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

Impinj (NASDAQ:PI) posted its quarterly 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 company had revenue of $95.20 million for the quarter, compared to the consensus estimate of $92.86 million. During the same quarter last year, the firm posted ($0.36) earnings per share. Impinj’s 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 Trading Up 0.5 %

Shares of PI stock opened at $193.10 on Friday. The firm has a fifty day simple moving average of $195.60 and a 200-day simple moving average of $168.43. The company has a market capitalization of $5.43 billion, a PE ratio of 662.79 and a beta of 1.80. Impinj has a twelve month low of $58.56 and a twelve month high of $239.88.

Insider Buying and Selling

In other news, major shareholder Sylebra Capital Llc acquired 4,264,393 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was bought at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following 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 position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Impinj news, major shareholder Sylebra Capital Llc bought 4,264,393 shares of the business’s stock in a transaction on Friday, September 13th. The shares were bought at an average cost of $4.69 per share, with a total value of $20,000,003.17. Following the transaction, the insider now directly owns 33,050,456 shares in the company, valued at approximately $155,006,638.64. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CRO Jeffrey Dossett sold 15,000 shares of the firm’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 sale, the executive now directly owns 63,642 shares of the company’s stock, valued at $10,043,344.02. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 21,779 shares of company stock valued at $3,825,046 in the last quarter. Company insiders own 51.00% of the company’s stock.

Analysts Set New Price Targets

PI has been the topic of a number of research analyst reports. Roth Mkm lifted their target price on Impinj from $145.00 to $175.00 and gave the company a “buy” rating in a report on Thursday, July 25th. Lake Street Capital lifted their price objective on Impinj from $190.00 to $251.00 and gave the company a “buy” rating in a research note on Thursday. 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. StockNews.com upgraded shares of Impinj from a “sell” rating to a “hold” rating in a report on Friday, July 26th. Finally, Piper Sandler reiterated an “overweight” rating and set a $235.00 price objective (up from $225.00) on shares of Impinj in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Impinj has an average rating of “Moderate Buy” and a consensus price target 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.