Impinj Inc. (NASDAQ: PI) announced a good second-quarter report in which sales and margins were above expectations. On July 28, the price of PI stock was $82.93.
Impinj’s sales climbed to $59.79 million in the most recent quarter, but its loss per share increased to $0.45. These amounts were $47.2 million and $0.37 respectively a year ago. This is the fourth quarter in a row that PI has outperformed Wall Street expectations.
Impinj Inc. (PI) solutions continue to be in great demand. During COVID-19, sales of the company’s new products increased as many firms sought to enhance delivery efficiency. PI continues to enhance its technology and recently released the new RAIN RFID toolkit, which offers an even broader variety of applications than Impinj’s previous generation of tags.
Despite macroeconomic uncertainty, Impinj’s management is investing in expansion and anticipates robust demand for its goods to continue in 2022. In the third quarter, the business expects sales of $63.5-$65.5 million and a GAAP loss of $7.5-$6 per share.
The good report fueled the increase of PI shares. In addition, Harsh Kumar, an analyst at investment firm Piper Sandler, boosted his PI price objective to $100 and recommended “outperforming.” According to the expert, Impinj Inc. (PI) offers “transformational technology” that will help both the short and long term.
Impinj Inc. (PI) continues to benefit from the global economy’s digital transition. The firm benefits from enterprises’ desire to lower the cost of supply chain management and reliance on the human aspect. RFID technologies are in high demand due to the automation of warehouses, picking centers, retail, and other facilities.
PI stock has traded in a 5-day range of $65.96 to $85.00, yielding a total return of +12.60 percent. Meanwhile, during the last month, this stock has traded in a range of $52.30 to $85.00, representing a +48.04 percent move. This stock’s price has moved by +65.46 percent in the last three months, moving in the range of $39.74 to $85.00.