SEATTLE—Gibson Daniel Patrick, a director at Impinj Inc (NASDAQ:PI), has recently sold shares valued at approximately $2.87 million. According to a Form 4 filing with the Securities and Exchange Commission, the transactions occurred on November 12 and 13.
On November 12, Gibson sold 11,926 shares at a price of $198.5569 per share. The following day, he sold an additional 2,550 shares at $195.4075 per share. Following these transactions, Gibson holds 2,129,260 shares indirectly, as noted in the filing.
The shares are held by various entities associated with Sylebra Capital, where Gibson serves as Chief Investment Officer. The filing also clarifies that these entities, along with Gibson, disclaim beneficial ownership of the securities except to the extent of their pecuniary interest.
In other recent news, Impinj has been the focus of several analysts following a strong third-quarter performance. Lake Street Capital Markets maintained a Buy rating and raised its price target for Impinj to $251, due to the company's effective execution of its business strategies. Similarly, Needham increased its price target for Impinj to $245, recognizing the company's robust Q3 results and positive future guidance. Cantor Fitzgerald and Evercore ISI also increased their price targets for Impinj to $260 and $270 respectively, maintaining positive ratings on the stock.
Impinj's Q3 revenues saw a 46% increase year-over-year, surpassing the high end of their guidance. The company's adjusted EBITDA was 13% above the high-end forecast, and the company reported a significant 67% year-over-year growth in endpoint ICs. The company's Q3 revenue reached $95.2 million, marking a 46% increase year-over-year, and 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
In light of the recent insider selling by Impinj Inc's director Gibson Daniel Patrick, it's worth examining some key financial metrics and insights provided by InvestingPro to gain a broader perspective on the company's current position.
According to InvestingPro data, Impinj's market capitalization stands at $5.18 billion, reflecting its significant presence in the RFID solutions market. The company's revenue for the last twelve months as of Q3 2024 was $345.17 million, with a notable revenue growth of 10.11% over the same period. This growth trajectory is further emphasized by the impressive 46.45% quarterly revenue growth in Q3 2024, indicating strong market demand for Impinj's products.
An InvestingPro Tip highlights that 8 analysts have revised their earnings upwards for the upcoming period, suggesting positive sentiment about the company's near-term financial performance. This optimism aligns with another InvestingPro Tip indicating that net income is expected to grow this year, potentially explaining why insiders might be taking profits at current price levels.
However, investors should note that Impinj's stock has experienced significant volatility recently. The stock has taken a big hit over the last week, with a 1-week price total return of -10.23%. This short-term decline contrasts sharply with the stock's impressive 131.27% return over the past year, underscoring the stock's potential for both substantial gains and rapid corrections.
For those considering an investment in Impinj, it's worth noting that InvestingPro offers 17 additional tips that could provide further insights into the company's financial health and market position. These additional tips could be particularly valuable given the recent insider selling activity and the stock's volatile performance.
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