Impinj (NASDAQ:PI) Posts 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 (EPS) for the quarter, beating the consensus estimate 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 period last year, the business earned ($0.36) earnings per share. 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 traded up $8.49 during mid-day trading on Friday, hitting $200.70. 1,097,355 shares of the company traded hands, compared to its average volume of 469,581. The stock has a market cap of $5.64 billion, a price-to-earnings ratio of 692.07 and a beta of 1.80. The stock has a 50-day moving average price of $196.40 and a two-hundred day moving average price of $168.96. Impinj has a 1 year low of $58.56 and a 1 year high of $239.88.

Insider Buying and Selling

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

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Cantor Fitzgerald boosted their target price on Impinj from $205.00 to $260.00 and gave the stock an “overweight” rating in a report on Thursday. Lake Street Capital upped their price target on shares of Impinj from $190.00 to $251.00 and gave the stock a “buy” rating in a research note on Thursday. Piper Sandler restated an “overweight” rating and set a $235.00 price objective (up from $225.00) on shares of Impinj in a research note on Thursday. Susquehanna lifted 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. Finally, Needham & Company LLC increased their price target on shares of Impinj from $195.00 to $245.00 and gave the company a “buy” rating in a report on Thursday. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average 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.