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Impinj, Inc (NASDAQ: PI) shares are trading lower Thursday after releasing mixed first-quarter results and an outlook that trailed expectations.
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Impinj clocked revenue growth of 61% year-on-year to $85.9 million Wednesday, beating the consensus of $83.6 million.
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The adjusted gross margin declined by 460 bps to 52.4% as costs jumped 73.9% Y/Y.
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Adjusted EPS of $0.30 missed the consensus of $0.33.
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“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.
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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).
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Analyst Ratings: Needham analyst James Ricchiuti maintains Impinj with a Buy and lowers the price target from $151 to $145.
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Lake Street analyst Troy Jensen maintains Impinj with a Buy and lowers the price target from $135 to $130.
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Roth MKM analyst Scott Searle maintains Impinj with a Buy and lowers the price target from $135 to $115.
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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
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This article Why Are Impinj Shares Plunging Today originally appeared on Benzinga.com
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