Impinj CEO Chris Diorio sells shares worth $219,912

SEATTLE—Chris Diorio, Chief Executive Officer of Impinj Inc . (NASDAQ:PI), recently sold shares of the company's common stock, according to a filing with the Securities and Exchange Commission. On December 24, Diorio sold 1,504 shares at a weighted-average price of $146.22, totaling approximately $219,912. The transaction comes as Impinj, currently valued at $4.19 billion, has seen its stock surge 65% over the past year. According to InvestingPro analysis, the company's shares are currently trading above their Fair Value. This transaction was part of a series of sales made to cover tax withholding obligations related to restricted stock units.

The filing also detailed the acquisition of shares through the exercise of restricted stock units on December 23. Diorio acquired 2,594 shares and an additional 1,224 shares, both at no cost, as part of his compensation package. Following these transactions, Diorio holds 331,572 shares directly and 487,494 shares indirectly through DFT L.L.C.

In other recent news, Impinj has been the focus of several analyst upgrades following a robust third-quarter performance. Lake Street Capital Markets raised its price target on Impinj stock to $251, maintaining a Buy rating due to the company's effective execution of its business strategies. Similarly, Needham increased its price target for Impinj to $245, citing strong Q3 results and positive future guidance. Cantor Fitzgerald and Evercore ISI also lifted their price targets to $260 and $270 respectively, all maintaining positive ratings on the stock.

Impinj's Q3 revenues saw a 46% increase year-over-year, surpassing the high end of their guidance, with their adjusted EBITDA 13% above the high-end forecast. The company reported a significant 67% year-over-year growth in endpoint ICs and an improvement in quarter-over-quarter Systems growth. Impinj's Q4 revenue guidance was slightly above the consensus, and their earnings guidance also exceeded expectations.

The company reported third-quarter earnings per share (EPS) of $0.56, surpassing both Cantor's and FactSet consensus estimates. Impinj's Q3 revenue reached $95.2 million, marking a 46% increase year-over-year, despite a 7% sequential downturn. The adjusted EBITDA stood at $17.3 million, with an 18.2% margin.

Looking ahead, Impinj projects Q4 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 are the recent developments at Impinj, as the company continues to expand its footprint in the industry.

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