Dougherty & Co Reiterates Buy Rating for IMPINJ Inc (PI)
IMPINJ Inc (NYSE:PI)‘s stock had its “buy” rating reissued by research analysts at Dougherty & Co in a note issued to investors on Thursday. They currently have a $62.00 price target on the stock. Dougherty & Co’s target price points to a potential upside of 62.90% from the company’s current price.
Other analysts have also recently issued reports about the stock. KeyCorp cut shares of IMPINJ to a “hold” rating in a report on Tuesday, June 27th. Morgan Stanley cut shares of IMPINJ from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $40.00 to $51.00 in a report on Monday, June 19th. Canaccord Genuity reissued a “buy” rating and set a $50.00 target price (down from $57.00) on shares of IMPINJ in a report on Friday, August 4th. Royal Bank Of Canada increased their target price on shares of IMPINJ from $50.00 to $59.00 and gave the stock an “outperform” rating in a report on Monday, June 19th. Finally, Zacks Investment Research cut shares of IMPINJ from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $47.63.
Shares of IMPINJ (NYSE:PI) traded up 0.71% on Thursday, reaching $38.35. 246,164 shares of the company’s stock traded hands. IMPINJ has a 52 week low of $23.55 and a 52 week high of $41.91. The company has a 50 day moving average of $38.56 and a 200-day moving average of $31.74. The stock’s market capitalization is $799.98 million.
IMPINJ (NYSE:PI) last issued its earnings results on Thursday, August 3rd. The company reported $0.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.04. The company had revenue of $34.10 million for the quarter, compared to analysts’ expectations of $33.41 million. IMPINJ had a negative net margin of 2.86% and a negative return on equity of 3.11%. The firm’s revenue was up 31.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.06 earnings per share. Equities research analysts forecast that IMPINJ will post $0.05 earnings per share for the current year.
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In other IMPINJ news, COO Eric Brodersen sold 3,500 shares of the company’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $35.74, for a total transaction of $125,090.00. Following the completion of the sale, the chief operating officer now directly owns 101,443 shares of the company’s stock, valued at $3,625,572.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Evan Fein sold 9,000 shares of the company’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $38.00, for a total transaction of $342,000.00. Following the sale, the chief financial officer now directly owns 15,300 shares of the company’s stock, valued at $581,400. The disclosure for this sale can be found here. Insiders sold a total of 40,000 shares of company stock valued at $1,808,505 in the last quarter.
A number of hedge funds have recently bought and sold shares of PI. Sylebra HK Co Ltd purchased a new stake in IMPINJ during the first quarter valued at about $88,898,000. Alliancebernstein L.P. purchased a new stake in IMPINJ during the first quarter valued at about $20,284,000. JPMorgan Chase & Co. lifted its stake in IMPINJ by 245.3% during the first quarter. JPMorgan Chase & Co. now owns 576,631 shares of the company’s stock valued at $17,455,000 after buying an additional 409,635 shares in the last quarter. OppenheimerFunds Inc. purchased a new stake in IMPINJ during the first quarter valued at about $9,327,000. Finally, Chevy Chase Trust Holdings Inc. purchased a new stake in IMPINJ during the second quarter valued at about $13,899,000.
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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