Impinj (NASDAQ:PI) Posts 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. Impinj had a net margin of 3.93% and a negative return on equity of 21.12%. The firm had revenue of $95.20 million for the quarter, compared to analyst estimates of $92.86 million. During the same period in the prior year, the firm earned ($0.36) earnings per share. The business’s quarterly revenue was up 46.5% compared to the same quarter last year. Impinj updated its Q4 guidance to $0.45-$0.49 EPS and its Q4 2024 guidance to 0.450-0.490 EPS.

Impinj Stock Performance

Shares of PI opened at $192.21 on Friday. Impinj has a fifty-two week low of $48.39 and a fifty-two week high of $239.88. The firm has a 50-day simple moving average of $195.60 and a 200-day simple moving average of $168.43. The company has a market capitalization of $5.40 billion, a price-to-earnings ratio of 662.79 and a beta of 1.80.

Analysts Set New Price Targets

PI has been the subject of several recent analyst reports. Evercore ISI reaffirmed an “outperform” rating and set a $270.00 price objective (up from $205.00) on shares of Impinj in a research report on Thursday. Cantor Fitzgerald upped their price objective on Impinj from $205.00 to $260.00 and gave the stock an “overweight” rating in a research report on Thursday. StockNews.com raised Impinj from a “sell” rating to a “hold” rating in a research report on Friday, July 26th. Piper Sandler reaffirmed an “overweight” rating and issued a $235.00 price target (up from $225.00) on shares of Impinj in a report on Thursday. Finally, Roth Mkm raised their price objective on shares of Impinj from $145.00 to $175.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $220.20.

Insider Activity at Impinj

In other news, CRO Jeffrey Dossett sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $157.81, for a total transaction of $2,367,150.00. Following the completion of the sale, the executive now owns 63,642 shares in the company, valued at $10,043,344.02. This 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. In other news, insider Cathal G. Phelan sold 677 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $162.46, for a total transaction of $109,985.42. Following the completion of the transaction, the insider now directly owns 17,367 shares of the company’s stock, valued at approximately $2,821,442.82. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CRO Jeffrey Dossett sold 15,000 shares of the firm’s stock in a transaction that occurred 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 21,779 shares of company stock worth $3,825,046 in the last quarter. Company insiders own 51.00% of the company’s stock.

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.