IMPINJ (PI) Shares Down 6.9%

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Shares of IMPINJ Inc (NASDAQ:PI) dropped 6.9% during mid-day trading on Thursday . The company traded as low as $19.48 and last traded at $19.86. Approximately 721,495 shares traded hands during trading, an increase of 13% from the average daily volume of 640,646 shares. The stock had previously closed at $21.33.

PI has been the topic of a number of analyst reports. Piper Jaffray Companies lifted their price objective on shares of IMPINJ from $26.00 to $31.00 and gave the company an “overweight” rating in a research note on Thursday, September 13th. BidaskClub raised shares of IMPINJ from a “hold” rating to a “buy” rating in a research report on Wednesday, August 15th. ValuEngine raised shares of IMPINJ from a “sell” rating to a “hold” rating in a research report on Monday, July 2nd. Finally, Zacks Investment Research raised shares of IMPINJ from a “hold” rating to a “buy” rating and set a $28.00 price target for the company in a research report on Wednesday, September 19th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. IMPINJ has an average rating of “Hold” and an average price target of $26.14.

The company has a debt-to-equity ratio of 0.19, a quick ratio of 3.87 and a current ratio of 6.65. The stock has a market capitalization of $605.92 million, a price-to-earnings ratio of -68.93 and a beta of 1.48.

IMPINJ (NASDAQ:PI) last released its quarterly earnings results on Wednesday, September 12th. The company reported ($0.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.10. IMPINJ had a negative net margin of 32.16% and a negative return on equity of 17.23%. The business had revenue of $28.50 million during the quarter, compared to the consensus estimate of $28.50 million. During the same quarter last year, the company earned $0.06 earnings per share. The business’s quarterly revenue was down 16.4% compared to the same quarter last year. Research analysts anticipate that IMPINJ Inc will post -1.18 earnings per share for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in PI. Rainier Group Investment Advisory LLC acquired a new position in IMPINJ in the first quarter worth $104,000. Oppenheimer & Co. Inc. acquired a new position in IMPINJ in the second quarter worth $220,000. LPL Financial LLC boosted its holdings in IMPINJ by 72.6% in the first quarter. LPL Financial LLC now owns 21,914 shares of the company’s stock worth $285,000 after purchasing an additional 9,214 shares during the period. Guggenheim Capital LLC boosted its holdings in IMPINJ by 108.0% in the first quarter. Guggenheim Capital LLC now owns 22,257 shares of the company’s stock worth $290,000 after purchasing an additional 11,556 shares during the period. Finally, Shufro Rose & Co. LLC acquired a new position in IMPINJ in the second quarter worth $320,000. 61.60% of the stock is owned by hedge funds and other institutional investors.

About IMPINJ (NASDAQ:PI)

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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