Impinj (NASDAQ:PI) Shares Gap Up Following Better-Than-Expected Earnings

Key Points

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Impinj, Inc. (NASDAQ:PI - Get Free Report) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $122.21, but opened at $145.00. Impinj shares last traded at $158.40, with a volume of 569,611 shares traded.

The company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.08. Impinj had a positive return on equity of 6.45% and a negative net margin of 0.26%. The company had revenue of $97.89 million during the quarter, compared to the consensus estimate of $93.78 million. During the same quarter in the prior year, the firm posted $0.83 earnings per share. The firm's revenue was down 4.5% compared to the same quarter last year.

Wall Street Analyst Weigh In

PI has been the subject of several research reports. Piper Sandler boosted their price objective on shares of Impinj from $140.00 to $180.00 and gave the company an "overweight" rating in a report on Thursday. Needham & Company LLC increased their price objective on Impinj from $115.00 to $165.00 and gave the stock a "buy" rating in a research note on Thursday. Susquehanna boosted their target price on shares of Impinj from $130.00 to $140.00 and gave the stock a "positive" rating in a report on Tuesday, July 22nd. Cantor Fitzgerald increased their price objective on shares of Impinj from $133.00 to $158.00 and gave the stock an "overweight" rating in a research note on Thursday. Finally, Evercore ISI lifted their target price on shares of Impinj from $99.00 to $117.00 and gave the company an "outperform" rating in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, Impinj has a consensus rating of "Moderate Buy" and a consensus target price of $163.29.

Institutional Trading of Impinj

Large investors have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd bought a new position in Impinj during the second quarter worth about $28,000. Stephens Investment Management Group LLC bought a new stake in shares of Impinj in the 2nd quarter worth about $3,975,000. FNY Investment Advisers LLC acquired a new position in Impinj in the second quarter valued at about $89,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Impinj in the second quarter valued at approximately $811,000. Finally, Chevy Chase Trust Holdings LLC increased its holdings in Impinj by 1.1% during the 2nd quarter. Chevy Chase Trust Holdings LLC now owns 740,081 shares of the company's stock valued at $82,201,000 after purchasing an additional 8,126 shares in the last quarter.

Impinj Stock Performance

The company has a debt-to-equity ratio of 1.77, a current ratio of 10.96 and a quick ratio of 7.46. The company has a market capitalization of $4.60 billion, a price-to-earnings ratio of -3,966.26 and a beta of 1.64. The stock has a 50 day moving average price of $113.91 and a two-hundred day moving average price of $105.04.

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.

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