio of 0.06.

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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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