IMPINJ (NASDAQ:PI) Rating Lowered to Hold at BidaskClub

IMPINJ (NASDAQ:PI) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Friday, BidAskClub reports.

A number of other brokerages have also recently issued reports on PI. ValuEngine raised shares of IMPINJ from a “hold” rating to a “buy” rating in a report on Thursday, April 2nd. Piper Sandler dropped their target price on shares of IMPINJ from $35.00 to $28.00 and set an “overweight” rating on the stock in a report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and issued a $30.00 target price (down from $34.00) on shares of IMPINJ in a report on Thursday. Zacks Investment Research raised shares of IMPINJ from a “hold” rating to a “strong-buy” rating and set a $34.00 price target on the stock in a report on Friday, July 17th. Finally, Morgan Stanley lowered their price target on shares of IMPINJ from $28.00 to $26.00 and set an “equal weight” rating on the stock in a report on Thursday. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $30.50.

Shares of PI stock traded up $0.81 on Friday, reaching $23.60. The stock had a trading volume of 703,681 shares, compared to its average volume of 407,086. The company has a quick ratio of 7.59, a current ratio of 9.20 and a debt-to-equity ratio of 0.54. The firm’s 50-day moving average is $28.08 and its two-hundred day moving average is $25.68. The firm has a market capitalization of $535.18 million, a price-to-earnings ratio of -15.73 and a beta of 2.56. IMPINJ has a 12 month low of $11.47 and a 12 month high of $39.49.

IMPINJ (NASDAQ:PI) last issued its earnings results on Wednesday, July 29th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.49) by $0.24. The company had revenue of $26.50 million for the quarter, compared to analysts’ expectations of $26.80 million. IMPINJ had a negative net margin of 21.57% and a negative return on equity of 14.82%. IMPINJ’s quarterly revenue was down 30.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.03 EPS. On average, sell-side analysts forecast that IMPINJ will post -1.45 earnings per share for the current fiscal year.

In other news, CEO Chris Ph.D. Diorio sold 6,073 shares of the firm’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $27.12, for a total transaction of $164,699.76. Following the transaction, the chief executive officer now directly owns 287,898 shares of the company’s stock, valued at $7,807,793.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 25.70% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in PI. Ameritas Investment Company LLC acquired a new stake in shares of IMPINJ during the 1st quarter worth approximately $25,000. Great West Life Assurance Co. Can acquired a new stake in shares of IMPINJ during the 4th quarter worth approximately $29,000. Advisor Group Holdings Inc. acquired a new stake in shares of IMPINJ during the 1st quarter worth approximately $62,000. Russell Investments Group Ltd. acquired a new stake in shares of IMPINJ during the 1st quarter worth approximately $84,000. Finally, BNP Paribas Arbitrage SA boosted its position in shares of IMPINJ by 108.8% during the 1st quarter. BNP Paribas Arbitrage SA now owns 5,198 shares of the company’s stock worth $87,000 after acquiring an additional 2,709 shares in the last quarter. 84.32% of the stock is currently owned by institutional investors.

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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Analyst Recommendations for IMPINJ (NASDAQ:PI)

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