Impinj (NASDAQ:PI) Posts Earnings Results

Impinj (NASDAQ:PI) announced its earnings results on Wednesday. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.14, reports. The business had revenue of $76.83 million during the quarter, compared to the consensus estimate of $73.57 million. Impinj had a negative net margin of 1.90% and a negative return on equity of 81.75%. Impinj updated its Q2 guidance to $0.72-$0.77 EPS and its Q2 2024 guidance to 0.720-0.770 EPS.

Impinj Price Performance

Impinj stock opened at $152.35 on Friday. The company’s 50-day moving average price is $118.27 and its 200-day moving average price is $94.35. Impinj has a twelve month low of $48.39 and a twelve month high of $156.41. The company has a debt-to-equity ratio of 8.26, a quick ratio of 5.59 and a current ratio of 8.73.

Insider Transactions at Impinj

In other news, CFO Cary Baker sold 374 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $118.70, for a total value of $44,393.80. Following the sale, the chief financial officer now directly owns 67,948 shares in the company, valued at approximately $8,065,427.60. 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 Impinj 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 transaction, the chief operating officer now directly owns 40,489 shares of the company’s stock, valued at approximately $4,243,247.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Cary Baker sold 374 shares of Impinj stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $118.70, for a total transaction of $44,393.80. Following the transaction, the chief financial officer now directly owns 67,948 shares of the company’s stock, valued at $8,065,427.60. The disclosure for this sale can be found here. Insiders have sold a total of 120,185 shares of company stock worth $12,767,674 in the last three months. Insiders own 17.10% of the company’s stock.

Hedge Funds Weigh In On Impinj

A number of large investors have recently made changes to their positions in the company. Wealth Effects LLC boosted its stake in shares of Impinj by 1.0% during the 1st quarter. Wealth Effects LLC now owns 15,145 shares of the company’s stock worth $1,945,000 after purchasing an additional 150 shares during the period. Deltec Asset Management LLC purchased a new stake in Impinj in the 1st quarter valued at about $584,000. Future Financial Wealth Managment LLC purchased a new stake in Impinj in the 1st quarter valued at about $32,000. Ghisallo Capital Management LLC purchased a new stake in Impinj in the 4th quarter valued at about $4,192,000. Finally, Prudential PLC purchased a new stake in Impinj in the 4th quarter valued at about $277,000.

Analysts Set New Price Targets

PI has been the subject of several analyst reports. Piper Sandler reissued an “overweight” rating and set a $150.00 price target (up previously from $130.00) on shares of Impinj in a research report on Thursday. Canaccord Genuity Group raised 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. StockNews.com upgraded shares of Impinj to a “sell” rating in a report on Friday, February 9th. Roth Mkm lifted their price target on shares of Impinj from $125.00 to $145.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Evercore ISI began coverage on shares of Impinj in a research note on Tuesday, April 16th. They set an “outperform” rating and a $160.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Impinj has an average rating of “Moderate Buy” and a consensus price target of $128.33.

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.