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

Impinj (NASDAQ:PI) released 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 business’s revenue was up 46.5% on a year-over-year basis. During the same quarter in the previous 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 Price Performance

Impinj stock opened at $200.70 on Friday. The business has a 50 day simple moving average of $196.40 and a 200 day simple moving average of $168.96. Impinj has a one year low of $58.56 and a one year high of $239.88. The company has a market capitalization of $5.64 billion, a PE ratio of 692.07 and a beta of 1.80.

Analysts Set New Price Targets

A number of analysts have issued reports on PI shares. Cantor Fitzgerald raised their target price on Impinj from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Thursday. Needham & Company LLC raised their price objective on shares of Impinj from $195.00 to $245.00 and gave the stock a “buy” rating in a research note on Thursday. Evercore ISI reiterated an “outperform” rating and set a $270.00 target price (up from $205.00) on shares of Impinj in a research note on Thursday. Lake Street Capital raised their price target on shares of Impinj from $190.00 to $251.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, StockNews.com lowered shares of Impinj from a “hold” rating to a “sell” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $224.60.

Insiders Place Their Bets

In other news, major shareholder Sylebra Capital Llc purchased 4,264,393 shares of Impinj stock in a transaction on Friday, September 13th. The shares were purchased at an average cost of $4.69 per share, for a total transaction of $20,000,003.17. Following the completion of the transaction, the insider now directly owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Impinj news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the firm’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 completion of the acquisition, 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 purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CRO Jeffrey Dossett sold 15,000 shares of the firm’s 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 owns 63,642 shares of the company’s stock, valued at approximately $10,043,344.02. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,779 shares of company stock worth $3,825,046 over the last three months. 51.00% of the stock is currently owned by corporate insiders.

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.