Impinj, Inc. (NASDAQ:PI) Receives Consensus Rating of "Moderate Buy" from Analysts

Shares of Impinj, Inc. (NASDAQ:PI - Get Free Report) have earned an average recommendation of "Moderate Buy" from the eight ratings firms that are presently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $155.38.

Several research firms have recently issued reports on PI. Needham & Company LLC decreased their price target on Impinj from $130.00 to $115.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Cantor Fitzgerald reissued an "overweight" rating and issued a $133.00 price objective on shares of Impinj in a research note on Thursday, April 24th. Evercore ISI increased their price objective on Impinj from $99.00 to $117.00 and gave the stock an "outperform" rating in a research note on Thursday, April 24th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $100.00 target price on shares of Impinj in a research report on Thursday.

Impinj Stock Down 4.1%

NASDAQ:PI traded down $4.51 during mid-day trading on Wednesday, reaching $104.39. 293,232 shares of the stock were exchanged, compared to its average volume of 590,539. The company has a 50 day simple moving average of $99.08 and a 200-day simple moving average of $115.12. The stock has a market capitalization of $3.03 billion, a P/E ratio of 76.76 and a beta of 1.67. Impinj has a 1 year low of $60.85 and a 1 year high of $239.88.

Impinj (NASDAQ:PI - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.09 by $0.12. Impinj had a return on equity of 7.11% and a net margin of 11.15%. The business had revenue of $74.28 million during the quarter, compared to analysts' expectations of $71.73 million. During the same period last year, the firm earned $0.21 EPS. The company's quarterly revenue was down 3.3% compared to the same quarter last year. As a group, research analysts predict that Impinj will post -0.47 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PI. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Impinj by 304.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 972,260 shares of the company's stock valued at $88,184,000 after buying an additional 731,817 shares during the last quarter. Capital International Investors raised its stake in Impinj by 45.0% in the fourth quarter. Capital International Investors now owns 1,527,587 shares of the company's stock valued at $221,897,000 after purchasing an additional 473,721 shares in the last quarter. Janus Henderson Group PLC raised its stake in Impinj by 3,824.4% in the fourth quarter. Janus Henderson Group PLC now owns 435,960 shares of the company's stock valued at $63,310,000 after purchasing an additional 424,851 shares in the last quarter. Norges Bank acquired a new position in Impinj during the fourth quarter worth about $40,100,000. Finally, Sylebra Capital LLC raised its stake in Impinj by 8.6% during the fourth quarter. Sylebra Capital LLC now owns 3,472,116 shares of the company's stock worth $504,360,000 after acquiring an additional 274,764 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.