Impinj’s (PI) “Overweight” Rating Reaffirmed at Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Impinj (NASDAQ:PI) in a research report released on Thursday morning, Benzinga reports. The firm currently has a $205.00 target price on the stock. Cantor Fitzgerald also issued estimates for Impinj’s FY2024 earnings at $0.07 EPS.

Several other research analysts have also issued reports on PI. The Goldman Sachs Group lowered Impinj from a buy rating to a neutral rating and set a $156.00 target price for the company. in a research report on Monday, May 20th. Evercore ISI started coverage on Impinj in a research report on Tuesday, April 16th. They issued an outperform rating and a $160.00 target price for the company. Piper Sandler increased their target price on Impinj from $150.00 to $180.00 and gave the stock an overweight rating in a research report on Thursday, July 11th. Jefferies Financial Group initiated coverage on Impinj in a research report on Monday, May 13th. They issued a buy rating and a $200.00 target price for the company. Finally, Needham & Company LLC reaffirmed a buy rating and set a $195.00 price objective on shares of Impinj in a research report on Thursday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $187.10.

Impinj Stock Up 4.4 %

Shares of PI stock opened at $159.27 on Thursday. Impinj has a 1-year low of $48.39 and a 1-year high of $181.88. The business has a 50-day moving average of $160.95 and a 200 day moving average of $133.40. The company has a debt-to-equity ratio of 3.29, a quick ratio of 6.87 and a current ratio of 9.42.

Impinj (NASDAQ:PI) last released its quarterly earnings data on Wednesday, July 24th. The company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.09. Impinj had a negative return on equity of 27.81% and a net margin of 3.93%. The business had revenue of $102.50 million during the quarter, compared to analysts’ expectations of $97.47 million. During the same quarter last year, the business posted ($0.14) EPS. The business’s revenue was up 19.2% on a year-over-year basis. On average, equities analysts anticipate that Impinj will post 0.04 earnings per share for the current fiscal year.

Insider Transactions at Impinj

In related news, COO Hussein Mecklai sold 416 shares of Impinj stock in a transaction on Monday, July 15th. The stock was sold at an average price of $175.43, for a total transaction of $72,978.88. Following the transaction, the chief operating officer now directly owns 58,104 shares in the company, valued at $10,193,184.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, major shareholder Sylebra Capital Llc sold 1,000,000 shares of the business’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $153.10, for a total value of $153,100,000.00. Following the transaction, the insider now directly owns 3,197,352 shares in the company, valued at $489,514,591.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Hussein Mecklai sold 416 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $175.43, for a total value of $72,978.88. Following the completion of the transaction, the chief operating officer now owns 58,104 shares in the company, valued at $10,193,184.72. The disclosure for this sale can be found here. Insiders have sold a total of 1,049,835 shares of company stock worth $160,809,437 in the last ninety days. Insiders own 51.00% of the company’s stock.

Hedge Funds Weigh In On Impinj

Large investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. lifted its position in shares of Impinj by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 180,847 shares of the company’s stock valued at $16,282,000 after acquiring an additional 6,810 shares in the last quarter. K.J. Harrison & Partners Inc bought a new stake in shares of Impinj in the fourth quarter worth about $1,458,000. Ghisallo Capital Management LLC bought a new stake in shares of Impinj in the fourth quarter worth about $4,192,000. Eagle Asset Management Inc. increased its stake in Impinj by 19.6% during the fourth quarter. Eagle Asset Management Inc. now owns 204,767 shares of the company’s stock worth $18,435,000 after acquiring an additional 33,504 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in Impinj during the first quarter worth approximately $513,000.

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.