SEATTLE—Chris Diorio, CEO of Impinj Inc . (NASDAQ:PI), recently sold shares of the company amounting to approximately $5.07 million, according to a filing with the Securities and Exchange Commission. The transactions, which occurred on November 6 and 7, involved multiple sales of common stock at prices ranging from $197.62 to $207.13 per share.
On November 6, Diorio sold 1,504 shares at a weighted average price of $201.54, 2,786 shares at $202.87, 3,940 shares at $203.81, 1,241 shares at $204.67, 769 shares at $206.03, and 2,350 shares at $207.13. The following day, he sold 1,271 shares at $197.62, 8,953 shares at $198.87, and 2,366 shares at $199.52.
In addition to these sales, Diorio acquired 25,000 shares on each of the two days through stock option exercises at a price of $33.77 per share. Following these transactions, Diorio's direct ownership of Impinj shares stands at 341,848 shares.
In other recent news, Impinj has been the subject of several positive analyst updates following robust Q3 results. Lake Street Capital Markets raised its price target for the company to $251, while Needham increased its target to $245, both maintaining a buy rating. Cantor Fitzgerald and Evercore ISI also boosted their price targets to $260 and $270 respectively. These upgrades come after Impinj reported Q3 revenues of $95.2 million, marking a 46% increase year-over-year, and an adjusted EBITDA of $17.3 million, 13% above the high-end forecast. The company also reported third-quarter earnings per share (EPS) of $0.56, surpassing both Cantor's and FactSet consensus estimates. 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.
InvestingPro Insights
The recent stock sales by Impinj CEO Chris Diorio come at a time when the company's financial metrics and market performance present a mixed picture. According to InvestingPro data, Impinj has shown impressive revenue growth, with a 46.45% increase in quarterly revenue as of Q3 2024. This growth is reflected in the stock's performance, with a remarkable 197.73% price return over the past year.
InvestingPro Tips highlight that Impinj operates with a moderate level of debt, which could provide financial flexibility. However, the company is trading at high valuation multiples across various metrics, including earnings, EBITDA, revenue, and price-to-book ratios. This suggests that investors are pricing in significant future growth expectations.
It's worth noting that while the company's stock price has been volatile, it has delivered strong returns over multiple time frames. The stock is currently trading at 84.86% of its 52-week high, indicating continued investor confidence despite the CEO's recent share sales.
For investors seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for Impinj, providing a deeper understanding of the company's financial health and market position.
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