UBS Group Forecasts Strong Price Appreciation for Impinj (NASDAQ:PI) Stock

Impinj (NASDAQ:PI) had its price target increased by research analysts at UBS Group from $175.00 to $180.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. UBS Group‘s price objective points to a potential upside of 2.63% from the stock’s current price.

Several other research firms have also recently issued reports on PI. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 target price on shares of Impinj in a research report on Thursday, July 30th. Jefferies Financial Group reiterated a “buy” rating and issued a $220.00 price target on shares of Impinj in a research report on Thursday. Susquehanna raised their price target on Impinj from $175.00 to $225.00 and gave the stock a “positive” rating in a research report on Thursday. BMO Capital Markets assumed coverage on Impinj in a research report on Thursday, August 20th. They set an “outperform” rating and a $220.00 price target for the company. Finally, Wall Street Zen raised Impinj from a “hold” rating to a “buy” rating in a report on Saturday, August 1st. Seven research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $194.40.

Impinj Stock Performance

PI stock traded down $1.10 on Thursday, hitting $175.38. The company’s stock had a trading volume of 499,525 shares, compared to its average volume of 528,334. The firm has a 50 day moving average of $176.12 and a two-hundred day moving average of $144.61. Impinj has a 1 year low of $87.36 and a 1 year high of $223.05. The company has a current ratio of 3.28, a quick ratio of 2.29 and a debt-to-equity ratio of 0.80. The stock has a market cap of $5.36 billion, a price-to-earnings ratio of -191.38 and a beta of 1.94.

Impinj (NASDAQ:PI) last announced its earnings results on Wednesday, October 28th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.08. Impinj had a negative net margin of 7.26% and a positive return on equity of 5.23%. The business had revenue of $112.08 million during the quarter, compared to the consensus estimate of $107.16 million. During the same quarter in the prior year, the firm earned $0.58 earnings per share. The business’s quarterly revenue was up 16.7% compared to the same quarter last year. Equities analysts predict that Impinj will post 0.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Cary Baker sold 8,892 shares of the business’s stock in a transaction on Monday, September 21st. The shares were sold at an average price of $185.00, for a total transaction of $1,645,020.00. Following the completion of the sale, the chief financial officer directly owned 80,388 shares of the company’s stock, valued at $14,871,780. The trade was a 9.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Miron Washington sold 800 shares of Impinj stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $173.26, for a total value of $138,608.00. Following the completion of the transaction, the director owned 4,354 shares in the company, valued at $754,374.04. The trade was a 15.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 11,121 shares of company stock worth $2,047,993. 6.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Impinj

A number of large investors have recently modified their holdings of the stock. Janus Henderson Group PLC grew its position in Impinj by 40.1% in the first quarter. Janus Henderson Group PLC now owns 28,014 shares of the company’s stock valued at $2,877,000 after acquiring an additional 8,023 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Impinj by 2,441.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 425,945 shares of the company’s stock valued at $43,745,000 after purchasing an additional 409,182 shares in the last quarter. BlackRock Inc. acquired a new stake in Impinj during the 2nd quarter valued at $637,286,000. Polar Asset Management Partners Inc. increased its stake in Impinj by 25.6% during the 1st quarter. Polar Asset Management Partners Inc. now owns 136,656 shares of the company’s stock worth $14,035,000 after buying an additional 27,845 shares during the period. Finally, California State Teachers Retirement System increased its stake in Impinj by 29.3% during the 1st quarter. California State Teachers Retirement System now owns 33,902 shares of the company’s stock worth $3,482,000 after buying an additional 7,678 shares during the period.

More Impinj News

Here are the key news stories impacting Impinj this week:

• Positive Sentiment: Q3 earnings and revenue exceeded expectations: Impinj reported adjusted EPS of $0.69, above the $0.61 consensus estimate, while revenue increased 16.7% year over year to $112.08 million, topping expectations of $107.16 million. EPS also improved from $0.58 in the year-ago quarter. Impinj Q3 Earnings and Revenues Beat Estimates
• Positive Sentiment: Growth and profitability trends improved: Coverage highlighted record revenue, margin expansion and a surge in endpoint integrated-circuit revenue, reinforcing investor confidence in demand for Impinj’s RAIN RFID products. Impinj Endpoint IC Revenue
• Positive Sentiment: Management issued a constructive outlook: Impinj expects fourth-quarter revenue of $104 million to $107 million, citing strong M800 product demand and a ramp in back-end manufacturing capacity. Impinj Q4 Outlook
• Positive Sentiment: Analyst sentiment strengthened: Susquehanna raised its price target from $175 to $225 and assigned a positive rating. Needham increased its target from $168 to $195 and upgraded the stock to buy, signaling greater confidence in Impinj’s earnings growth. Susquehanna Rating Needham Rating
• Neutral Sentiment: Despite the stronger results, Impinj remains valued at a high earnings multiple, and its reported net margin was negative, leaving the stock sensitive to execution, demand trends and future profitability.

Impinj Company Profile

Impinj, Inc (NASDAQ: PI) develops technology for the Internet of Things (IoT) based on RAIN RFID, a wireless technology used to identify, locate and authenticate individual items. Its platform is designed to connect physical products, packages and assets to digital systems, helping organizations collect real-time information throughout supply chains and business operations.

The company offers a portfolio of RAIN RFID endpoint integrated circuits, reader chips, RFID readers and gateways, antennas, and cloud and software solutions.