Impinj (NASDAQ:PI) Releases Q2 Earnings Guidance

Impinj (NASDAQ:PI) issued an update on its second quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.72-$0.77 for the period, compared to the consensus estimate of $0.19. The company issued revenue guidance of $96.0-$99.0 million, compared to the consensus revenue estimate of $79.04 million. Impinj also updated its Q2 2024 guidance to 0.720-0.770 EPS.

Impinj Stock Up 25.5 %

Shares of PI traded up $30.89 on Thursday, hitting $151.80. 1,973,518 shares of the stock traded hands, compared to its average volume of 391,186. The company has a market capitalization of $4.20 billion, a PE ratio of -89.12 and a beta of 2.05. The company has a debt-to-equity ratio of 8.26, a quick ratio of 5.59 and a current ratio of 8.73. The business has a 50 day simple moving average of $117.29 and a 200 day simple moving average of $93.92. Impinj has a one year low of $48.39 and a one year high of $155.91.

Impinj (NASDAQ:PI) last issued its earnings results on Wednesday, April 24th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.14. Impinj had a negative net margin of 14.10% and a negative return on equity of 74.70%. The company had revenue of $76.83 million for the quarter, compared to analysts’ expectations of $73.57 million. As a group, equities analysts forecast that Impinj will post -0.62 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PI. Piper Sandler reiterated an overweight rating and set a $150.00 price target (up previously from $130.00) on shares of Impinj in a research note on Thursday. The Goldman Sachs Group lifted their target price on shares of Impinj from $89.00 to $115.00 and gave the company a buy rating in a research note on Friday, February 9th. Canaccord Genuity Group lifted their target price on shares of Impinj from $130.00 to $150.00 and gave the company a buy rating in a research note on Thursday, March 14th. Evercore ISI assumed coverage on shares of Impinj in a research note on Tuesday, April 16th. They set an outperform rating and a $160.00 target price on the stock. Finally, Roth Mkm lifted their target price on shares of Impinj from $125.00 to $145.00 and gave the company a buy rating in a research note on Thursday. Two analysts have rated the stock with a sell rating and seven have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $128.33.

Insider Buying and Selling

In related news, COO Hussein Mecklai sold 435 shares of Impinj stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $118.75, for a total transaction of $51,656.25. Following the completion of the transaction, the chief operating officer now directly owns 55,414 shares of the company’s stock, valued at approximately $6,580,412.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Impinj news, CFO Cary Baker sold 374 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $118.70, for a total value of $44,393.80. Following the completion of the sale, the chief financial officer now directly owns 67,948 shares of the company’s stock, valued at approximately $8,065,427.60. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Hussein Mecklai sold 435 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $118.75, for a total transaction of $51,656.25. Following the completion of the sale, the chief operating officer now directly owns 55,414 shares of the company’s stock, valued at $6,580,412.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 120,185 shares of company stock valued at $12,767,674. Company insiders own 17.10% of the company’s stock.

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.