Impinj (NASDAQ:PI) Issues Earnings Results, Beats Estimates By $0.08 EPS

Impinj (NASDAQ:PI) announced its earnings results on Wednesday. The company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.08, Briefing.com reports. The firm had revenue of $95.20 million during the quarter, compared to analyst estimates of $92.86 million. Impinj had a net margin of 3.93% and a negative return on equity of 21.12%. The company’s revenue for the quarter was up 46.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.36) EPS. Impinj updated its Q4 guidance to $0.45-$0.49 EPS and its Q4 2024 guidance to 0.450-0.490 EPS.

Impinj Stock Down 13.6 %

Shares of PI stock traded down $30.25 on Thursday, reaching $192.21. The stock had a trading volume of 2,223,607 shares, compared to its average volume of 420,962. The firm’s 50-day moving average is $195.60 and its two-hundred day moving average is $168.43. The firm has a market capitalization of $5.40 billion, a price-to-earnings ratio of 662.79 and a beta of 1.80. Impinj has a 12 month low of $48.39 and a 12 month high of $239.88.

Insider Activity

In other Impinj news, CRO Jeffrey Dossett sold 15,000 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $157.81, for a total value of $2,367,150.00. Following the transaction, the executive now directly owns 63,642 shares of the company’s stock, valued at $10,043,344.02. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the stock in a transaction on Friday, September 13th. The shares were purchased at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the acquisition, the insider now directly owns 33,050,456 shares in the company, valued at $155,006,638.64. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CRO Jeffrey Dossett sold 15,000 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $157.81, for a total transaction of $2,367,150.00. Following the completion of the transaction, the executive now directly owns 63,642 shares in the company, valued at approximately $10,043,344.02. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,779 shares of company stock valued at $3,825,046. 51.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PI. StockNews.com raised shares of Impinj from a “sell” rating to a “hold” rating in a research note on Friday, July 26th. Cantor Fitzgerald increased their price objective on shares of Impinj from $205.00 to $260.00 and gave the stock an “overweight” rating in a research note on Thursday. Piper Sandler restated an “overweight” rating and set a $235.00 price objective (up from $225.00) on shares of Impinj in a research note on Thursday. Evercore ISI restated an “outperform” rating and set a $270.00 price objective (up from $205.00) on shares of Impinj in a research note on Thursday. Finally, Susquehanna increased their price objective on shares of Impinj from $215.00 to $260.00 and gave the stock a “positive” rating in a research note on Monday. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Impinj has an average rating of “Moderate Buy” and an average price target of $220.20.

Impinj Company Profile

Impinj, Inc operates a cloud connectivity platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Its platform wirelessly connects items and delivers data about the connected items to business and consumer applications. The company’s platform comprises endpoint ICs, a miniature radios-on-a-chip that attaches to a host item and includes a number to identify the item.