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

Impinj (NASDAQ:PI) posted its quarterly earnings results on Wednesday. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.14, reports. Impinj had a negative net margin of 1.90% and a negative return on equity of 60.13%. The business had revenue of $76.83 million during the quarter, compared to analysts’ expectations of $73.57 million. Impinj updated its Q2 guidance to $0.72-$0.77 EPS and its Q2 2024 guidance to 0.720-0.770 EPS.

Impinj Stock Down 3.0 %

Shares of PI opened at $150.91 on Friday. The company has a debt-to-equity ratio of 3.29, a current ratio of 9.42 and a quick ratio of 5.59. Impinj has a 1-year low of $48.39 and a 1-year high of $156.41. The firm has a fifty day moving average price of $119.23 and a 200 day moving average price of $95.02.

Analysts Set New Price Targets

PI has been the subject of a number of recent analyst reports. Canaccord Genuity Group raised their price objective on Impinj from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, March 14th. Needham & Company LLC lifted their target price on shares of Impinj from $130.00 to $160.00 and gave the company a “buy” rating in a report on Thursday. Susquehanna upped their price target on Impinj from $130.00 to $140.00 and gave the stock a “positive” rating in a research note on Tuesday. The Goldman Sachs Group boosted their price objective on Impinj from $130.00 to $156.00 and gave the company a “buy” rating in a report on Friday. Finally, Piper Sandler restated an “overweight” rating and set a $150.00 target price (up from $130.00) on shares of Impinj in a report on Thursday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Impinj currently has a consensus rating of “Moderate Buy” and a consensus target price of $132.89.

Insider Buying and Selling

In other news, CFO Cary Baker sold 20,000 shares of the business’s stock in a transaction that occurred 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 transaction, 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 SEC, which is available at the SEC website. In other Impinj news, insider Cathal G. Phelan sold 10,000 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now owns 21,750 shares in the company, valued at approximately $2,310,502.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Cary Baker sold 20,000 shares of the firm’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $102.14, for a total value of $2,042,800.00. Following the completion of the sale, the chief financial officer now directly owns 55,432 shares of the company’s stock, valued at approximately $5,661,824.48. The disclosure for this sale can be found here. Insiders sold a total of 120,185 shares of company stock worth $12,767,674 in the last 90 days. Company insiders own 17.10% of the company’s stock.

Institutional Investors Weigh In On Impinj

Several institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC boosted its stake in Impinj by 0.8% in the 3rd quarter. FMR LLC now owns 4,028,894 shares of the company’s stock worth $221,710,000 after buying an additional 31,289 shares during the last quarter. Sylebra Capital LLC purchased a new position in shares of Impinj during the 3rd quarter worth about $217,290,000. Westfield Capital Management Co. LP boosted its position in shares of Impinj by 40.1% in the third quarter. Westfield Capital Management Co. LP now owns 1,022,359 shares of the company’s stock worth $56,260,000 after acquiring an additional 292,470 shares during the last quarter. Fred Alger Management LLC raised its stake in Impinj by 249.6% during the third quarter. Fred Alger Management LLC now owns 795,973 shares of the company’s stock worth $43,802,000 after purchasing an additional 568,301 shares during the period. Finally, Capital International Investors acquired a new position in shares of Impinj in the 4th quarter valued at $68,211,000.

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.