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Why Are Impinj Shares Plunging Today

  • Impinj, Inc (NASDAQ: PI) shares are trading lower Thursday after releasing mixed first-quarter results and an outlook that trailed expectations.

  • Impinj clocked revenue growth of 61% year-on-year to $85.9 million Wednesday, beating the consensus of $83.6 million.

  • The adjusted gross margin declined by 460 bps to 52.4% as costs jumped 73.9% Y/Y.

  • Adjusted EPS of $0.30 missed the consensus of $0.33.

  • "Our first-quarter results were solid, with record revenue and a very strong multi-quarter endpoint IC backlog," said Chris Diorio, Impinj co-founder and CEO.

  • Outlook: Impinj expects Q3 revenue of $84.0 million - $87.0 million (consensus $88.29 million) and adjusted EPS of $0.28 - $0.33 (consensus $0.41).

  • Analyst Ratings: Needham analyst James Ricchiuti maintains Impinj with a Buy and lowers the price target from $151 to $145.

  • Lake Street analyst Troy Jensen maintains Impinj with a Buy and lowers the price target from $135 to $130.

  • Roth MKM analyst Scott Searle maintains Impinj with a Buy and lowers the price target from $135 to $115.

  • Price Action: PI shares traded lower by 34.50% at $88.70 on the last check Thursday.

Latest Ratings for PI

Date

Firm

Action

From

To

Jan 2022

Canaccord Genuity

Maintains

Buy

Jan 2022

Needham

Maintains

Buy

Dec 2021

Jefferies

Initiates Coverage On

Buy

View More Analyst Ratings for PI

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View the Latest Analyst Ratings

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This article Why Are Impinj Shares Plunging Today originally appeared on Benzinga.com

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