Piper Sandler Trims IMPINJ (NASDAQ:PI) Target Price to $28.00

IMPINJ (NASDAQ:PI) had its price target decreased by Piper Sandler from $35.00 to $28.00 in a research note issued to investors on Thursday, BenzingaRatingsTable reports. Piper Sandler currently has an overweight rating on the stock.

Other equities analysts have also issued reports about the stock. Canaccord Genuity reaffirmed a buy rating and set a $35.00 price target on shares of IMPINJ in a research report on Wednesday, June 10th. Morgan Stanley lowered their price target on shares of IMPINJ from $28.00 to $26.00 and set an equal weight rating on the stock in a research report on Thursday. ValuEngine raised shares of IMPINJ from a hold rating to a buy rating in a research report on Thursday, April 2nd. Zacks Investment Research raised shares of IMPINJ from a hold rating to a strong-buy rating and set a $34.00 price target on the stock in a research report on Friday, July 17th. Finally, Needham & Company LLC reissued a buy rating and issued a $30.00 target price (down from $34.00) on shares of IMPINJ in a report on Thursday. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $30.50.

Shares of NASDAQ PI traded up $0.81 during mid-day trading on Thursday, reaching $23.60. 703,681 shares of the company were exchanged, compared to its average volume of 407,086. The company’s 50-day simple moving average is $28.08 and its 200-day simple moving average is $25.68. The company has a quick ratio of 7.59, a current ratio of 9.20 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $535.18 million, a P/E ratio of -15.73 and a beta of 2.56. IMPINJ has a twelve month low of $11.47 and a twelve month high of $39.49.

IMPINJ (NASDAQ:PI) last released its quarterly earnings results on Wednesday, July 29th. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.24. IMPINJ had a negative net margin of 21.57% and a negative return on equity of 14.82%. The business had revenue of $26.50 million for the quarter, compared to analyst estimates of $26.80 million. During the same period last year, the firm earned $0.03 earnings per share. IMPINJ’s revenue for the quarter was down 30.3% compared to the same quarter last year. As a group, equities research analysts expect that IMPINJ will post -1.45 EPS for the current year.

In other IMPINJ news, CEO Chris Ph.D. Diorio sold 6,073 shares of the firm’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $27.12, for a total value of $164,699.76. Following the transaction, the chief executive officer now directly owns 287,898 shares of the company’s stock, valued at approximately $7,807,793.76. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 25.70% of the stock is owned by company insiders.

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. grew its holdings in shares of IMPINJ by 0.6% during the 1st quarter. BlackRock Inc. now owns 1,165,051 shares of the company’s stock valued at $19,469,000 after purchasing an additional 6,456 shares during the last quarter. Engineers Gate Manager LP grew its holdings in shares of IMPINJ by 43.8% during the 1st quarter. Engineers Gate Manager LP now owns 72,410 shares of the company’s stock valued at $1,210,000 after purchasing an additional 22,050 shares during the last quarter. Citigroup Inc. grew its holdings in shares of IMPINJ by 105.8% during the 1st quarter. Citigroup Inc. now owns 11,114 shares of the company’s stock valued at $186,000 after purchasing an additional 5,714 shares during the last quarter. Morgan Stanley grew its holdings in shares of IMPINJ by 84.1% during the 1st quarter. Morgan Stanley now owns 156,279 shares of the company’s stock valued at $2,611,000 after purchasing an additional 71,406 shares during the last quarter. Finally, Russell Investments Group Ltd. bought a new stake in shares of IMPINJ during the 1st quarter valued at approximately $84,000. 84.32% of the stock is currently owned by institutional investors.

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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Analyst Recommendations for IMPINJ (NASDAQ:PI)

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