Sylebra Capital LLC, a significant stakeholder in Impinj Inc (NASDAQ:PI), has reported selling a substantial number of shares in the company. According to a recent filing, the firm sold a total of 175,804 shares over two days, with transactions occurring on October 29 and 30. The shares were sold at prices ranging between $195.355 and $201.947 per share, amounting to a total value of approximately $35.3 million.
Following these transactions, Sylebra Capital LLC holds 3,021,548 shares indirectly. The sales were executed under the direction of Daniel Patrick Gibson, a director at Impinj Inc., who is also the Chief Investment Officer and a founder of Sylebra Capital. The transactions reflect an adjustment in Sylebra's investment portfolio, with the firm maintaining a significant interest in the company's stock.
In other recent news, Impinj, a leading provider of RAIN RFID solutions, reported strong third-quarter results, with a 46% year-over-year increase in revenue, reaching $95.2 million. The company's adjusted EBITDA stood at $17.3 million, reflecting an 18.2% margin. Several analyst firms, including Lake Street Capital Markets, Needham, Cantor Fitzgerald, and Evercore ISI, have upgraded their price targets for Impinj, citing the company's robust performance and positive future outlook.
Impinj's Q4 revenue guidance was slightly above consensus, and their earnings guidance also exceeded expectations. The company 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.
Impinj's performance has been recognized for its strong execution and the perceived longevity of its growth trajectory. The positive sentiment from the analysts is based on the belief that as investors gain a deeper understanding of Impinj's sustainable growth and observe the increasing earnings leverage within the company's financial model, the stock's value is likely to rise. These are the recent developments at Impinj as the company continues to expand its footprint in the industry.
InvestingPro Insights
While Sylebra Capital LLC has reduced its stake in Impinj Inc (NASDAQ:PI), recent data from InvestingPro reveals some intriguing aspects of the company's financial performance and market position. Impinj has demonstrated strong growth, with revenue increasing by 46.45% in the most recent quarter. This robust growth is complemented by a healthy gross profit margin of 51.14% over the last twelve months, indicating efficient cost management.
InvestingPro Tips highlight that Impinj's stock price movements are quite volatile, which may explain Sylebra's decision to adjust its position. Additionally, the company is trading at a high earnings multiple, suggesting investor optimism about future growth prospects. This aligns with another InvestingPro Tip indicating that net income is expected to grow this year.
Despite the recent share sale by Sylebra, Impinj's market performance has been impressive. The company has delivered a remarkable 204.23% price total return over the past year, significantly outperforming broader market indices. This strong performance is further underscored by the stock trading at 79.2% of its 52-week high, indicating sustained investor confidence.
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for Impinj Inc, providing deeper insights into the company's financial health and market position. These additional tips can be valuable for understanding the full picture behind Sylebra's recent transactions and Impinj's future prospects.
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