IMPINJ (PI) Downgraded by ValuEngine to Hold

ValuEngine downgraded shares of IMPINJ (NASDAQ:PI) from a buy rating to a hold rating in a research report sent to investors on Saturday morning, ValuEngine reports.

Several other equities analysts have also recently commented on the company. Zacks Investment Research upgraded IMPINJ from a hold rating to a buy rating and set a $31.00 target price for the company in a research note on Friday, May 3rd. Canaccord Genuity increased their target price on IMPINJ from $31.00 to $35.00 and gave the company a buy rating in a research note on Tuesday, April 30th. Piper Jaffray Companies increased their target price on IMPINJ from $28.00 to $32.00 and gave the company an overweight rating in a research note on Tuesday, April 30th. BidaskClub upgraded IMPINJ from a buy rating to a strong-buy rating in a research note on Wednesday, April 24th. Finally, Roth Capital began coverage on IMPINJ in a research report on Tuesday, April 23rd. They set a buy rating and a $27.00 price target on the stock. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. IMPINJ presently has an average rating of Buy and a consensus price target of $31.25.

IMPINJ stock opened at $25.03 on Friday. The company has a market cap of $534.26 million, a PE ratio of -36.81 and a beta of 2.81. The company has a debt-to-equity ratio of 0.17, a current ratio of 4.79 and a quick ratio of 3.11. IMPINJ has a 52 week low of $13.25 and a 52 week high of $31.10.

IMPINJ (NASDAQ:PI) last released its earnings results on Monday, April 29th. The company reported ($0.11) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.26) by $0.15. The company had revenue of $33.10 million during the quarter, compared to analysts’ expectations of $31.08 million. IMPINJ had a negative return on equity of 12.32% and a negative net margin of 21.33%. The business’s revenue was up 31.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.38) EPS. As a group, analysts forecast that IMPINJ will post -0.4 earnings per share for the current year.

In related news, CEO Chris Ph.D. Diorio sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $20.00, for a total transaction of $200,000.00. Following the sale, the chief executive officer now directly owns 325,478 shares of the company’s stock, valued at approximately $6,509,560. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Eric Brodersen sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $28.62, for a total value of $429,300.00. Following the sale, the insider now directly owns 55,600 shares in the company, valued at $1,591,272. The disclosure for this sale can be found here. Over the last three months, insiders have sold 76,292 shares of company stock worth $1,973,945. Corporate insiders own 26.00% of the company’s stock.

Several hedge funds have recently bought and sold shares of the stock. BlueMountain Capital Management LLC acquired a new stake in shares of IMPINJ during the 1st quarter valued at approximately $147,000. Toronado Partners LLC increased its position in IMPINJ by 63.4% in the first quarter. Toronado Partners LLC now owns 1,009,138 shares of the company’s stock worth $16,908,000 after buying an additional 391,472 shares during the period. Oxford Asset Management LLP increased its position in IMPINJ by 17.9% in the first quarter. Oxford Asset Management LLP now owns 724,780 shares of the company’s stock worth $12,144,000 after buying an additional 110,041 shares during the period. Essex Investment Management Co. LLC increased its position in IMPINJ by 425.5% in the first quarter. Essex Investment Management Co. LLC now owns 100,406 shares of the company’s stock worth $1,682,000 after buying an additional 81,301 shares during the period. Finally, Geode Capital Management LLC increased its position in IMPINJ by 1.3% in the first quarter. Geode Capital Management LLC now owns 183,383 shares of the company’s stock worth $3,072,000 after buying an additional 2,378 shares during the period. 65.01% of the stock is currently owned by institutional investors and hedge funds.

IMPINJ Company Profile

Impinj, Inc operates a platform that enables wireless connectivity for everyday items by delivering each item's unique identity, location, and authenticity to business and consumer applications. Its integrated platform connects everyday items to applications, delivering real-time information to businesses about items they create, manage, transport, and sell.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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