Analysts Set Impinj, Inc. (NASDAQ:PI) Price Target at $69.71

Shares of Impinj, Inc. (NASDAQ:PI) have been given a consensus rating of “Buy” by the eight brokerages that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $69.71.

A number of analysts have weighed in on PI shares. Zacks Investment Research cut Impinj from a “buy” rating to a “hold” rating in a research report on Wednesday, June 30th. Needham & Company LLC decreased their price objective on Impinj from $77.00 to $66.00 and set a “buy” rating for the company in a research report on Thursday, April 29th.

In other news, CEO Chris Ph.D. Diorio sold 1,546 shares of the firm’s stock in a transaction on Friday, July 2nd. The stock was sold at an average price of $49.63, for a total transaction of $76,727.98. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Cary Baker sold 1,503 shares of Impinj stock in a transaction on Tuesday, May 25th. The shares were sold at an average price of $49.90, for a total value of $74,999.70. Following the completion of the transaction, the chief financial officer now owns 24,858 shares in the company, valued at approximately $1,240,414.20. The disclosure for this sale can be found here. Insiders have sold 4,549 shares of company stock valued at $227,298 in the last three months. 24.70% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in PI. Geode Capital Management LLC increased its holdings in Impinj by 10.3% in the first quarter. Geode Capital Management LLC now owns 322,095 shares of the company’s stock valued at $18,317,000 after buying an additional 30,023 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Impinj by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 132,885 shares of the company’s stock valued at $5,564,000 after acquiring an additional 3,892 shares during the period. Voloridge Investment Management LLC acquired a new position in Impinj in the fourth quarter valued at approximately $1,393,000. Canada Pension Plan Investment Board acquired a new position in Impinj in the fourth quarter valued at approximately $1,520,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in Impinj in the first quarter valued at approximately $556,000. 90.40% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ:PI traded down $0.97 on Friday, hitting $43.04. 561 shares of the company’s stock were exchanged, compared to its average volume of 187,353. The stock has a market capitalization of $1.04 billion, a P/E ratio of -17.31 and a beta of 2.32. Impinj has a 1-year low of $21.81 and a 1-year high of $79.05. The stock’s 50-day moving average is $48.94.

Impinj (NASDAQ:PI) last announced its earnings results on Wednesday, April 28th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.13. The firm had revenue of $45.25 million during the quarter, compared to analysts’ expectations of $42.10 million. Impinj had a negative return on equity of 41.13% and a negative net margin of 41.81%. The business’s revenue was down 5.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.13 EPS. On average, sell-side analysts predict that Impinj will post -1.39 EPS for the current fiscal year.

About Impinj

Impinj, Inc operates a cloud connectivity platform. Its platform, which comprises multiple product families, wirelessly connects individual 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.

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Analyst Recommendations for Impinj (NASDAQ:PI)

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