Big changes are happening at Impinj, Inc. (NASDAQ:PI), which makes the stock worth watching today. The company is among the top losers of the stock market today, sinking -4.77% or (-1.36 points) to $27.15 from its previous close of $28.51. Does this decline mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 177586 contracts so far this session. PI shares had a relatively better volume day versus average trading capacity of 352.21 thousand shares, but with a 20.19 million float and a 0.39% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for PI stock indicates that the average analyst price target is $29.6 per share. This means the stock has a potential increase of 9.02% from where the PI share price has been trading recently which is between $28.03 and $28.72. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $22.
The shorts are running away from Impinj, Inc. (PI) stock. The latest set of short interest data was released on 30 April 2019, and the numbers show a drop in short interest in PI shares. While short interest still represents only 14.94% of PI’s float, the number of shares shorted have fallen by -21080. The number of shares shorted fell to 2995011 shares, down from 3016091 shares during the preceding fortnight. With average daily trading volumes at 470476 shares, days to cover decreased to about 20.68593 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Impinj, Inc. (PI) Shares March Higher, Can It Continue?” and dated May 09, 2019.
During the recent trading session for Impinj, Inc. (NASDAQ:PI), the company witnessed their stock drop by $-1.99 over a week and surge $7.38 from the price 20 days ago. When compared to their established 52-week high of $31.1, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 05/01/19. The recent low of $13.25 stood for a -12.7% since 12/21/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 0 is also allocated to the stock. Since the beta is less than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for Impinj, Inc., the two-week RSI stands at 58.84. This figure suggests that PI stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current PI readings is similarly very revealing as it has a stochastic reading of 57.83% at this stage. This figure means that PI share price today is being neutral.
Technical chart claims that Impinj, Inc. (PI) would settle between $28.81/share to $29.11/share level. However, if the stock price goes below the $28.12 mark, then the market for Impinj, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $27.73 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.2. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Piper Jaffray lifted target price for shares of PI but were stick to Overweight recommendation for the stock in their opinion released on June 19. The price target has been raised from $19 to $26. Piper Jaffray analysts bumped their rating on Impinj, Inc. (NASDAQ:PI) stock from Neutral to Overweight in a separate flash note issued to investors on February 06. Analysts at RBC Capital Mkts lowered the stock to a Sector Perform call from its previous Outperform recommendation, in a research note that dated back to February 02.
PI equity has an average rating of 2.43, with the figure leaning towards a bullish end. 7 analysts who tracked the company were contacted by Reuters. Amongst them, 4 rated the stock as a hold while the remaining 3 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 3 analysts rated Impinj, Inc. (NASDAQ:PI) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, PI stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/S ratio is 5.93 while for the average stock in the same group, the multiple is 8.22.
Impinj, Inc. (PI)’s current-quarter revenues are projected to climb by nearly 22.11% to hit $34.85 million, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over 18.36% from $122630 to a noteworthy $145150. At the other end of the current quarter income statement, Impinj, Inc. is expected to see its adjusted earnings surge by roughly 52.63% to hit $-0.09 per share. For the fiscal year, PI’s earnings are projected to climb by roughly 64.71% to hit $-0.24 per share.