Cantor Fitzgerald Forecasts Strong Price Appreciation for Impinj (NASDAQ:PI) Stock

Key Points

• Cantor Fitzgerald raised its target price for Impinj (NASDAQ:PI) from $133.00 to $158.00, indicating a potential upside of 1.72% from its previous close.
• Impinj reported earnings that exceeded analysts' expectations, with an EPS of $0.80 compared to a consensus estimate of $0.72, despite a year-over-year revenue decline of 4.5%.
• The company currently holds a consensus rating of "Moderate Buy" and has received upgraded price targets from several analysts, with an average target of $157.57.

Impinj (NASDAQ:PI - Free Report) had its price target upped by Cantor Fitzgerald from $133.00 to $158.00 in a research note issued to investors on Thursday morning,Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the stock.

Several other research firms have also issued reports on PI. Susquehanna upped their target price on Impinj from $130.00 to $140.00 and gave the stock a "positive" rating in a report on Tuesday, July 22nd. Needham & Company LLC lifted their target price on Impinj from $115.00 to $165.00 and gave the stock a "buy" rating in a research note on Thursday. Piper Sandler lifted their target price on Impinj from $100.00 to $140.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 23rd. Finally, Evercore ISI upped their target price on Impinj from $99.00 to $117.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $163.29.

Impinj Trading Up 7.3%

Shares of Impinj stock traded up $11.13 during trading on Thursday, reaching $164.05. 587,151 shares of the company were exchanged, compared to its average volume of 649,959. The company has a quick ratio of 8.44, a current ratio of 11.64 and a debt-to-equity ratio of 1.51. Impinj has a twelve month low of $60.85 and a twelve month high of $239.88. The business has a 50-day moving average price of $115.52 and a 200-day moving average price of $104.71. The firm has a market capitalization of $4.77 billion, a price-to-earnings ratio of 16,421.42 and a beta of 1.74.

Impinj (NASDAQ:PI - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.80 EPS for the quarter, topping analysts' consensus estimates of $0.72 by $0.08. The business had revenue of $97.89 million during the quarter, compared to analysts' expectations of $93.78 million. Impinj had a return on equity of 8.14% and a net margin of 0.18%. The firm's quarterly revenue was down 4.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.83 earnings per share. Sell-side analysts anticipate that Impinj will post -0.47 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PI. Caitong International Asset Management Co. Ltd bought a new position in shares of Impinj during the second quarter valued at about $28,000. Canada Pension Plan Investment Board bought a new stake in Impinj in the fourth quarter worth $29,000. Banque Transatlantique SA bought a new stake in Impinj in the first quarter worth $29,000. Harbour Investments Inc. bought a new stake in Impinj in the second quarter worth $33,000. Finally, Quaker Wealth Management LLC boosted its holdings in Impinj by 200.0% in the second quarter. Quaker Wealth Management LLC now owns 300 shares of the company's stock worth $33,000 after acquiring an additional 600 shares in the last quarter.

About Impinj

Impinj, Inc operates a cloud connectivity platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Its platform wirelessly connects items and delivers data about the connected items to business and consumer applications. The company's platform comprises endpoint ICs, a miniature radios-on-a-chip that attaches to a host item and includes a number to identify the item.