From a technical perspective, Impinj (PI) is looking like an interesting pick, as it just reached a key level of support. PI recently overtook the 20-day moving average, and this suggests a short-term bullish trend.
The 20-day simple moving average is a well-liked trading tool because it provides a look back at a stock's price over a 20-day period. Additionally, short-term traders find this SMA very beneficial, as it smooths out short-term price trends and shows more trend reversal signals than longer-term moving averages.
The 20-day moving average can show signals that are similar to other SMAs as well. If a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.
PI could be on the verge of another rally after moving 20.9% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.
Looking at PI's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 2 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on PI for more gains in the near future.
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Impinj, Inc. (PI): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).