IMPINJ (PI) Downgraded to “Hold” at Needham & Company LLC

Needham & Company LLC cut shares of IMPINJ (NASDAQ:PI) from a buy rating to a hold rating in a research note published on Friday morning, Marketbeat Ratings reports.

Other research analysts have also recently issued reports about the company. Dougherty & Co lowered their price objective on IMPINJ from $62.00 to $42.00 and set a buy rating for the company in a research report on Thursday, November 2nd. ValuEngine cut IMPINJ from a hold rating to a sell rating in a research report on Friday. Royal Bank of Canada cut IMPINJ from an outperform rating to a sector perform rating and set a $17.00 price objective for the company. in a research report on Friday. Canaccord Genuity cut IMPINJ from a buy rating to a hold rating and lowered their price objective for the stock from $35.00 to $20.00 in a research report on Friday. Finally, KeyCorp reaffirmed a hold rating on shares of IMPINJ in a research report on Friday, November 3rd. Three research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $28.14.

IMPINJ (PI) opened at $12.16 on Friday. IMPINJ has a 1 year low of $12.01 and a 1 year high of $60.85. The company has a current ratio of 7.49, a quick ratio of 4.97 and a debt-to-equity ratio of 0.06.

In related news, insider Eric Brodersen sold 5,400 shares of the company’s stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $25.43, for a total value of $137,322.00. Following the completion of the sale, the insider now directly owns 78,743 shares of the company’s stock, valued at approximately $2,002,434.49. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Clinton Bybee bought 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 9th. The stock was purchased at an average cost of $24.43 per share, with a total value of $97,720.00. Following the completion of the transaction, the director now owns 4,417 shares in the company, valued at $107,907.31. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 14,400 shares of company stock valued at $363,006. Insiders own 15.20% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bronfman E.L. Rothschild L.P. acquired a new stake in shares of IMPINJ in the 3rd quarter valued at about $116,000. Cornerstone Capital Management Holdings LLC. acquired a new stake in shares of IMPINJ in the 3rd quarter valued at about $128,000. WealthTrust Arizona LLC acquired a new stake in shares of IMPINJ in the 4th quarter valued at about $144,000. PNC Financial Services Group Inc. boosted its position in shares of IMPINJ by 95.1% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,621 shares of the company’s stock valued at $176,000 after purchasing an additional 1,765 shares during the period. Finally, Quantbot Technologies LP acquired a new stake in shares of IMPINJ in the 2nd quarter valued at about $180,000. 80.39% of the stock is owned by hedge funds and other institutional investors.

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About IMPINJ

Impinj, Inc is a provider of RAIN radio frequency identification (RFID) solutions. The Company sells a platform that includes endpoint integrated circuits (ICs), reader ICs, readers and gateways that enable wireless connectivity to everyday items, and software that delivers Item Intelligence from endpoint reads.

Analyst Recommendations for IMPINJ (NASDAQ:PI)

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