Impinj (NASDAQ:PI) had its price objective cut by research analysts at Needham & Company LLC from $77.00 to $66.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's target price indicates a potential upside of 32.37% from the stock's previous close.
A number of other brokerages have also issued reports on PI. Canaccord Genuity increased their target price on Impinj from $55.00 to $75.00 and gave the company a "buy" rating in a research report on Wednesday, February 10th. Roth Capital raised their target price on Impinj from $31.00 to $74.00 and gave the company a "buy" rating in a research report on Thursday, February 11th. Piper Sandler lifted their target price on shares of Impinj from $60.00 to $80.00 and gave the stock an "overweight" rating in a research note on Thursday, February 11th. Zacks Investment Research raised shares of Impinj from a "hold" rating to a "buy" rating and set a $53.00 price target on the stock in a research note on Tuesday. Finally, Colliers Securities raised their target price on shares of Impinj from $61.00 to $82.00 in a research note on Thursday, February 11th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. The company has a consensus rating of "Buy" and a consensus target price of $67.63.
NASDAQ:PI traded down $0.37 during midday trading on Wednesday, hitting $49.86. The company's stock had a trading volume of 1,731 shares, compared to its average volume of 331,888. The company has a debt-to-equity ratio of 0.49, a current ratio of 8.38 and a quick ratio of 6.44. Impinj has a fifty-two week low of $21.05 and a fifty-two week high of $79.05. The firm's 50 day moving average is $55.78 and its 200-day moving average is $49.26. The firm has a market cap of $1.20 billion, a P/E ratio of -25.89 and a beta of 2.56.
Impinj (NASDAQ:PI) last issued its earnings results on Wednesday, April 28th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters' consensus estimate of ($0.12) by $0.13. The firm had revenue of $45.25 million during the quarter, compared to analysts' expectations of $42.10 million. Impinj had a negative net margin of 30.63% and a negative return on equity of 26.61%. The firm's revenue was down 5.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.13 earnings per share. As a group, analysts forecast that Impinj will post -1.67 EPS for the current year.
In other Impinj news, CEO Chris Ph.D. Diorio sold 1,543 shares of the firm's stock in a transaction on Monday, April 5th. The stock was sold at an average price of $58.73, for a total value of $90,620.39. Following the sale, the chief executive officer now directly owns 288,581 shares in the company, valued at $16,948,362.13. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Oppen Peter H. Van sold 25,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 17th. The stock was sold at an average price of $70.60, for a total transaction of $1,765,000.00. Following the transaction, the director now owns 43,617 shares in the company, valued at $3,079,360.20. The disclosure for this sale can be found here. 25.70% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Envestnet Asset Management Inc. boosted its holdings in Impinj by 345.2% in the 1st quarter. Envestnet Asset Management Inc. now owns 33,339 shares of the company's stock valued at $1,896,000 after purchasing an additional 25,850 shares in the last quarter. Cornerstone Investment Partners LLC acquired a new position in Impinj during the first quarter worth $239,000. Waterfront Wealth Inc. raised its position in Impinj by 10.3% in the first quarter. Waterfront Wealth Inc. now owns 6,698 shares of the company's stock worth $395,000 after acquiring an additional 626 shares in the last quarter. Scout Investments Inc. grew its holdings in shares of Impinj by 16.9% in the 1st quarter. Scout Investments Inc. now owns 146,972 shares of the company's stock worth $8,358,000 after acquiring an additional 21,278 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Impinj by 9.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 105,632 shares of the company's stock worth $4,423,000 after purchasing an additional 9,068 shares during the last quarter. 85.57% of the stock is owned by hedge funds and other institutional investors.
Impinj, Inc operates a cloud connectivity platform. Its platform, which comprises multiple product families, wirelessly connects individual 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.
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