Cathal G. Phelan, the Chief Innovation Officer at Impinj Inc . (NASDAQ:PI), recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. The company, currently valued at $4.19 billion, has seen its stock surge 64.79% over the past year despite showing significant price volatility. On December 23, Phelan acquired 413 shares of common stock through a transaction that did not involve any outlay of cash. Following this, on December 24, he sold a total of 210 shares at prices ranging from $145.3986 to $146.2026 per share, resulting in proceeds of approximately $30,672.
These transactions were part of non-discretionary sales to cover tax withholding obligations tied to a restricted stock unit award settlement. After these transactions, Phelan holds 6,979 shares of Impinj common stock.
In other recent news, Impinj Inc. has been the focus of several analyst upgrades following a robust third-quarter performance. Lake Street Capital Markets, Needham, Cantor Fitzgerald, and Evercore ISI all raised their price targets for Impinj, reflecting confidence in the company's growth trajectory. Impinj's third-quarter revenues saw a 46% increase year-over-year, surpassing expectations with adjusted EBITDA 13% above the high-end forecast. The company reported third-quarter earnings per share of $0.56, surpassing both Cantor's and FactSet consensus estimates.
Impinj's Q4 revenue guidance was slightly above the consensus, and their earnings guidance also exceeded expectations. Despite potential concerns over the company's valuation, analysts stand by their recommendations, citing the robust execution of Impinj's business plan and the encouraging remarks made by its management team. These are recent developments at Impinj, as the company continues to expand its footprint in the industry.
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. Analysts anticipate the announcement of significant customer engagements throughout 2025, reinforcing Impinj's growth trajectory.
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