Cantor Fitzgerald Upgrades Impinj (NASDAQ:PI) to Strong-Buy

Impinj (NASDAQ:PI) was upgraded by equities researchers at Cantor Fitzgerald to a “strong-buy” rating in a report issued on Thursday,Zacks.com reports.

A number of other equities analysts have also recently commented on the stock. The Goldman Sachs Group reduced their price objective on shares of Impinj from $200.00 to $132.00 and set a “neutral” rating for the company in a research report on Thursday, February 6th. Needham & Company LLC cut their target price on shares of Impinj from $182.00 to $130.00 and set a “buy” rating for the company in a research note on Thursday, February 6th. Susquehanna decreased their price target on shares of Impinj from $260.00 to $220.00 and set a “positive” rating on the stock in a research note on Wednesday, January 22nd. Piper Sandler decreased their price target on shares of Impinj from $235.00 to $140.00 and set an “overweight” rating on the stock in a research note on Thursday, February 6th. Finally, StockNews.com lowered shares of Impinj from a “hold” rating to a “sell” rating in a research note on Friday, January 24th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $180.10.

Impinj Stock Performance

Shares of NASDAQ PI opened at $96.66 on Thursday. The stock has a 50 day moving average price of $126.92 and a 200 day moving average price of $166.83. Impinj has a 52 week low of $89.43 and a 52 week high of $239.88. The stock has a market capitalization of $2.76 billion, a PE ratio of 71.07 and a beta of 1.88.

Impinj (NASDAQ:PI) last issued its quarterly earnings results on Wednesday, February 5th. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.48 by ($0.49). Impinj had a net margin of 11.15% and a return on equity of 7.11%. As a group, research analysts forecast that Impinj will post -0.47 EPS for the current year.

Insider Activity at Impinj

In other Impinj news, CFO Cary Baker sold 499 shares of the business’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $146.06, for a total transaction of $72,883.94. Following the completion of the transaction, the chief financial officer now owns 71,107 shares of the company’s stock, valued at approximately $10,385,888.42. The trade was a 0.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Cathal G. Phelan sold 210 shares of the business’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $146.06, for a total value of $30,672.60. Following the transaction, the insider now directly owns 6,979 shares of the company’s stock, valued at approximately $1,019,352.74. The trade was a 2.92 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 22,323 shares of company stock worth $2,454,588. Company insiders own 51.00% of the company’s stock.

Hedge Funds Weigh In On Impinj

A number of hedge funds have recently made changes to their positions in the stock. Raymond James & Associates lifted its stake in Impinj by 21.7% in the third quarter. Raymond James & Associates now owns 22,951 shares of the company’s stock valued at $4,969,000 after buying an additional 4,090 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in Impinj by 157.1% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 9,278 shares of the company’s stock valued at $2,009,000 after buying an additional 5,669 shares during the period. State of Alaska Department of Revenue acquired a new position in Impinj in the third quarter valued at approximately $2,813,000. New York State Teachers Retirement System acquired a new position in shares of Impinj during the third quarter worth approximately $1,126,000. Finally, Farther Finance Advisors LLC raised its position in shares of Impinj by 1,084.6% during the third quarter. Farther Finance Advisors LLC now owns 154 shares of the company’s stock worth $33,000 after purchasing an additional 141 shares during the period.

About Impinj

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