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

Impinj (NASDAQ:PI) announced its quarterly earnings results on Wednesday. The company reported $0.56 EPS for the quarter, beating the consensus estimate of $0.48 by $0.08, Briefing.com reports. Impinj had a negative return on equity of 21.12% and a net margin of 3.93%. The business had revenue of $95.20 million for the quarter, compared to analyst estimates of $92.86 million. During the same quarter in the previous year, the firm earned ($0.36) EPS. Impinj’s quarterly revenue was up 46.5% on a year-over-year basis. 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 midday trading on Thursday, hitting $192.21. The stock had a trading volume of 2,223,607 shares, compared to its average volume of 420,962. The firm has a market cap of $5.40 billion, a P/E ratio of 662.79 and a beta of 1.80. Impinj has a fifty-two week low of $48.39 and a fifty-two week high of $239.88. The company’s 50-day simple moving average is $195.60 and its 200 day simple moving average is $168.43.

Insider Transactions at Impinj

In other news, CFO Cary Baker sold 366 shares of Impinj stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $237.83, for a total transaction of $87,045.78. Following the completion of the sale, the chief financial officer now owns 71,096 shares in the company, valued at $16,908,761.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of Impinj stock in a transaction on Friday, September 13th. The shares were purchased 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 in the company, valued at approximately $155,006,638.64. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Cary Baker sold 366 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $237.83, for a total value of $87,045.78. Following the transaction, the chief financial officer now owns 71,096 shares of the company’s stock, valued at $16,908,761.68. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,779 shares of company stock worth $3,825,046 over the last 90 days. 51.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Susquehanna upped their target price on shares of Impinj from $215.00 to $260.00 and gave the stock a “positive” rating in a report on Monday. 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 report on Thursday. StockNews.com upgraded shares of Impinj from a “sell” rating to a “hold” rating in a research note on Friday, July 26th. Evercore ISI restated an “outperform” rating and set a $270.00 price target (up from $205.00) on shares of Impinj in a research report on Thursday. Finally, Piper Sandler reiterated an “overweight” rating and issued a $235.00 price objective (up previously from $225.00) on shares of Impinj in a research report on Thursday. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $220.20.

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.