Cathal G. Phelan, the Chief Innovation Officer at Impinj Inc . (NASDAQ:PI), recently sold shares of the company worth approximately $2.3 million. According to a filing with the Securities and Exchange Commission, Phelan's transactions involved selling a total of 11,549 shares of common stock on November 8, 2024. The shares were sold at prices ranging from $200.11 to $202.41 per share.
Following these transactions, Phelan holds 6,098 shares of Impinj stock. The sales were executed in multiple transactions, with the weighted-average prices for the shares being $200.2806, $201.6425, and $202.3637, respectively. The sales reflect Phelan's continued management of his holdings in the company.
In other recent news, Impinj has reported a substantial increase in Q3 revenues, marking a 46% year-over-year growth, and an adjusted EBITDA 13% above the high-end forecast. Their projected Q4 revenue is between $91 million and $94 million, reflecting a 31% year-over-year increase. The company's Q3 earnings per share (EPS) of $0.56 surpassed both Cantor's and FactSet consensus estimates.
In response to these strong results, several analysts have upgraded their stock targets for Impinj. Lake Street Capital Markets raised its price target to $251, while Needham increased their target to $245. Cantor Fitzgerald and Evercore ISI also raised their price targets for Impinj to $260 and $270, respectively.
These recent developments reflect the company's successful execution of its business strategies and the market's growing recognition of Impinj's sustainable growth. The company continues to expand its footprint in the industry, with analysts from multiple firms expressing confidence in the stock's potential for further growth.
InvestingPro Insights
Impinj Inc. (NASDAQ:PI) has shown remarkable performance in the stock market, with InvestingPro data revealing a staggering 197.73% price total return over the past year. This impressive growth aligns with the recent insider sale by Chief Innovation Officer Cathal G. Phelan, who may be capitalizing on the stock's strong performance.
The company's financial health appears robust, with revenue growing by 10.11% over the last twelve months to $345.17 million. Moreover, Impinj's quarterly revenue growth of 46.45% in Q3 2024 suggests accelerating business momentum.
InvestingPro Tips highlight that Impinj is trading at high valuation multiples, including a P/E ratio of 195.13 and a Price / Book ratio of 42.31. These elevated multiples indicate investors' high expectations for future growth, which could explain the recent insider selling activity.
It's worth noting that 8 analysts have revised their earnings upwards for the upcoming period, signaling positive sentiment about Impinj's near-term prospects. This optimism is further supported by the company's profitability over the last twelve months.
For investors seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for Impinj, providing a deeper understanding of the company's financial position and market performance.
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