IMPINJ Inc (PI) Lowered to “Strong Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of IMPINJ Inc (NYSE:PI) from a hold rating to a strong sell rating in a report published on Thursday.

According to Zacks, “Impinj, Inc. is a provider of referral and information network radio frequency identification solutions to the retail, pharmaceutical, healthcare, food and beverage and other industries. The company’s products include Indy Reader Chips which consists of integrated radio chips and supporting SDKs; Monza Tag Chips, which deliver memory options and extended features to RFID tags and Speedway fixed RFID readers and antennas for RFID-based information. Impinj, Inc. is based in Seattle, Washington. “

Several other brokerages also recently issued reports on PI. Royal Bank of Canada reduced their price target on shares of IMPINJ from $44.00 to $42.00 and set an outperform rating on the stock in a research report on Monday. Canaccord Genuity restated a buy rating and set a $38.00 target price on shares of IMPINJ in a research report on Friday, May 12th. Needham & Company LLC restated a buy rating and set a $40.00 target price (up from $32.00) on shares of IMPINJ in a research report on Friday, February 17th. Finally, Morgan Stanley restated a buy rating and set a $40.00 target price on shares of IMPINJ in a research report on Tuesday, March 21st. One investment analyst has rated the stock with a sell rating and seven have given a buy rating to the company. IMPINJ currently has an average rating of Buy and a consensus price target of $37.88.

Analyst Recommendations for IMPINJ (NYSE:PI)

IMPINJ (NYSE:PI) traded up 0.3604% during mid-day trading on Thursday, hitting $40.8768. 212,416 shares of the company’s stock were exchanged. IMPINJ has a 52 week low of $16.36 and a 52 week high of $43.93. The stock’s market capitalization is $843.49 million. The firm has a 50 day moving average of $35.40 and a 200 day moving average of $32.44.

IMPINJ (NYSE:PI) last issued its quarterly earnings results on Thursday, May 4th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. The company had revenue of $31.70 million for the quarter, compared to analyst estimates of $30.81 million. The company’s revenue for the quarter was up 46.8% on a year-over-year basis. Equities analysts forecast that IMPINJ will post $0.24 earnings per share for the current fiscal year.

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In other IMPINJ news, Director Oppen Peter H. Van sold 25,000 shares of the company’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $39.25, for a total transaction of $981,250.00. Following the transaction, the director now directly owns 80,595 shares in the company, valued at approximately $3,163,353.75. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Evan Fein sold 10,207 shares of the company’s stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $41.54, for a total transaction of $423,998.78. Following the transaction, the chief financial officer now owns 18,207 shares in the company, valued at $756,318.78. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 63,207 shares of company stock worth $2,331,581.

Hedge funds have recently made changes to their positions in the stock. Light Street Capital Management LLC bought a new stake in shares of IMPINJ during the fourth quarter worth approximately $7,245,000. AlphaOne Investment Services LLC bought a new stake in shares of IMPINJ during the fourth quarter worth approximately $1,951,000. Advisory Research Inc. bought a new stake in shares of IMPINJ during the fourth quarter worth approximately $5,216,000. Allianz Asset Management AG boosted its stake in shares of IMPINJ by 22.0% in the fourth quarter. Allianz Asset Management AG now owns 145,258 shares of the company’s stock worth $5,133,000 after buying an additional 26,193 shares during the period. Finally, Peregrine Asset Advisers Inc. bought a new stake in shares of IMPINJ during the fourth quarter worth approximately $387,000.

IMPINJ Company Profile

Impinj, Inc is a provider of RAIN radio frequency identification (RFID) solutions. The Company sells a platform that includes endpoint integrated circuits (ICs), reader ICs, readers and gateways that enable wireless connectivity to everyday items, and software that delivers Item Intelligence from endpoint reads.

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