Impinj, Inc. (PI) Price Target Cut to $29.00

Impinj, Inc. (NASDAQ:PI) had its target price decreased by Morgan Stanley from $37.00 to $29.00 in a report published on Thursday, November 2nd. Morgan Stanley currently has an equal weight rating on the stock.

Other analysts have also issued research reports about the stock. Zacks Investment Research raised shares of Impinj from a sell rating to a buy rating and set a $39.00 price target for the company in a report on Wednesday, October 25th. Needham & Company LLC lifted their target price on shares of Impinj from $40.00 to $55.00 and gave the stock a buy rating in a report on Wednesday, July 26th. Canaccord Genuity reaffirmed a buy rating and set a $50.00 target price (down previously from $57.00) on shares of Impinj in a report on Friday, August 4th. Royal Bank Of Canada lowered their target price on shares of Impinj from $50.00 to $41.00 and set an outperform rating for the company in a report on Thursday, November 2nd. Finally, BidaskClub raised shares of Impinj from a buy rating to a strong-buy rating in a report on Tuesday, October 3rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. Impinj currently has a consensus rating of Hold and an average price target of $36.67.

Shares of Impinj (PI) traded down $0.23 on Thursday, reaching $25.00. 564,026 shares of the company’s stock were exchanged, compared to its average volume of 757,679. Impinj has a 1 year low of $19.97 and a 1 year high of $60.85. The company has a debt-to-equity ratio of 0.06, a current ratio of 7.49 and a quick ratio of 4.97.

Impinj (NASDAQ:PI) last posted its earnings results on Wednesday, November 1st. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.04). Impinj had a negative net margin of 5.97% and a negative return on equity of 1.15%. The firm had revenue of $32.60 million during the quarter, compared to the consensus estimate of $32.58 million. During the same quarter last year, the firm posted $0.10 EPS. The business’s revenue was up 5.2% on a year-over-year basis. sell-side analysts anticipate that Impinj will post -0.31 earnings per share for the current fiscal year.

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In other Impinj news, CFO Evan Fein sold 9,000 shares of the business’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 approximately $581,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Clinton Bybee purchased 4,000 shares of the business’s stock in a transaction on Thursday, November 9th. The shares were acquired at an average cost of $24.43 per share, for a total transaction of $97,720.00. Following the completion of the transaction, the director now directly owns 4,417 shares in the company, valued at $107,907.31. The disclosure for this purchase can be found here. Insiders sold a total of 42,400 shares of company stock worth $1,529,742 over the last ninety days. 15.20% of the stock is currently owned by insiders.

Institutional investors have recently added to or reduced their stakes in the company. Columbus Circle Investors acquired a new position in shares of Impinj during the 2nd quarter worth about $3,382,000. Pier 88 Investment Partners LLC increased its stake in shares of Impinj by 98.0% during the 3rd quarter. Pier 88 Investment Partners LLC now owns 7,678 shares of the company’s stock worth $319,000 after purchasing an additional 3,800 shares during the last quarter. First Mercantile Trust Co. acquired a new position in shares of Impinj during the 2nd quarter worth about $178,000. Geode Capital Management LLC increased its stake in shares of Impinj by 4.6% during the 1st quarter. Geode Capital Management LLC now owns 69,703 shares of the company’s stock worth $2,109,000 after purchasing an additional 3,050 shares during the last quarter. Finally, Chevy Chase Trust Holdings Inc. acquired a new position in shares of Impinj during the 2nd quarter worth about $13,899,000. Institutional investors own 74.47% of the company’s stock.

About Impinj

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.

Analyst Recommendations for Impinj (NASDAQ:PI)

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