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

Impinj (NASDAQ:PI) posted its quarterly earnings data on Wednesday. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.14, reports. The company had revenue of $76.83 million during the quarter, compared to analysts’ expectations of $73.57 million. Impinj had a negative net margin of 1.90% and a negative return on equity of 60.13%. 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

Impinj stock opened at $150.91 on Friday. The company has a quick ratio of 5.59, a current ratio of 9.42 and a debt-to-equity ratio of 3.29. Impinj has a 1-year low of $48.39 and a 1-year high of $156.41. The firm’s 50 day simple moving average is $119.23 and its 200 day simple moving average is $95.02.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PI shares. Piper Sandler restated an “overweight” rating and set a $150.00 target price (up previously from $130.00) on shares of Impinj in a research report on Thursday. Roth Mkm lifted their price target on shares of Impinj from $125.00 to $145.00 and gave the company a “buy” rating in a research note on Thursday. The Goldman Sachs Group increased their price objective on shares of Impinj from $130.00 to $156.00 and gave the stock a “buy” rating in a research report on Friday. Evercore ISI began coverage on Impinj in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $160.00 target price for the company. Finally, StockNews.com upgraded Impinj from a “sell” rating to a “hold” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $132.89.

Insider Transactions at Impinj

In other Impinj news, CEO Chris Ph.D. Diorio sold 16,060 shares of Impinj stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $101.16, for a total transaction of $1,624,629.60. Following the completion of the sale, the chief executive officer now owns 278,863 shares of the company’s stock, valued at $28,209,781.08. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Chris Ph.D. Diorio sold 16,060 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $101.16, for a total value of $1,624,629.60. Following the completion of the transaction, the chief executive officer now owns 278,863 shares of the company’s stock, valued at approximately $28,209,781.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Hussein Mecklai sold 30,000 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $104.80, for a total transaction of $3,144,000.00. Following the completion of the sale, the chief operating officer now directly owns 40,489 shares in the company, valued at $4,243,247.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 120,185 shares of company stock valued at $12,767,674. 17.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. CWM LLC increased its position in Impinj by 68.3% during the third quarter. CWM LLC now owns 6,157 shares of the company’s stock valued at $339,000 after acquiring an additional 2,499 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of Impinj by 101.9% in the third quarter. SG Americas Securities LLC now owns 30,894 shares of the company’s stock worth $1,700,000 after buying an additional 15,591 shares during the period. Avior Wealth Management LLC grew its stake in shares of Impinj by 35.8% during the 3rd quarter. Avior Wealth Management LLC now owns 4,665 shares of the company’s stock valued at $257,000 after acquiring an additional 1,229 shares during the period. Newbridge Financial Services Group Inc. purchased a new stake in Impinj in the 3rd quarter worth approximately $55,000. Finally, Asset Management One Co. Ltd. raised its stake in Impinj by 74.6% during the 3rd quarter. Asset Management One Co. Ltd. now owns 1,226 shares of the company’s stock worth $67,000 after acquiring an additional 524 shares during the period.

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.