Impinj, Inc. (NASDAQ:PI) reported better-than-expected first-quarter financial results on Wednesday.
Impinj posted adjusted earnings of 21 cents per share, beating market estimates of 11 cents per share. The company’s quarterly sales came in at $76.83 million versus expectations of $73.57 million, according to data from Benzinga Pro.
“2024 started strong, with revenue and profitability exceeding both our fourth-quarter results and first-quarter guidance,” said Chris Diorio, Impinj co-founder and CEO. “As we continue driving our bold vision to connect every item in our everyday world, I remain confident in our market position and energized by the opportunities ahead.”
Impinj said it sees second-quarter non-GAAP EPS of 72 cents to 77 cents and revenue of $96 million to $99 million.
Impinj shares fell 2.2% to close at $120.91 on Wednesday.
These analysts made changes to their price targets on Impinj following earnings announcement.
- Needham boosted the price target on Impinj from $130 to $160. Needham analyst James Ricchiuti maintained a Buy rating.
- Piper Sandler boosted the price target on Impinj from $130 to $150. Piper Sandler analyst Harsh Kumar reiterated an Overweight rating.
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