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SEATTLE—Jeffrey Dossett, Chief Revenue Officer at Impinj Inc . (NASDAQ:PI), recently executed several stock transactions, according to a filing with the Securities and Exchange Commission. On December 24, Dossett sold a total of 580 shares of Impinj common stock, with prices ranging from $146.0583 to $146.73 per share, generating approximately $84,717. The stock, which has shown significant volatility according to InvestingPro data, has delivered an impressive 65% return year-to-date, with shares currently trading at $147.78.
The transactions were part of a series of non-discretionary trades to cover tax withholding obligations related to the settlement of restricted stock units (RSUs). Prior to these sales, Dossett had exercised options to acquire 1,466 shares of common stock on December 23, at no cost. The company, currently valued at $4.19 billion, trades at notably high multiples across various metrics.
Following these transactions, Dossett's direct ownership of Impinj shares stands at 66,180 shares. For deeper insights into Impinj's valuation metrics and 16 additional ProTips, investors can access the comprehensive research report available on InvestingPro.
In other recent news, Impinj, a provider of RAIN RFID solutions, has seen its stock target raised by several analyst firms following a strong Q3 performance. Lake Street Capital Markets increased its target from $190 to $251, while Needham raised its target to $245. Cantor Fitzgerald and Evercore ISI also upgraded their targets to $260 and $270 respectively.
Impinj's Q3 results showcased a 46% year-over-year increase in revenues, reaching $95.2 million. The company's adjusted EBITDA stood at $17.3 million, with an 18.2% margin. Additionally, the company reported an earnings per share (EPS) of $0.56, surpassing both Cantor's and FactSet consensus estimates.
The company's robust Q3 performance was attributed to a significant 67% year-over-year growth in endpoint ICs and an improvement in quarter-over-quarter Systems growth. 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 among the recent developments at Impinj as the company continues to expand its footprint in the industry.
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