Impinj hits record high on upbeat profit forecast, Q3 results

Impinj

27/10/2022 17:53

** Shares of chipmaker Impinj Inc  PI.O  jump as much as
26.6% to a record high of $112.98
    ** PI expects Q4 adj. EPS between 32 cents/shr and 37
cents/shr, above analysts' expectations of 16 cents/share, as
demand for chips improves
    ** Reports Q3 adj. EPS of 34 cents, beating analysts'
expectations of 16 cents a share
    ** Co reports Q3 revenue of $68.3 mln, up 14% from a year
earlier, beats Wall Street consensus of $64.7 mln as per
Refinitiv IBES data
    ** Gross margin grows to 54.8% from 50.9% a year earlier    
  
    ** Piper Sandler says supply and demand conditions continue
to allow PI to be successful in both the near and mid-term;
raises PT by $20 to $120  
    ** All seven brokerages covering the stock rate it "buy" or
higher; their median PT is $112
    ** Stock has risen ~27% YTD compared with a ~31% decline in
the Nasdaq Composite index  .IXIC 
 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com))