Impinj (NASDAQ:PI) Given New $165.00 Price Target at Needham & Company LLC

Key Points

• Needham & Company LLC has raised its price target for Impinj (NASDAQ:PI) from $115.00 to $165.00, indicating a potential upside of 35.01% from its previous close, and maintaining a "buy" rating on the stock.
• Multiple research firms have upgraded their ratings on Impinj, with an average price target now at $154.00 and a consensus rating of "Moderate Buy".
• Impinj recently reported earnings of $0.80 EPS, surpassing estimates, though its quarterly revenue decreased by 4.5% compared to the same period last year.

Impinj (NASDAQ:PI - Free Report) had its price objective increased by Needham & Company LLC from $115.00 to $165.00 in a report released on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also issued reports on the stock. Evercore ISI raised their target price on shares of Impinj from $99.00 to $117.00 and gave the stock an "outperform" rating in a research report on Thursday, April 24th. Piper Sandler lifted their price objective on shares of Impinj from $100.00 to $140.00 and gave the company an "overweight" rating in a research report on Wednesday, July 23rd. Cantor Fitzgerald reiterated an "overweight" rating and issued a $133.00 price objective on shares of Impinj in a research report on Thursday, April 24th. Finally, Susquehanna lifted their price objective on shares of Impinj from $130.00 to $140.00 and gave the company a "positive" rating in a research report on Tuesday, July 22nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $163.29.

Impinj Stock Performance

Shares of PI traded up $11.13 during trading hours on Thursday, hitting $164.05. The stock had a trading volume of 587,151 shares, compared to its average volume of 649,959. The company has a debt-to-equity ratio of 1.51, a quick ratio of 8.44 and a current ratio of 11.64. The firm has a 50-day moving average price of $115.52 and a 200 day moving average price of $104.71. Impinj has a fifty-two week low of $60.85 and a fifty-two week high of $239.88. 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 earnings results on Wednesday, July 30th. The company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.08. The company had revenue of $97.89 million during the quarter, compared to analyst estimates of $93.78 million. Impinj had a net margin of 0.18% and a return on equity of 8.14%. Impinj's revenue was down 4.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.83 earnings per share. As a group, research analysts anticipate that Impinj will post -0.47 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Cambridge Investment Research Advisors Inc. boosted its position in shares of Impinj by 7.0% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 8,169 shares of the company's stock valued at $741,000 after purchasing an additional 535 shares during the period. KBC Group NV boosted its position in Impinj by 35.0% during the 1st quarter. KBC Group NV now owns 1,227 shares of the company's stock worth $111,000 after acquiring an additional 318 shares during the period. GAMMA Investing LLC raised its stake in shares of Impinj by 68.7% during the 1st quarter. GAMMA Investing LLC now owns 722 shares of the company's stock worth $65,000 after purchasing an additional 294 shares in the last quarter. Norges Bank purchased a new stake in shares of Impinj during the 4th quarter worth about $40,100,000. Finally, Bank of Montreal Can raised its stake in shares of Impinj by 10.3% during the 4th quarter. Bank of Montreal Can now owns 2,781 shares of the company's stock worth $404,000 after purchasing an additional 260 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.