Why Are Impinj (PI) Shares Plunging Today? - Impinj (NASDAQ:PI)

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.

Why Are Impinj Shares Plunging Today