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
View the Latest Analyst Ratings
Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
This article Why Are Impinj Shares Plunging Today originally appeared on Benzinga.com
.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Source: https://finance.yahoo.com/news/why-impinj-shares-plunging-today-180711563.html