Impinj (NASDAQ:PI) Announces Earnings Results, Beats Estimates By $0.09 EPS

Impinj (NASDAQ:PI) announced its earnings results on Wednesday. The company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.09, Briefing.com reports. Impinj had a negative return on equity of 27.81% and a net margin of 3.93%. The company had revenue of $102.50 million for the quarter, compared to analysts’ expectations of $97.47 million. During the same period last year, the firm earned ($0.14) EPS. Impinj’s revenue for the quarter was up 19.2% compared to the same quarter last year. Impinj updated its Q3 guidance to $0.46-0.50 EPS and its Q3 2024 guidance to 0.460-0.500 EPS.

Impinj Price Performance

NASDAQ:PI traded up $1.29 during trading hours on Friday, reaching $160.56. The company’s stock had a trading volume of 353,049 shares, compared to its average volume of 437,577. The stock has a 50 day moving average price of $160.95 and a two-hundred day moving average price of $133.40. The company has a debt-to-equity ratio of 3.29, a quick ratio of 6.87 and a current ratio of 9.42. Impinj has a 12 month low of $48.39 and a 12 month high of $181.88.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PI. Cantor Fitzgerald restated an “overweight” rating and set a $205.00 price objective on shares of Impinj in a research report on Thursday. The Goldman Sachs Group lowered Impinj from a “buy” rating to a “neutral” rating and set a $156.00 price objective for the company. in a research report on Monday, May 20th. Roth Mkm raised their price objective on Impinj from $145.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday. Evercore ISI raised their price objective on Impinj from $172.00 to $205.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Piper Sandler lifted their price target on Impinj from $150.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, July 11th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $187.10.

Insiders Place Their Bets

In related news, COO Hussein Mecklai sold 416 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $175.43, for a total transaction of $72,978.88. Following the completion of the transaction, the chief operating officer now directly owns 58,104 shares in the company, valued at $10,193,184.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Impinj news, COO Hussein Mecklai sold 416 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $175.43, for a total value of $72,978.88. Following the completion of the transaction, the chief operating officer now owns 58,104 shares in the company, valued at $10,193,184.72. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Cary Baker sold 10,000 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $159.08, for a total transaction of $1,590,800.00. Following the completion of the transaction, the chief financial officer now owns 67,948 shares of the company’s stock, valued at approximately $10,809,167.84. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,049,835 shares of company stock valued at $160,809,437. 51.00% of the stock is currently owned by insiders.

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.