Impinj (NASDAQ:PI) Issues Q2 2024 Earnings Guidance

Impinj (NASDAQ:PI) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 0.720-0.770 for the period, compared to the consensus estimate of 0.190. The company issued revenue guidance of $96.0 million-$99.0 million, compared to the consensus revenue estimate of $78.9 million. Impinj also updated its Q2 guidance to $0.72-$0.77 EPS.

Analysts Set New Price Targets

PI has been the subject of several analyst reports. Canaccord Genuity Group increased their target price on shares of Impinj from $130.00 to $150.00 and gave the stock a buy rating in a report on Thursday, March 14th. Evercore ISI began coverage on shares of Impinj in a research report on Tuesday, April 16th. They set an outperform rating and a $160.00 price objective on the stock. Roth Mkm upped their target price on shares of Impinj from $115.00 to $125.00 and gave the stock a buy rating in a report on Thursday, March 14th. The Goldman Sachs Group raised their price target on Impinj from $89.00 to $115.00 and gave the company a buy rating in a report on Friday, February 9th. Finally, Needham & Company LLC upped their price objective on Impinj from $120.00 to $130.00 and gave the stock a buy rating in a research note on Thursday, March 14th. Two investment analysts have rated the stock with a sell rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Impinj currently has a consensus rating of Moderate Buy and an average target price of $120.56.

Impinj Trading Down 2.2 %

NASDAQ:PI traded down $2.77 during midday trading on Wednesday, hitting $120.91. 810,405 shares of the company traded hands, compared to its average volume of 371,715. The firm has a market capitalization of $3.34 billion, a P/E ratio of -74.64 and a beta of 2.05. The firm’s fifty day moving average is $116.94 and its 200-day moving average is $93.73. Impinj has a 12-month low of $48.39 and a 12-month high of $139.46. The company has a current ratio of 8.73, a quick ratio of 5.59 and a debt-to-equity ratio of 8.26.

Impinj (NASDAQ:PI) last posted its quarterly earnings data on Thursday, February 8th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.47) by $0.11. Impinj had a negative net margin of 14.10% and a negative return on equity of 74.70%. The company had revenue of $70.65 million for the quarter, compared to analyst estimates of $67.10 million. On average, sell-side analysts predict that Impinj will post -0.62 EPS for the current year.

Insider Activity

In other Impinj news, COO Hussein Mecklai sold 30,000 shares of the stock in a transaction dated Monday, February 12th. The shares were 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 of the company’s stock, valued at $4,243,247.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, COO Hussein Mecklai sold 30,000 shares of the business’s stock in a transaction on 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 transaction, the chief operating officer now directly owns 40,489 shares in the company, valued at approximately $4,243,247.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CRO Jeffrey Dossett sold 4,858 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $101.11, for a total value of $491,192.38. Following the transaction, the executive now directly owns 57,110 shares in the company, valued at $5,774,392.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 120,185 shares of company stock worth $12,767,674. 17.10% of the stock is currently owned by company insiders.

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.