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Technology Stocks : Impinj, Inc.
PI 23.42-0.6%Dec 8 8:10 PM ESTNews

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From: Savant6/27/2017 10:40:57 AM
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Shares of Impinj Inc. (PI) slumped 4.8% in premarket trade* Tuesday, after the company, which makes retail ID tags and uses high-frequency waves to deliver information about the tagged items, was downgraded at Pacific Crest primarily because of valuation concerns. The stock has more than doubled the past three months to a record close Monday, and has more than tripled since its first-day of trade on July 21, 2016. In comparison, the S&P 500 is up 4.2% over the past three months. Pacific Crest analyst Brad Erickson cut his rating to sector weight, after being at overweight since he started covering the company on Aug. 15, 2016. He said that while recent conversations with management leads him to believe the pipeline of potential customers "is as strong as ever," but the risk-versus-reward profile for the stock is "no long favorable" after the recent price gains. "If the party gets much louder, someone may call the cops; downgrading to sector weight," Erickson wrote in a note to clients.

*Down more in reg hrs trading
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