Impinj (NASDAQ:PI) Announces Quarterly Earnings Results

Impinj (NASDAQ:PI) issued its earnings results on Wednesday. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.08, Briefing.com reports. The company had revenue of $95.20 million for the quarter, compared to the consensus estimate of $92.86 million. Impinj had a negative return on equity of 21.12% and a net margin of 3.93%. The firm’s quarterly revenue was up 46.5% on a year-over-year basis. During the same quarter in the prior year, the company 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 Price Performance

Shares of NASDAQ PI traded down $30.25 during trading hours on Thursday, hitting $192.21. 2,223,607 shares of the stock were exchanged, compared to its average volume of 420,962. The firm has a market capitalization of $5.40 billion, a P/E ratio of 662.79 and a beta of 1.80. Impinj has a one year low of $48.39 and a one year high of $239.88. The company’s 50 day moving average is $195.60 and its 200 day moving average is $168.43.

Insider Buying and Selling

In other Impinj news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was acquired at an average price of $4.69 per share, with a total value of $20,000,003.17. Following the transaction, the insider now owns 33,050,456 shares of the company’s stock, valued at approximately $155,006,638.64. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Impinj news, CRO Jeffrey Dossett sold 15,000 shares of the stock in a transaction on 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 completion of the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were bought at an average price of $4.69 per share, for a total transaction of $20,000,003.17. Following the acquisition, the insider now owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 21,779 shares of company stock worth $3,825,046 in the last quarter. 51.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on PI shares. Piper Sandler reissued an “overweight” rating and set a $235.00 price objective (up previously from $225.00) on shares of Impinj in a research report on Thursday. Cantor Fitzgerald raised their price target on Impinj from $205.00 to $260.00 and gave the stock an “overweight” rating in a research note on Thursday. Needham & Company LLC boosted their price target on Impinj from $195.00 to $245.00 and gave the company a “buy” rating in a research note on Thursday. Lake Street Capital increased their price objective on Impinj from $190.00 to $251.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Evercore ISI reiterated an “outperform” rating and issued a $270.00 target price (up from $205.00) on shares of Impinj in a research note on Thursday. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Impinj presently 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.