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.

Impinj Trading Down 2.2 %

PI traded down $2.77 during trading on Wednesday, hitting $120.91. The company’s stock had a trading volume of 810,405 shares, compared to its average volume of 371,715. Impinj has a twelve month low of $48.39 and a twelve month high of $139.46. The stock has a market cap of $3.34 billion, a PE ratio of -74.64 and a beta of 2.05. The firm’s 50 day moving average price is $116.94 and its 200-day moving average price is $93.73. The company has a debt-to-equity ratio of 8.26, a current ratio of 8.73 and a quick ratio of 5.59.

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

Wall Street Analyst Weigh In

Several research firms recently issued reports on PI. Needham & Company LLC raised their target price on shares of Impinj from $120.00 to $130.00 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 began coverage on Impinj in a report on Tuesday, April 16th. They set an outperform rating and a $160.00 price objective for the company. Susquehanna lifted their target price on Impinj from $130.00 to $140.00 and gave the company a positive rating in a report on Tuesday. Finally, The Goldman Sachs Group boosted their price target on Impinj from $89.00 to $115.00 and gave the company a buy rating in a research report on Friday, February 9th. Two analysts have rated the stock with a sell rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $120.56.

Insider Buying and Selling

In other news, COO Hussein Mecklai sold 435 shares of the business’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $118.75, for a total transaction of $51,656.25. Following the transaction, the chief operating officer now directly owns 55,414 shares of the company’s stock, valued at $6,580,412.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Cathal G. Phelan sold 2,556 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were 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 approximately $2,471,011.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Hussein Mecklai sold 435 shares of the stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $118.75, for a total transaction of $51,656.25. Following the transaction, the chief operating officer now directly owns 55,414 shares in the company, valued at approximately $6,580,412.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 120,185 shares of company stock valued at $12,767,674. Corporate insiders own 17.10% of the company’s stock.

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.