Impinj (NASDAQ:PI) Posts Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Impinj (NASDAQ:PI) issued its quarterly 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 company had revenue of $95.20 million for the quarter, compared to the consensus estimate of $92.86 million. Impinj had a net margin of 3.93% and a negative return on equity of 21.12%. The firm’s quarterly revenue was up 46.5% on a year-over-year basis. During the same period in the previous year, the firm 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

Impinj stock traded up $8.49 during mid-day trading on Friday, hitting $200.70. The company’s stock had a trading volume of 1,097,355 shares, compared to its average volume of 469,581. The business has a 50 day moving average price of $196.40 and a 200-day moving average price of $168.96. Impinj has a 12 month low of $58.56 and a 12 month high of $239.88. The stock has a market cap of $5.64 billion, a price-to-earnings ratio of 692.07 and a beta of 1.80.

Insider Transactions at Impinj

In related news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were acquired at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the purchase, the insider now directly 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 purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CRO Jeffrey Dossett sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $157.81, for a total value of $2,367,150.00. Following the sale, the executive now directly owns 63,642 shares of the company’s stock, valued at $10,043,344.02. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of the stock in a transaction on Friday, September 13th. The shares were acquired at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the transaction, 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 disclosure for this purchase can be found here. Over the last quarter, insiders have sold 21,779 shares of company stock worth $3,825,046. Company insiders own 51.00% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PI shares. StockNews.com upgraded shares of Impinj from a “sell” rating to a “hold” rating in a research note on Friday, July 26th. Cantor Fitzgerald boosted their target price on shares of Impinj from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Thursday. The Goldman Sachs Group raised their price target on Impinj from $165.00 to $200.00 and gave the stock a “neutral” rating in a report on Friday. Roth Mkm lifted their price target on Impinj from $145.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Finally, Piper Sandler reissued an “overweight” rating and set a $235.00 price objective (up previously from $225.00) on shares of Impinj in a report on Thursday. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Impinj currently has a consensus rating of “Moderate Buy” and a consensus target price of $224.60.

About Impinj

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.