Impinj (NASDAQ:PI) Updates Q2 2024 Earnings Guidance

Impinj (NASDAQ:PI) updated its second quarter 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 0.720-0.770 for the period, compared to the consensus earnings per share 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.

Impinj Trading Down 3.0 %

Shares of NASDAQ PI traded down $4.64 during mid-day trading on Friday, hitting $150.91. The stock had a trading volume of 1,558,006 shares, compared to its average volume of 420,638. The company has a debt-to-equity ratio of 8.26, a quick ratio of 5.59 and a current ratio of 8.73. Impinj has a 1 year low of $48.39 and a 1 year high of $156.41. The business has a 50 day moving average price of $118.27 and a two-hundred day moving average price of $94.35. The firm has a market cap of $4.17 billion, a P/E ratio of -416.97 and a beta of 2.05.

Impinj (NASDAQ:PI) last issued its earnings results on Wednesday, April 24th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.14. Impinj had a negative net margin of 1.90% and a negative return on equity of 81.75%. The company had revenue of $76.83 million for the quarter, compared to the consensus estimate of $73.57 million. On average, equities analysts anticipate that Impinj will post -0.62 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on PI. Susquehanna upped their price target on shares of Impinj from $130.00 to $140.00 and gave the stock a positive rating in a research note on Tuesday. Canaccord Genuity Group upped their target price on shares of Impinj from $130.00 to $150.00 and gave the company a buy rating in a research note on Thursday, March 14th. Roth Mkm upped their target price 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 upped their price target on shares of Impinj from $130.00 to $156.00 and gave the company a buy rating in a research report on Friday. Finally, Piper Sandler reissued an overweight rating and issued a $150.00 target price (up from $130.00) on shares of Impinj in a report on Thursday. Two research analysts have rated the stock with a sell rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Impinj has a consensus rating of Moderate Buy and a consensus target price of $132.89.

Insider Activity

In other Impinj news, COO Hussein Mecklai sold 30,000 shares of Impinj stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $104.80, for a total value of $3,144,000.00. Following the transaction, the chief operating officer now owns 40,489 shares in the company, valued at $4,243,247.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Cary Baker sold 20,000 shares of Impinj stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $102.14, for a total transaction of $2,042,800.00. Following the completion of the sale, the chief financial officer now owns 55,432 shares of the company’s stock, valued at $5,661,824.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Hussein Mecklai sold 30,000 shares of Impinj stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $104.80, for a total value of $3,144,000.00. Following the sale, the chief operating officer now directly owns 40,489 shares of the company’s stock, valued at approximately $4,243,247.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 120,185 shares of company stock worth $12,767,674. Company 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.