Why Impinj Inc. Shares Fell 22% in August
Shares of Impinj (NASDAQ: PI) fell 22.2% in August 2017, according to data from S&P Global Market Intelligence. The provider of radio frequency ID (RFID) chips and RFID management tools reported solid second-quarter results in the first week of the month, but also slashed its full-year order volume guidance due to a few large customers delaying their expected RFID orders into 2018.
Impinj's sales landed at $34.1 million in the second quarter, a 31% increase over the year-ago period. Adjusted earnings stayed flat at $0.06 per share. Analysts would have settled for earnings of $0.02 per share on sales in the neighborhood of $33.5 million, so Impinj exceeded the Street's projections on both counts.
But that wasn't enough to overcome the market fallout from Impinj's lowered order guidance. The company had expected to ship approximately 7.9 billion RFID endpoints in 2017, but the new guidance stopped at roughly 7.1 billion chips. In order to arrive at that destination after strong results in the first half of the year, the next two quarters should be far less impressive. Impinj shares plunged more than 23% lower the next day.
Source: Fool.com
Impinj Inc Stock
With 24 Buy predictions and 1 Sell predictions Impinj Inc is one of the favorites of our community.
With a target price of 167 € there is a slightly positive potential of 15.41% for Impinj Inc compared to the current price of 144.7 €.
