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 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 Price Performance

Shares of PI stock traded down $2.77 on Wednesday, hitting $120.91. 810,405 shares of the stock traded hands, compared to its average volume of 371,715. The firm has a market cap of $3.34 billion, a price-to-earnings ratio of -74.64 and a beta of 2.05. Impinj has a 52 week low of $48.39 and a 52 week high of $139.46. The firm has a 50 day simple moving average of $117.29 and a two-hundred day simple moving average of $93.92. 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) earnings per share for the quarter, topping the consensus estimate of ($0.47) by $0.11. Impinj had a negative net margin of 14.10% and a negative return on equity of 74.70%. The company had revenue of $70.65 million for the quarter, compared to the consensus estimate of $67.10 million. As a group, equities research analysts predict that Impinj will post -0.62 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Evercore ISI began coverage on shares of Impinj in a research report on Tuesday, April 16th. They set an outperform rating and a $160.00 price objective for the company. StockNews.com raised shares of Impinj to a sell rating in a report on Friday, February 9th. Needham & Company LLC increased their target price on shares of Impinj from $120.00 to $130.00 and gave the stock a buy rating in a research note on Thursday, March 14th. Roth Mkm increased their target price on shares of Impinj from $115.00 to $125.00 and gave the stock a buy rating in a research note on Thursday, March 14th. Finally, Susquehanna increased 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. Two analysts have rated the stock with a sell rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Impinj currently has a consensus rating of Moderate Buy and an average price target of $120.56.

Insider Buying and Selling

In other Impinj news, COO Hussein Mecklai sold 30,000 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $104.80, for a total value of $3,144,000.00. Following the completion of the sale, the chief operating officer now owns 40,489 shares of the company’s stock, valued at $4,243,247.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, COO Hussein Mecklai sold 30,000 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was 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 in the company, valued at approximately $4,243,247.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Cary Baker sold 20,000 shares of the firm’s stock in a transaction 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 in the company, valued at $5,661,824.48. The disclosure for this sale can be found here. Insiders have sold 120,185 shares of company stock worth $12,767,674 in the last three months. Corporate 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.