Why Are Impinj Shares Trading Up Today
Impinj, Inc (NASDAQ: PI) shares are trading higher Friday after it plunged Thursday following 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. Adjusted EPS of $0.30 missed the consensus of $0.33.
Analysts lowered their price targets to reflect the RAIN RFID business ramp-up timing.
Goldman Sachs analyst Toshiya Hari maintained Impinj with a Buy and lowered the price target from $142 to $127.
The analyst maintained a Buy rating despite disappointing near-term endpoint Integrated Circuit outlook.
On Thursday, Needham analyst James Ricchiuti maintained Impinj with a Buy and lowered the price target from $151 to $145.
The analyst remains in the bull camp citing new RFID use cases by leading retailers and a significant logistics customer (likely United Parcel Service, Inc (NYSE: UPS)) that is putting in RFID infrastructure across its enterprise to scale later this year and next.
Roth MKM analyst Scott Searle maintained Impinj with a Buy and lowered the price target from $135 to $115.
The re-rating reflects normalizing wafer supply chain issues, and strong demand remains strong, which should translate to a rapid second-half endpoint recovery.
Price Action: PI shares traded higher by 6.28% at $87.65 on the last check Friday.
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
View the Latest Analyst Ratings
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