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 EPS guidance of 0.720-0.770 for the period, compared to the consensus EPS 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 Stock Performance

PI stock traded down $4.64 during midday trading on Friday, reaching $150.91. The stock had a trading volume of 1,558,006 shares, compared to its average volume of 420,638. The firm has a fifty day simple moving average of $118.27 and a two-hundred day simple moving average of $94.35. The stock has a market cap of $4.17 billion, a PE ratio of -416.97 and a beta of 2.05. 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 52-week low of $48.39 and a 52-week high of $156.41.

Impinj (NASDAQ:PI) last issued its quarterly earnings results on Wednesday, April 24th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $76.83 million for the quarter, compared to analyst estimates of $73.57 million. As a group, equities research analysts anticipate that Impinj will post -0.62 EPS for the current year.

Analyst Ratings Changes

PI has been the subject of several research reports. Piper Sandler reiterated an overweight rating and issued a $150.00 target price (up previously from $130.00) on shares of Impinj in a report on Thursday. StockNews.com upgraded shares of Impinj to a sell rating in a research note on Friday, February 9th. Evercore ISI began coverage on shares of Impinj in a research note on Tuesday, April 16th. They issued an outperform rating and a $160.00 price target for the company. Susquehanna boosted their target price on shares of Impinj from $130.00 to $140.00 and gave the stock a positive rating in a research note on Tuesday. Finally, The Goldman Sachs Group boosted their target price on shares of Impinj from $130.00 to $156.00 and gave the stock a buy rating in a research note on Friday. Two investment analysts have rated the stock with a sell rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $132.89.

Insider Transactions at Impinj

In related news, COO Hussein Mecklai sold 30,000 shares of the 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 $4,243,247.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Hussein Mecklai sold 30,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief operating officer now owns 40,489 shares in the company, valued at $4,243,247.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Cary Baker sold 306 shares of Impinj stock in a transaction on Monday, March 18th. The shares were sold at an average price of $123.55, for a total transaction of $37,806.30. Following the completion of the transaction, the chief financial officer now owns 65,748 shares in the company, valued at approximately $8,123,165.40. The disclosure for this sale can be found here. Over the last quarter, insiders 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.