SEATTLE—Sylebra Capital LLC, a significant stakeholder in Impinj Inc . (NASDAQ:PI), recently executed substantial stock sales, according to a recent SEC filing. The sales, which occurred on November 1 and November 4, involved a total of 118,043 shares of Impinj's common stock. These transactions were executed at prices ranging from $195.0 to $195.432 per share, resulting in a total sale value of approximately $23 million.
Following these transactions, Sylebra Capital's indirect ownership of Impinj shares stands at 2,903,505 shares. The shares are held through various funds and advisory clients managed by Sylebra Capital and related entities, as outlined in the filing's footnotes.
Daniel Patrick Gibson, a director at Impinj and a key figure at Sylebra Capital, is noted as having shared voting and dispositive power over these shares. However, the filing clarifies that neither Sylebra Capital nor Gibson claims beneficial ownership of the securities beyond their pecuniary interest.
In other recent news, Impinj has been the focus of several positive analyst revisions due to its strong third-quarter performance. Lake Street Capital Markets, Needham, Cantor Fitzgerald, and Evercore ISI have all raised their price targets for Impinj, maintaining their positive ratings on the stock. Impinj's Q3 revenues saw a 46% increase year-over-year, surpassing their guidance, with their adjusted EBITDA 13% above the high-end forecast. The company reported a significant 67% year-over-year growth in endpoint ICs and an improvement in quarter-over-quarter Systems growth. Impinj's Q4 revenue guidance was slightly above the consensus, and their earnings guidance also exceeded expectations.
Impinj reported third-quarter earnings per share (EPS) of $0.56, surpassing both Cantor's and FactSet consensus estimates. The company's Q3 revenue reached $95.2 million, marking a 46% increase year-over-year, despite a 7% sequential downturn. The adjusted EBITDA stood at $17.3 million, with an 18.2% margin. 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
While Sylebra Capital has reduced its stake in Impinj Inc. (NASDAQ:PI), recent data from InvestingPro sheds light on the company's financial performance and market position. Impinj's stock has shown remarkable strength, with a 193.98% price total return over the past year. This impressive performance is complemented by a robust 41.34% return in the last three months, indicating strong momentum.
InvestingPro data reveals that Impinj's revenue growth has been solid, with a 46.45% increase in the most recent quarter. The company's market capitalization stands at $5.57 billion, reflecting its significant presence in the RFID solutions market.
Two key InvestingPro Tips are particularly relevant to this article:
1. Impinj is trading at a high earnings multiple, which aligns with the high sale prices reported in Sylebra Capital's transactions.
2. The company's stock price movements are quite volatile, which could explain the strategic timing of the stock sales by major shareholders.
These insights are just a sample of the valuable information available on InvestingPro. Investors can access 13 additional tips for Impinj on the platform, providing a more comprehensive view of the company's prospects and potential risks.
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