Impinj, Inc. (NASDAQ: PI)
Impinj, Inc. (PI), a company that operates a platform that enables wireless connectivity to everyday items yesterday got a positive report from an analyst at Piper Jaffray.
Piper Jaffray kept its overweight rating on Impinj and upped its price target from $36.50 to $50.00.
Piper Jaffray Analyst Comments
“Impinj represents one of the better open-ended growth stories,” Piper Jaffray analyst Troy Jensen said in a report. “Impinj is experiencing broad-based interest in its RAIN (RFID) products, and as the industry shifts to larger deployments we believe the company’s platform strategy wins disproportional market share.” “With new verticals experiencing an acceleration in interest and existing verticals expanding their penetration, we believe demand trends remain robust,” Jensen said. “Given the improved market interest and Impinj’s leading position in this market, we are raising our estimates to reflect 30% revenue growth through 2018.” Investors
PI Technical Analysis
PI opened trading yesterday at $46.50 which was up from the previous day’s trading close of $45.75. PI closed trading yesterday at $46.49 and spiked up after market to $47.99, equivalent to a 3% increase from the closing price. Taking a look at the daily chart we can see the last time PI traded above these levels we have to go back to June 8th when it traded at $49.14.
Taking a closer look at the daily chart we can see that before the spike up PI had already been in an overall upward trend dating back to April 5th when it traded at $28.80. PI has a float of 13.99 million shares and traded below the normal daily trading volume on Tuesday.
For day trading purposes, I would like to see PI open trading on Wednesday above $47.50 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.20 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
Company Profile
Impinj, Inc. operates a platform that enables wireless connectivity to everyday items by delivering each items unique identity, location, and authenticity to business and consumer applications. Its platform delivers Item Intelligence, which include real-time information about an items unique identity, location, and authenticity through RAIN radio-frequency identification technology.
The companys platform includes endpoint integrated circuits (IC) product, a miniature radios-on-a-chip that attach-to and identify their host items; and connectivity layer that comprises readers, gateways, and reader ICs to wirelessly identify, locate, authenticate, and engage endpoints via RAIN, as well as provide power to and communicate bidirectionally with endpoint ICs. Its platform also includes software layer that comprises ItemSense, an operating system for platform; and ItemEncode that encodes item information into endpoint ICs.
In addition, the companys platform connects everyday items, such as apparel, medical supplies, automobile parts, drivers licenses, food, logistics, and luggage to various applications, such as inventory management, patient safety, asset tracking, and item authentication, as well as delivers real-time information to businesses about items they create, manage, transport, and sell.
It primarily serves retail, healthcare, automotive, industrial and manufacturing, consumer experience, food, datacenter, travel, and banking sectors through distributors, system integrators, value-added resellers, and software solution partners in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Impinj, Inc. was founded in 2000 and is headquartered in Seattle, Washington. Yahoo Finance
