Why Are Impinj (PI) Shares Trading Higher Today - Impinj (NASDAQ:PI)

Impinj, Inc 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 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.

Why Are Impinj Shares Trading Up Today