Canaccord Genuity Reaffirms Buy Rating for IMPINJ (NASDAQ:PI)

Canaccord Genuity reaffirmed their buy rating on shares of IMPINJ (NASDAQ:PI) in a report released on Friday morning, The Fly reports. Canaccord Genuity currently has a $42.00 target price on the stock, up from their previous target price of $39.00.

PI has been the topic of several other research reports. Dougherty & Co upgraded IMPINJ from a neutral rating to a buy rating in a research report on Monday, July 1st. Roth Capital increased their price objective on IMPINJ from $31.00 to $38.00 and gave the stock a buy rating in a research report on Tuesday, July 30th. BidaskClub upgraded IMPINJ from a buy rating to a strong-buy rating in a research report on Wednesday, April 24th. TheStreet upgraded IMPINJ from a d rating to a c- rating in a research report on Tuesday, July 30th. Finally, Piper Jaffray Companies increased their price objective on IMPINJ from $32.00 to $40.00 and gave the stock an overweight rating in a research report on Tuesday, July 30th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company’s stock. IMPINJ presently has an average rating of Buy and a consensus target price of $40.00.

PI stock opened at $37.00 on Friday. The company has a debt-to-equity ratio of 0.44, a current ratio of 5.95 and a quick ratio of 4.08. The stock has a market capitalization of $776.01 million, a price-to-earnings ratio of -54.41 and a beta of 2.73. The business’s fifty day moving average price is $34.78 and its two-hundred day moving average price is $24.72. IMPINJ has a fifty-two week low of $13.25 and a fifty-two week high of $40.24.

IMPINJ (NASDAQ:PI) last posted its quarterly earnings data on Monday, July 29th. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.12. The firm had revenue of $38.19 million for the quarter, compared to analysts’ expectations of $34.95 million. IMPINJ had a negative return on equity of 7.65% and a negative net margin of 17.31%. The company’s quarterly revenue was up 33.8% compared to the same quarter last year. During the same quarter last year, the business earned ($0.19) EPS. Research analysts expect that IMPINJ will post -0.44 EPS for the current year.

In related news, insider Eric Brodersen sold 5,000 shares of the firm’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $25.52, for a total value of $127,600.00. Following the transaction, the insider now owns 50,600 shares in the company, valued at $1,291,312. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Oppen Peter H. Van sold 8,470 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $36.37, for a total value of $308,053.90. Following the completion of the transaction, the director now owns 58,470 shares in the company, valued at approximately $2,126,553.90. The disclosure for this sale can be found here. Insiders sold 121,184 shares of company stock worth $4,328,257 in the last 90 days. 26.00% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of PI. D. E. Shaw & Co. Inc. boosted its stake in IMPINJ by 61.9% in the second quarter. D. E. Shaw & Co. Inc. now owns 796,316 shares of the company’s stock valued at $22,791,000 after buying an additional 304,327 shares in the last quarter. Vanguard Group Inc. boosted its stake in IMPINJ by 28.2% in the second quarter. Vanguard Group Inc. now owns 604,615 shares of the company’s stock valued at $17,304,000 after buying an additional 132,865 shares in the last quarter. Morgan Stanley boosted its stake in IMPINJ by 198.0% in the second quarter. Morgan Stanley now owns 196,734 shares of the company’s stock valued at $5,630,000 after buying an additional 130,719 shares in the last quarter. Scout Investments Inc. boosted its stake in IMPINJ by 65.3% in the second quarter. Scout Investments Inc. now owns 146,365 shares of the company’s stock valued at $4,189,000 after buying an additional 57,817 shares in the last quarter. Finally, Essex Investment Management Co. LLC boosted its stake in IMPINJ by 17.1% in the second quarter. Essex Investment Management Co. LLC now owns 117,537 shares of the company’s stock valued at $3,364,000 after buying an additional 17,131 shares in the last quarter. Institutional investors own 65.52% of the company’s stock.

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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