Evercore ISI Initiates Coverage on Impinj (NASDAQ:PI)

Equities researchers at Evercore ISI assumed coverage on shares of Impinj (NASDAQ:PI) in a research note issued to investors on Tuesday, Benzinga reports. The firm set an “outperform” rating and a $160.00 price target on the stock. Evercore ISI’s price target would indicate a potential upside of 35.02% from the company’s previous close.

Several other equities analysts also recently commented on PI. Canaccord Genuity Group upped their price objective on Impinj from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, March 14th. The Goldman Sachs Group upped their price objective on Impinj from $89.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Needham & Company LLC upped their price objective on Impinj from $120.00 to $130.00 and gave the company a “buy” rating in a research report on Thursday, March 14th. StockNews.com raised Impinj to a “sell” rating in a research report on Friday, February 9th. Finally, Roth Mkm upped their price objective on Impinj from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, March 14th. Two equities research analysts have rated the stock with a sell rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $119.44.

Impinj Stock Performance

NASDAQ PI opened at $118.50 on Tuesday. The company has a market cap of $3.28 billion, a P/E ratio of -73.15 and a beta of 2.05. The company has a debt-to-equity ratio of 8.26, a quick ratio of 5.59 and a current ratio of 8.73. The business’s 50 day moving average price is $115.28 and its 200-day moving average price is $90.84. Impinj has a fifty-two week low of $48.39 and a fifty-two week high of $142.70.

Impinj (NASDAQ:PI) last released its earnings results on Thursday, February 8th. The company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.47) by $0.11. The firm had revenue of $70.65 million for the quarter, compared to the consensus estimate of $67.10 million. Impinj had a negative return on equity of 74.70% and a negative net margin of 14.10%. Sell-side analysts predict that Impinj will post -0.62 earnings per share for the current year.

Insiders Place Their Bets

In other Impinj news, COO Hussein Mecklai sold 30,000 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $104.80, for a total value of $3,144,000.00. Following the completion of the sale, the chief operating officer now directly owns 40,489 shares in the company, valued at approximately $4,243,247.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO Cary Baker sold 306 shares of the company’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $123.55, for a total transaction of $37,806.30. Following the completion of the sale, the chief financial officer now directly owns 65,748 shares in the company, valued at approximately $8,123,165.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Hussein Mecklai sold 30,000 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $104.80, for a total value of $3,144,000.00. Following the sale, the chief operating officer now owns 40,489 shares of the company’s stock, valued at $4,243,247.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 117,634 shares of company stock worth $12,464,886. 17.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Impinj

Hedge funds have recently made changes to their positions in the stock. Future Financial Wealth Managment LLC purchased a new stake in Impinj in the first quarter valued at about $32,000. Advisors Asset Management Inc. purchased a new stake in Impinj in the first quarter valued at about $39,000. GAMMA Investing LLC purchased a new stake in Impinj in the fourth quarter valued at about $40,000. KBC Group NV purchased a new stake in Impinj in the fourth quarter valued at about $47,000. Finally, Newbridge Financial Services Group Inc. purchased a new stake in Impinj in the third quarter valued at about $55,000.

About Impinj

Impinj, Inc operates a cloud connectivity platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Its platform wirelessly connects items and delivers data about the connected items to business and consumer applications. The company's platform comprises endpoint ICs, a miniature radios-on-a-chip that attaches to a host item and includes a number to identify the item.