The stock of Impinj, Inc. (NASDAQ:PI) is now priced at $22.79 and the shares are -3.65 points down or -13.8% lower compared to its previous closing price of $26.44. The stock had 2.129 million contracts set over the past session. PI shares’ daily volume is compared to its average trading volume at 0.307 million shares. However, it has a float of 21.35 million and although its performance was -24.34% over the week, it’s one to watch. Analysts have given the PI stock a yearly average price target of $33.5 per share. It means the stock’s upside potential is 46.99% with the PI share price recently placing at $21.81 to $24.44. However, some brokerage firms have priced the stock below the average, including one that has called $26.
The shorts are running away from the Impinj, Inc. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the PI shares have declined. Short interest in the stock represents just 13.1% of its float, but the volume has dropped by -24400. The volume of shorted shares dropped to 2.796 million from 2.82 million shares over the last two weeks. The average intraday trading volume has been 268229 shares, which means that days to cover moved to roughly 10.423593.
In the last trading session, Impinj, Inc. (NASDAQ:PI) dropped by -$7.33 over the week and lost -$4 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $39.49. The stock recorded its established 52-week high on 07/31/19.
Since 03/18/20, the stock has traded to a low of $11.47 at 98.69%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.56. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Impinj, Inc.’s two-week RSI is 30.86. This suggests that the stock is neutral at the moment and that PI shares’ price movement remains stable. The stochastic readings are equally revealing at 11.37% meaning the PI share price is currently in overbought territory.
The technical chart shows that the PI stock will likely settle at between $24.22 and $25.64 per share. However, if the stock dips below $21.59, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $20.38.
Currently, the stock is trading in the red of MACD, with a reading of -3.29. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Needham though raised target price of PI stock from $25 to $34 but maintained Buy recommendation in their July 10 review. Needham analysts see the stock as a Buy, but they also dropped the share’s target price from $33 to $19 in a flash note released to investors on March 19. Needham seeing the improvements upgraded the stock from Hold to Buy on December 17, placing it at $32.
The average rating for the PI equity is 1.83 and is currently gathering a bullish momentum. Of 6 analysts tracking Impinj, Inc. polled by Reuters, 1 rated PI as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (5) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the PI stocks P/S ratio currently stands below the group’s average of 33.9. Impinj, Inc. has its P/E ratio at 4.7, which means that the stock is currently trading at a premium relative to the 3.7 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Impinj, Inc. (NASDAQ:PI) will decrease by about -99.94%, which will see them reach $30.68 million. The company’s full-year revenues are, however, expected to diminish by about -7.98%, down from $152.84 million to $140.65 million. PI’s expected adjusted earnings should drop almost -337.5% to end up at -$0.19 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -1300% to record -$0.48/share.