Impinj (NASDAQ:PI) Updates Q2 Earnings Guidance

Impinj (NASDAQ:PI) updated its second quarter earnings guidance on Wednesday. The company provided EPS guidance of $0.72-$0.77 for the period, compared to the consensus EPS estimate of $0.19. The company issued revenue guidance of $96.0-$99.0 million, compared to the consensus revenue estimate of $79.04 million. Impinj also updated its Q2 2024 guidance to 0.720-0.770 EPS.

Impinj Stock Down 2.2 %

PI stock traded down $2.77 during midday trading on Wednesday, reaching $120.91. 810,405 shares of the company’s stock traded hands, compared to its average volume of 371,715. The company has a quick ratio of 5.59, a current ratio of 8.73 and a debt-to-equity ratio of 8.26. The firm’s fifty day moving average price is $116.94 and its 200-day moving average price is $93.73. Impinj has a 52 week low of $48.39 and a 52 week high of $139.46. The company has a market cap of $3.34 billion, a price-to-earnings ratio of -74.64 and a beta of 2.05.

Impinj (NASDAQ:PI) last posted its earnings results on Thursday, February 8th. The company reported ($0.36) EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $67.10 million. As a group, sell-side analysts forecast that Impinj will post -0.62 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have weighed in on PI shares. Roth Mkm boosted their price objective on Impinj from $115.00 to $125.00 and gave the stock a buy rating in a research report on Thursday, March 14th. StockNews.com upgraded shares of Impinj to a sell rating in a report on Friday, February 9th. Evercore ISI started coverage on shares of Impinj in a research report on Tuesday, April 16th. They issued an outperform rating and a $160.00 price objective on the stock. Needham & Company LLC increased their target price on shares of Impinj from $120.00 to $130.00 and gave the company a buy rating in a research report on Thursday, March 14th. Finally, Canaccord Genuity Group raised their price target on shares of Impinj from $130.00 to $150.00 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 assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $120.56.

Insider Activity at Impinj

In related news, insider Cathal G. Phelan sold 10,000 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $106.23, for a total transaction of $1,062,300.00. Following the sale, the insider now directly owns 21,750 shares in the company, valued at approximately $2,310,502.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Cathal G. Phelan sold 2,556 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $98.88, for a total value of $252,737.28. Following the sale, the insider now owns 24,990 shares in the company, valued at $2,471,011.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Cathal G. Phelan sold 10,000 shares of Impinj stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $106.23, for a total value of $1,062,300.00. Following the sale, the insider now directly owns 21,750 shares of the company’s stock, valued at approximately $2,310,502.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 120,185 shares of company stock worth $12,767,674. Corporate insiders own 17.10% 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.