Impinj (NASDAQ:PI) Stock Rating Reaffirmed by Piper Sandler

Impinj (NASDAQ:PI)‘s stock had its “overweight” rating reiterated by equities researchers at Piper Sandler in a research note issued on Thursday, Benzinga reports. They presently have a $150.00 price objective on the stock, up from their prior price objective of $130.00. Piper Sandler’s price target suggests a potential upside of 24.06% from the company’s previous close.

A number of other equities analysts have also recently weighed in on the company. Needham & Company LLC increased their price target on Impinj from $130.00 to $160.00 and gave the stock a “buy” rating in a report on Thursday. Canaccord Genuity Group lifted their price target on shares of Impinj from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, March 14th. Evercore ISI initiated coverage on shares of Impinj in a report on Tuesday, April 16th. They issued an “outperform” rating and a $160.00 price objective on the stock. The Goldman Sachs Group lifted their target price on shares of Impinj from $89.00 to $115.00 and gave the company a “buy” rating in a report on Friday, February 9th. Finally, Susquehanna boosted their target price on Impinj from $130.00 to $140.00 and gave the company a “positive” rating in a research report on Tuesday. Two analysts have rated the stock with a sell rating and seven have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $126.11.

Impinj Price Performance

Shares of Impinj stock opened at $120.91 on Thursday. The firm has a market cap of $3.34 billion, a PE ratio of -74.64 and a beta of 2.05. Impinj has a twelve month low of $48.39 and a twelve month high of $139.46. The company has a quick ratio of 5.59, a current ratio of 8.73 and a debt-to-equity ratio of 8.26. The business has a 50-day moving average price of $117.29 and a 200 day moving average price of $93.92.

Impinj (NASDAQ:PI) last posted its quarterly earnings data on Wednesday, April 24th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.14. The business had revenue of $76.83 million during the quarter, compared to analysts’ expectations of $73.57 million. Impinj had a negative return on equity of 74.70% and a negative net margin of 14.10%. Sell-side analysts predict that Impinj will post -0.62 earnings per share for the current fiscal year.

Insider Activity

In other Impinj news, CFO Cary Baker sold 306 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $123.55, for a total transaction of $37,806.30. Following the sale, the chief financial officer now owns 65,748 shares in the company, valued at approximately $8,123,165.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Impinj news, CFO Cary Baker sold 306 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $123.55, for a total value of $37,806.30. Following the sale, the chief financial officer now directly owns 65,748 shares of the company’s stock, valued at approximately $8,123,165.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Cathal G. Phelan sold 10,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $106.23, for a total transaction of $1,062,300.00. Following the completion of the sale, the insider now owns 21,750 shares in the company, valued at $2,310,502.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 120,185 shares of company stock worth $12,767,674. Corporate insiders own 17.10% of the company’s stock.

Hedge Funds Weigh In On Impinj

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Future Financial Wealth Managment LLC acquired a new stake in Impinj during the first quarter worth approximately $32,000. GAMMA Investing LLC purchased a new stake in Impinj in the fourth quarter valued at approximately $40,000. Headlands Technologies LLC purchased a new position in shares of Impinj during the fourth quarter worth approximately $58,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Impinj during the third quarter worth approximately $55,000. Finally, Whittier Trust Co. acquired a new position in shares of Impinj in the 4th quarter valued at $90,000.

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.