Why Are Impinj Shares Plunging Today

  • Impinj, Inc 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.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidancePrice TargetReiterationAnalyst RatingsMoversTechBriefswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!