Impinj (NASDAQ:PI) Upgraded to Buy at Zacks Investment Research

Impinj (NASDAQ:PIGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday, Zacks.com reports. The brokerage presently has a $59.00 target price on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 10.55% from the company’s current price.

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. “

Other equities analysts have also recently issued research reports about the stock. Roth Capital dropped their price target on shares of Impinj from $95.00 to $76.00 in a research note on Thursday, April 28th. Lake Street Capital dropped their price target on shares of Impinj from $100.00 to $87.00 in a research note on Thursday, April 28th. Piper Sandler dropped their price target on shares of Impinj from $100.00 to $80.00 in a research note on Wednesday, April 27th. The Goldman Sachs Group dropped their price target on shares of Impinj from $102.00 to $90.00 and set a “buy” rating on the stock in a research note on Monday, March 28th. Finally, Needham & Company LLC upped their price target on shares of Impinj from $63.00 to $96.00 and gave the stock a “buy” rating in a research note on Wednesday, January 12th. One equities research analyst has rated the stock with a sell rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $87.73.

NASDAQ:PI opened at $53.37 on Thursday. The firm’s 50-day moving average price is $58.00 and its 200-day moving average price is $70.68. The company has a market capitalization of $1.35 billion, a PE ratio of -25.06 and a beta of 2.40. Impinj has a 1-year low of $39.69 and a 1-year high of $94.39.

Impinj (NASDAQ:PIGet Rating) last released its earnings results on Wednesday, April 27th. The company reported $0.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.49) by $0.58. Impinj had a negative net margin of 26.39% and a negative return on equity of 89.38%. During the same period in the prior year, the firm posted ($0.30) EPS. As a group, analysts expect that Impinj will post -1.76 EPS for the current fiscal year.

In other news, CRO Jeffrey Dossett sold 2,000 shares of the company’s stock in a transaction dated Friday, February 11th. The shares were sold at an average price of $69.36, for a total transaction of $138,720.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Chris Ph.D. Diorio sold 5,000 shares of the company’s stock in a transaction dated Wednesday, February 16th. The shares were sold at an average price of $70.00, for a total transaction of $350,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 73,979 shares of company stock worth $4,864,559 in the last 90 days. Company insiders own 24.70% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Future Financial Wealth Managment LLC purchased a new stake in Impinj in the 4th quarter worth approximately $44,000. Benjamin F. Edwards & Company Inc. increased its holdings in Impinj by 49.8% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 2,171 shares of the company’s stock worth $138,000 after acquiring an additional 722 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Impinj by 35.9% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,434 shares of the company’s stock worth $155,000 after acquiring an additional 643 shares in the last quarter. Shufro Rose & Co. LLC purchased a new stake in Impinj in the 4th quarter worth approximately $266,000. Finally, Strs Ohio purchased a new stake in Impinj in the 4th quarter worth approximately $266,000. 88.00% of the stock is owned by hedge funds and other institutional investors.

About Impinj (Get Rating)

Impinj, Inc operates a cloud connectivity platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. 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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