Why Impinj Shares Are Booming
Impinj shares soared after it released its fiscal second-quarter earnings report late on Wednesday.
When Impinj Inc. (NASDAQ: PI) released its fiscal second-quarter earnings report after the markets closed on Wednesday, the company said that it had a net loss of $0.19 per share and $28.5 million in revenue. The consensus estimates had called for a net loss of $0.28 per share on revenue of $27.33 million. The same period of last year reportedly had earnings of $0.06 per share and $34.11 million in revenue.
Apart from the results, the company also disclosed that the Audit Committee completed the independent investigation Impinj had announced in its August 2nd press release related to a complaint filed by a former employee. The committee concluded there was no credible evidence supporting the former employee’s claims. The company had delayed filing its second-quarter Form 10Q and announcing full second-quarter results pending completion of the investigation.
Looking ahead to the fiscal third quarter, the company expects to see a net loss per share in the range of $0.17 to $0.12 and revenue between $33.0 million and $34.0 million. Consensus estimates call for a net loss of $0.23 per share and $30.44 million in revenue.
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Chris Diorio, Impinj co-founder and CEO, commented:
Our second quarter 2018 results are consistent with our August 2nd press release. We are pleased that the Audit Committee was able to complete its independent investigation, and are proud that the outcome reaffirms that we operate our business according to the highest ethical principles. We continue to see momentum building as our team focuses on executing our vision of identifying, locating and authenticating every item in our everyday world.
Shares of Impinj were last seen up over 40% at $26.41, with a consensus analyst price target of $23.25 and a 52-week trading range of $9.95 to $41.97.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
