Impinj (NASDAQ:PI) Issues Q3 2024 Earnings Guidance

Impinj (NASDAQ:PI) updated its third quarter 2024 earnings guidance on Wednesday. The company provided EPS guidance of 0.460-0.500 for the period, compared to the consensus EPS estimate of 0.400. The company issued revenue guidance of $91.0 million-$94.0 million, compared to the consensus revenue estimate of $90.3 million. Impinj also updated its Q3 guidance to $0.46-0.50 EPS.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Roth Mkm upped their target price on shares of Impinj from $145.00 to $175.00 and gave the stock a buy rating in a research report on Thursday. Piper Sandler increased their price target on shares of Impinj from $150.00 to $180.00 and gave the company an overweight rating in a research report on Thursday, July 11th. StockNews.com upgraded shares of Impinj from a sell rating to a hold rating in a research report on Friday. Susquehanna increased their price target on shares of Impinj from $150.00 to $215.00 and gave the company a positive rating in a research report on Wednesday, July 17th. Finally, Evercore ISI increased their price target on shares of Impinj from $172.00 to $205.00 and gave the company an outperform rating in a research report on Thursday. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $187.10.

Impinj Stock Up 0.5 %

NASDAQ PI traded up $0.79 during mid-day trading on Friday, reaching $160.06. 642,724 shares of the stock were exchanged, compared to its average volume of 446,684. Impinj has a 1-year low of $48.39 and a 1-year high of $181.88. The business’s fifty day simple moving average is $160.69 and its 200 day simple moving average is $133.93.

Impinj (NASDAQ:PI) last announced its earnings results on Wednesday, July 24th. The company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09. Impinj had a net margin of 3.93% and a negative return on equity of 21.12%. The firm had revenue of $102.50 million for the quarter, compared to analyst estimates of $97.47 million. During the same quarter last year, the business earned ($0.14) earnings per share. Impinj’s revenue was up 19.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Impinj will post 0.04 earnings per share for the current year.

Insiders Place Their Bets

In other Impinj news, COO Hussein Mecklai sold 416 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $175.43, for a total transaction of $72,978.88. Following the transaction, the chief operating officer now owns 58,104 shares of the company’s stock, valued at $10,193,184.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, major shareholder Sylebra Capital Llc sold 1,000,000 shares of the firm’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $153.10, for a total value of $153,100,000.00. Following the transaction, the insider now owns 3,197,352 shares of the company’s stock, valued at approximately $489,514,591.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Hussein Mecklai sold 416 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $175.43, for a total transaction of $72,978.88. Following the completion of the transaction, the chief operating officer now directly owns 58,104 shares in the company, valued at approximately $10,193,184.72. The disclosure for this sale can be found here. Insiders have sold a total of 1,049,835 shares of company stock valued at $160,809,437 over the last quarter. Company insiders own 51.00% 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.