IMPINJ (NASDAQ:PI) Lifted to “Buy” at Zacks Investment Research

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Zacks Investment Research upgraded shares of IMPINJ (NASDAQ:PI) from a hold rating to a buy rating in a research note released on Wednesday, September 19th. They currently have $28.00 price objective on the stock.

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. “

A number of other analysts have also recently weighed in on PI. BidaskClub raised IMPINJ from a hold rating to a buy rating in a research report on Wednesday, July 4th. Piper Jaffray Companies reaffirmed an overweight rating and issued a $19.00 price target on shares of IMPINJ in a research report on Tuesday, June 19th. Finally, ValuEngine raised IMPINJ from a sell rating to a hold rating in a research report on Monday, July 2nd. Seven analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $26.14.

PI traded up $0.13 during trading on Wednesday, reaching $19.99. 295,906 shares of the stock traded hands, compared to its average volume of 638,905. The stock has a market cap of $605.92 million, a price-to-earnings ratio of -68.93 and a beta of 1.48. IMPINJ has a fifty-two week low of $9.95 and a fifty-two week high of $37.47. The company has a current ratio of 6.65, a quick ratio of 3.87 and a debt-to-equity ratio of 0.19.

IMPINJ (NASDAQ:PI) last released its quarterly earnings data on Wednesday, September 12th. The company reported ($0.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.10. The firm had revenue of $28.50 million during the quarter, compared to analysts’ expectations of $28.50 million. IMPINJ had a negative return on equity of 17.23% and a negative net margin of 32.16%. The business’s revenue for the quarter was down 16.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.06 earnings per share. As a group, sell-side analysts forecast that IMPINJ will post -1.18 earnings per share for the current fiscal year.

Institutional investors have recently bought and sold shares of the company. Rainier Group Investment Advisory LLC bought a new position in shares of IMPINJ in the first quarter worth about $104,000. Oppenheimer & Co. Inc. bought a new position in shares of IMPINJ in the second quarter worth about $220,000. Shufro Rose & Co. LLC bought a new position in shares of IMPINJ in the second quarter worth about $320,000. Sigma Planning Corp bought a new position in shares of IMPINJ in the second quarter worth about $426,000. Finally, LPL Financial LLC increased its stake in shares of IMPINJ by 72.6% in the first quarter. LPL Financial LLC now owns 21,914 shares of the company’s stock worth $285,000 after purchasing an additional 9,214 shares during the period. Institutional investors and hedge funds own 61.60% of the company’s stock.

IMPINJ Company Profile

Impinj, Inc operates a platform that enables wireless connectivity to everyday items by delivering each item's unique identity, location, and authenticity to business and consumer applications. The company's platform includes endpoint integrated circuits (ICs) product, a miniature radios-on-a-chip, which attach-to and identify their host items; and connectivity layer that comprises readers, gateways, and reader ICs to wirelessly identify, locate, authenticate, and engage endpoints via RAIN, as well as provide power to and communicate bidirectionally with endpoint ICs.

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