Impinj (NASDAQ:PI) Releases Quarterly Earnings Results, Beats Estimates By $0.14 EPS

Impinj (NASDAQ:PI) posted its earnings results on Wednesday. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.14, reports. The business had revenue of $76.83 million during the quarter, compared to the consensus estimate of $73.57 million. Impinj had a negative return on equity of 81.75% and a negative net margin of 1.90%. Impinj updated its Q2 guidance to $0.72-$0.77 EPS and its Q2 2024 guidance to 0.720-0.770 EPS.

Impinj Stock Performance

Shares of NASDAQ:PI opened at $152.35 on Friday. Impinj has a 1 year low of $48.39 and a 1 year high of $156.41. The company has a debt-to-equity ratio of 8.26, a current ratio of 8.73 and a quick ratio of 5.59. The business’s 50 day simple moving average is $118.27 and its 200 day simple moving average is $94.35.

Analyst Ratings Changes

A number of research firms recently weighed in on PI. Roth Mkm raised their price target on Impinj from $125.00 to $145.00 and gave the company a “buy” rating in a report on Thursday. StockNews.com raised Impinj to a “sell” rating in a research note on Friday, February 9th. Canaccord Genuity Group lifted their target price on Impinj from $130.00 to $150.00 and gave the company a “buy” rating in a research note on Thursday, March 14th. Piper Sandler reissued an “overweight” rating and issued a $150.00 target price (up from $130.00) on shares of Impinj in a research note on Thursday. Finally, Needham & Company LLC lifted their price objective on Impinj from $130.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Impinj has a consensus rating of “Moderate Buy” and an average target price of $128.33.

Insider Buying and Selling

In other Impinj news, CFO Cary Baker sold 20,000 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $102.14, for a total value of $2,042,800.00. Following the sale, the chief financial officer now owns 55,432 shares of the company’s stock, valued at approximately $5,661,824.48. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Impinj news, CFO Cary Baker sold 20,000 shares of the firm’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $102.14, for a total value of $2,042,800.00. Following the sale, the chief financial officer now owns 55,432 shares of the company’s stock, valued at approximately $5,661,824.48. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Hussein Mecklai sold 435 shares of the firm’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $118.75, for a total value of $51,656.25. Following the sale, the chief operating officer now directly owns 55,414 shares in the company, valued at approximately $6,580,412.50. The disclosure for this sale can be found here. Insiders have sold 120,185 shares of company stock valued at $12,767,674 over the last 90 days. 17.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Sylebra Capital LLC bought a new position in shares of Impinj in the 3rd quarter worth about $217,290,000. Capital International Investors bought a new position in shares of Impinj in the 4th quarter worth about $68,211,000. Fred Alger Management LLC increased its position in Impinj by 249.6% in the 3rd quarter. Fred Alger Management LLC now owns 795,973 shares of the company’s stock valued at $43,802,000 after buying an additional 568,301 shares in the last quarter. Westfield Capital Management Co. LP increased its position in Impinj by 40.1% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,022,359 shares of the company’s stock valued at $56,260,000 after buying an additional 292,470 shares in the last quarter. Finally, Sora Investors LLC bought a new stake in Impinj in the 3rd quarter valued at about $9,080,000.

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.