Canaccord Genuity Boosts IMPINJ (NASDAQ:PI) Price Target to $39.00

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IMPINJ (NASDAQ:PI) had its price objective lifted by Canaccord Genuity from $35.00 to $39.00 in a research report issued to clients and investors on Tuesday, July 30th, The Fly reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity’s price target points to a potential upside of 9.37% from the stock’s current price.

A number of other research analysts have also commented on the company. Roth Capital began coverage on IMPINJ in a report on Tuesday, April 23rd. They set a “buy” rating and a $27.00 price objective on the stock. BidaskClub upgraded IMPINJ from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, April 24th. Zacks Investment Research downgraded IMPINJ from a “buy” rating to a “hold” rating in a research note on Saturday, July 27th. Piper Jaffray Companies increased their target price on IMPINJ from $32.00 to $40.00 and gave the company an “overweight” rating in a research note on Tuesday, July 30th. Finally, Dougherty & Co upgraded IMPINJ from a “neutral” rating to a “buy” rating in a research note on Monday, July 1st. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $39.25.

NASDAQ:PI opened at $35.66 on Tuesday. The firm has a market capitalization of $776.00 million, a price-to-earnings ratio of -52.44 and a beta of 2.73. IMPINJ has a 1-year low of $13.25 and a 1-year high of $40.24. The company has a current ratio of 5.95, a quick ratio of 4.08 and a debt-to-equity ratio of 0.44. The business’s fifty day moving average price is $34.60 and its 200 day moving average price is $24.66.

IMPINJ (NASDAQ:PI) last issued its earnings results 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. IMPINJ had a negative return on equity of 7.65% and a negative net margin of 17.31%. The company had revenue of $38.19 million for the quarter, compared to analyst estimates of $34.95 million. During the same period in the prior year, the firm posted ($0.19) EPS. The business’s revenue was up 33.8% compared to the same quarter last year. Equities analysts forecast that IMPINJ will post -0.44 earnings per share for the current year.

In other news, CEO Chris Ph.D. Diorio sold 10,000 shares of IMPINJ stock in a transaction on Monday, May 20th. The stock was sold at an average price of $25.00, for a total value of $250,000.00. Following the completion of the sale, the chief executive officer now directly owns 285,478 shares of the company’s stock, valued at approximately $7,136,950. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Tom A. Alberg sold 35,714 shares of IMPINJ stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $37.54, for a total value of $1,340,703.56. Following the completion of the sale, the director now directly owns 78,782 shares of the company’s stock, valued at $2,957,476.28. The disclosure for this sale can be found here. Over the last three months, insiders sold 131,184 shares of company stock valued at $4,578,257. 26.00% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the business. Oppenheimer Asset Management Inc. bought a new position in IMPINJ during the second quarter worth about $34,000. Bank of Montreal Can bought a new position in IMPINJ during the second quarter worth about $36,000. Citigroup Inc. lifted its holdings in IMPINJ by 14,485.7% during the fourth quarter. Citigroup Inc. now owns 2,042 shares of the company’s stock worth $30,000 after acquiring an additional 2,028 shares in the last quarter. Quantamental Technologies LLC bought a new stake in shares of IMPINJ in the first quarter valued at about $48,000. Finally, BNP Paribas Arbitrage SA lifted its holdings in shares of IMPINJ by 48,471.4% in the first quarter. BNP Paribas Arbitrage SA now owns 3,400 shares of the company’s stock valued at $57,000 after purchasing an additional 3,393 shares in the last quarter. Hedge funds and other 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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