Canaccord Genuity Reaffirms “Buy” Rating for IMPINJ (NASDAQ:PI)

IMPINJ (NASDAQ:PI)‘s stock had its “buy” rating restated by Canaccord Genuity in a research note issued to investors on Friday, The Fly reports. They currently have a $42.00 target price on the stock, up from their prior target price of $39.00. Canaccord Genuity’s price objective would suggest a potential upside of 17.78% from the company’s previous close.

Other equities analysts have also issued reports about the stock. BidaskClub upgraded shares of IMPINJ from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, April 24th. Roth Capital lifted their price objective on shares of IMPINJ from $31.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Zacks Investment Research lowered shares of IMPINJ from a “buy” rating to a “hold” rating in a research report on Saturday, July 27th. Dougherty & Co upgraded shares of IMPINJ from a “neutral” rating to a “buy” rating in a research report on Monday, July 1st. Finally, TheStreet upgraded shares of IMPINJ from a “d” rating to a “c-” rating in a research report on Tuesday, July 30th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the stock. IMPINJ presently has an average rating of “Buy” and a consensus price target of $40.00.

Shares of PI opened at $35.66 on Friday. The company has a current ratio of 5.95, a quick ratio of 4.08 and a debt-to-equity ratio of 0.44. The firm has a market cap of $827.15 million, a PE ratio of -52.44 and a beta of 2.73. The company’s 50 day simple moving average is $34.60 and its 200-day simple moving average is $24.66. IMPINJ has a 12-month low of $13.25 and a 12-month high of $40.24.

IMPINJ (NASDAQ:PI) last posted its quarterly earnings data on Monday, July 29th. The company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.12. IMPINJ had a negative net margin of 17.31% and a negative return on equity of 7.65%. The firm had revenue of $38.19 million for the quarter, compared to analyst estimates of $34.95 million. During the same period last year, the firm posted ($0.19) EPS. IMPINJ’s quarterly revenue was up 33.8% on a year-over-year basis. As a group, equities research analysts forecast that IMPINJ will post -0.44 EPS for the current fiscal year.

In other IMPINJ news, insider Eric Brodersen sold 5,000 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $25.52, for a total transaction of $127,600.00. Following the sale, the insider now directly owns 50,600 shares in the company, valued at approximately $1,291,312. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Tom A. Alberg sold 35,714 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $37.54, for a total transaction of $1,340,703.56. Following the sale, the director now owns 78,782 shares in the company, valued at $2,957,476.28. The disclosure for this sale can be found here. Over the last quarter, insiders sold 131,184 shares of company stock worth $4,578,257. 26.00% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of PI. Oppenheimer Asset Management Inc. acquired a new position in shares of IMPINJ during the 2nd quarter worth $34,000. Bank of Montreal Can acquired a new position in shares of IMPINJ during the 2nd quarter worth $36,000. Quantamental Technologies LLC acquired a new position in shares of IMPINJ during the 1st quarter worth $48,000. BNP Paribas Arbitrage SA raised its stake in shares of IMPINJ by 48,471.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,400 shares of the company’s stock worth $57,000 after buying an additional 3,393 shares during the last quarter. Finally, Acadian Asset Management LLC acquired a new position in shares of IMPINJ during the 2nd quarter worth $115,000. Institutional investors own 65.52% of the company’s stock.

IMPINJ Company Profile

Impinj, Inc operates a platform that enables wireless connectivity for everyday items by delivering each item's unique identity, location, and authenticity to business and consumer applications. Its integrated platform connects everyday items to applications, delivering real-time information to businesses about items they create, manage, transport, and sell.

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