Why Did Impinj Shares Jump 27% Today?

  • Analysts updated their price targets on Impinj Inc PI following Q3 results. The wireless connectivity operator reported Q3 revenue of $45.2 million, beating the consensus of $44.2 million. EPS loss of $(0.04) beat the consensus loss of $(0.10).
  • Impinj sees Q4 revenue of $46 million - $48 million above the consensus of $42.3 million. It sees a EPS of $(0.04) - $0.02 above the consensus loss of $(0.14).
  • Needham analyst James Ricchiuti raised the PT to $63 from $55, implying a 12.6% upside, and reiterated a Buy. 
  • The analyst notes that the company reported better than expected Q3 revenue and earnings despite ongoing supply constraints that continued to prevent Impinj from meeting strong customer demand. 
  • Ricchiuti adds that Impinj management provided better than expected Q4 guidance, driven by incremental wafer availability, the initial impact of price increases, and strength in reader ICs, offset partially by supply chain-related reader constraints.
  • Roth Capital analyst Scott Searle lowered the PT to $68 from $74, implying a 21.6% upside, and reiterated a Buy.
  •  The analyst notes Impinj reported a "modest" Q3 beat driven by Systems, with a slight guide up in Q4 driven by improving endpoint IC supply. 
  • Searle contends that despite a continued wafer-constrained environment, endpoint IC unit sales are expected to be sustained into the first half of 2022 and further bolstered by price increases and mix.
  • Price Action: PI shares closed higher by 26.96% at $71.01 on Thursday.
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