IMPINJ (PI) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of IMPINJ (NASDAQ:PI) from a buy rating to a hold rating in a research note released on Thursday morning.

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. “

Several other equities research analysts have also issued reports on PI. Piper Jaffray Companies increased their target price on shares of IMPINJ from $26.00 to $31.00 and gave the stock an overweight rating in a report on Thursday, September 13th. BidaskClub upgraded IMPINJ from a hold rating to a buy rating in a research note on Friday, September 28th. Finally, ValuEngine upgraded IMPINJ from a hold rating to a buy rating in a research note on Monday, December 17th. Seven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $19.40.

NASDAQ PI opened at $16.41 on Thursday. IMPINJ has a 52 week low of $9.95 and a 52 week high of $28.48. The stock has a market cap of $344.24 million, a PE ratio of -56.59 and a beta of 2.58. The company has a quick ratio of 3.34, a current ratio of 5.49 and a debt-to-equity ratio of 0.20.

IMPINJ (NASDAQ:PI) last released its quarterly earnings results on Monday, October 29th. The company reported ($0.05) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.09. The firm had revenue of $34.40 million during the quarter, compared to analyst estimates of $33.47 million. IMPINJ had a negative net margin of 33.58% and a negative return on equity of 20.18%. The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.08) EPS. Sell-side analysts forecast that IMPINJ will post -1.1 EPS for the current fiscal year.

In related news, insider Eric Brodersen sold 7,943 shares of the firm’s stock in a transaction on Thursday, November 8th. The stock was sold at an average price of $22.00, for a total value of $174,746.00. Following the completion of the sale, the insider now directly owns 68,100 shares in the company, valued at $1,498,200. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 26.00% of the stock is owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. GMT Capital Corp increased its stake in shares of IMPINJ by 46.2% during the second quarter. GMT Capital Corp now owns 611,500 shares of the company’s stock valued at $13,520,000 after buying an additional 193,300 shares during the period. BlackRock Inc. increased its stake in shares of IMPINJ by 6.3% during the second quarter. BlackRock Inc. now owns 1,220,071 shares of the company’s stock valued at $26,976,000 after buying an additional 71,991 shares during the period. Oppenheimer & Co. Inc. purchased a new position in shares of IMPINJ during the second quarter valued at $220,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of IMPINJ during the third quarter valued at $387,000. Finally, First Trust Advisors LP increased its stake in shares of IMPINJ by 9.4% during the second quarter. First Trust Advisors LP now owns 36,131 shares of the company’s stock valued at $799,000 after buying an additional 3,112 shares during the period. Institutional investors and hedge funds own 64.51% of the company’s stock.

IMPINJ Company Profile

Impinj, Inc operates a platform that enables wireless connectivity to everyday items by delivering each item's unique identity, location, and authenticity to business and consumer applications. The company's platform includes endpoint integrated circuits (ICs) product, a miniature radios-on-a-chip, which attach-to and identify their host items; and connectivity layer that comprises readers, gateways, and reader ICs to wirelessly identify, locate, authenticate, and engage endpoints via RAIN, as well as provide power to and communicate bidirectionally with endpoint ICs.

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