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SEATTLE—Cary Baker, Chief Financial 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. The transaction comes as Impinj, currently valued at $4.23 billion, has delivered an impressive 83% return over the past year, with analysts setting price targets between $200 and $270. On January 13, Baker sold a total of 290 shares in two separate transactions, fetching a total of $40,877. The shares were sold at prices ranging from $140.5631 to $141.326 per share. According to InvestingPro analysis, the stock appears overvalued at current levels, with eight analysts recently revising their earnings expectations upward for the upcoming period.
The sales were part of non-discretionary transactions to cover tax withholding obligations related to the settlement of restricted stock units. Following these transactions, Baker holds 71,754 shares of Impinj common stock. For deeper insights into Impinj's valuation and growth prospects, InvestingPro offers 15 additional investment tips and a comprehensive Pro Research Report.
In other recent news, Impinj, Inc., a leading player in RAIN RFID technology, has maintained its revenue and adjusted EBITDA guidance for the fourth quarter of 2024. The firm expects revenue to be between $91 million and $94 million, with adjusted EBITDA ranging from $13.6 million to $15.1 million. This announcement follows positive Q3 results, with earnings per share (EPS) of $0.56 surpassing estimates and revenue reaching $95.2 million, a 46% increase year-over-year.
Impinj has also been the subject of several analyst upgrades. Lake Street Capital Markets, Needham, Cantor Fitzgerald, and Evercore ISI have all increased their price targets for the company's stock, maintaining positive ratings. These revisions follow strong Q3 performance and positive future guidance.
In addition, the company is planning to participate in the 27th Annual Needham Growth Conference, where CEO Chris Diorio and CFO Cary Baker will engage in a fireside chat. The company is also set to release comprehensive financial results for both the fourth quarter and the full year of 2024, with a perspective on the first quarter of 2025. These are among the recent developments at Impinj, as it continues to demonstrate impressive momentum in the industry.
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