SEATTLE—Chris Diorio, Chief Executive Officer of Impinj Inc . (NASDAQ:PI), recently sold a significant portion of his holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Diorio sold shares worth approximately $7,049,817 across multiple transactions on October 29 and 30. The sales occurred at prices ranging from $195.23 to $202.52 per share.
In the same filing, Diorio also reported acquiring shares through stock option exercises. He acquired a total of 34,474 shares on October 29 and an additional 526 shares on October 30, all at an exercise price of $22.40 per share. Following these transactions, Diorio's direct ownership of Impinj's common stock stands at 294,591 shares.
Impinj Inc., based in Seattle, is known for its electronic components and specializes in RFID technology. The company's shares are publicly traded on the NASDAQ under the ticker symbol PI.
In other recent news, Impinj Inc. has been the focus of several positive analyst updates following a robust third-quarter performance. Lake Street Capital Markets raised its price target for Impinj to $251 and maintained a Buy rating, while Needham increased its price target to $245. Additionally, Cantor Fitzgerald and Evercore ISI raised their price targets to $260 and $270, respectively.
Impinj's Q3 earnings per share were reported at $0.56, surpassing both Cantor's and FactSet consensus estimates. The company's Q3 revenue reached $95.2 million, marking a 46% increase year-over-year, with the adjusted EBITDA standing at $17.3 million. For Q4, Impinj projects revenue to be between $91 million and $94 million, reflecting a 31% year-over-year increase, with adjusted EBITDA projected between $13.6 million and $15.1 million.
These recent developments highlight Impinj's strong execution and potential for further growth. Analysts from Lake Street Capital Markets, Needham, Cantor Fitzgerald, and Evercore ISI have all expressed confidence in the company's future, citing factors such as effective business strategies, robust Q3 results, and positive future guidance.
InvestingPro Insights
Recent data from InvestingPro sheds additional light on Impinj Inc.'s financial position and market performance, providing context to CEO Chris Diorio's recent stock transactions.
Impinj has demonstrated impressive market performance, with a staggering 196.73% price total return over the past year. This substantial gain aligns with the company's strong revenue growth, which increased by 46.45% in the most recent quarter. These figures suggest that Diorio's stock sales occurred during a period of significant company growth and market appreciation.
However, investors should note that Impinj's P/E ratio stands at 183.31, indicating a high valuation relative to current earnings. This is further emphasized by an InvestingPro Tip stating that the company is "Trading at a high earnings multiple." This high valuation could potentially explain Diorio's decision to sell a portion of his holdings, possibly to capitalize on the stock's strong performance.
Another InvestingPro Tip highlights that Impinj "Operates with a moderate level of debt," which could be seen as a positive factor for the company's financial stability. This information, combined with the expectation that "Net income is expected to grow this year," presents a nuanced picture of Impinj's financial health and future prospects.
For readers seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for Impinj Inc., providing deeper insights into the company's financial position and market outlook.
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