IMPINJ (NASDAQ:PI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
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 company. Morgan Stanley decreased their price target on IMPINJ from $27.00 to $14.00 and set an “equal weight” rating on the stock in a report on Monday, February 5th. Canaccord Genuity reiterated a “hold” rating on shares of IMPINJ in a report on Friday, February 16th. Needham & Company LLC cut IMPINJ from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Piper Jaffray decreased their price target on IMPINJ from $27.50 to $18.00 and set a “neutral” rating on the stock in a report on Friday, February 2nd. Finally, Dougherty & Co cut IMPINJ from a “buy” rating to a “neutral” rating in a report on Friday, February 2nd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $26.29.
IMPINJ (NASDAQ:PI) last announced its earnings results on Thursday, February 15th. The company reported ($0.28) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.19) by ($0.09). IMPINJ had a negative net margin of 13.82% and a negative return on equity of 6.01%. The business had revenue of $26.90 million during the quarter, compared to analyst estimates of $29.50 million. During the same quarter last year, the business posted $0.11 earnings per share. The business’s quarterly revenue was down 20.2% compared to the same quarter last year. sell-side analysts predict that IMPINJ will post -1.37 EPS for the current year.
In other IMPINJ news, CFO Evan Fein sold 5,700 shares of the firm’s stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $25.01, for a total transaction of $142,557.00. Following the transaction, the chief financial officer now owns 17,500 shares in the company, valued at $437,675. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Oppen Peter H. Van bought 47,773 shares of IMPINJ stock in a transaction on Friday, February 23rd. The shares were bought at an average price of $12.61 per share, for a total transaction of $602,417.53. Following the acquisition, the director now owns 82,455 shares of the company’s stock, valued at approximately $1,039,757.55. The disclosure for this purchase can be found here. 15.20% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Cornerstone Capital Management Holdings LLC. bought a new position in shares of IMPINJ during the 3rd quarter valued at about $128,000. WealthTrust Arizona LLC bought a new position in shares of IMPINJ during the 4th quarter valued at about $144,000. Stifel Financial Corp bought a new position in shares of IMPINJ during the 3rd quarter valued at about $269,000. MetLife Investment Advisors LLC bought a new position in shares of IMPINJ during the 4th quarter valued at about $193,000. Finally, Oppenheimer & Co. Inc. bought a new position in shares of IMPINJ during the 4th quarter valued at about $225,000. Hedge funds and other institutional investors own 79.37% of the company’s stock.
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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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