Impinj Inc (NASDAQ:PI), a radio-frequency identification (RFID) company out of Seattle, is shooting roughly 13% higher after impressing Wall Street with a hallowed rite of passage:
Its first earnings report as a publicly traded company.
Impinj grew revenues 36% year-over-year in its fiscal second quarter, putting sales at $26 million. That was enough to beat Wall Street expectations by $1 million. Meanwhile, the company lost $300,000 on a GAAP basis, but non-GAAP profits came to 6 cents per share of PI stock, trouncing estimates by 4 cents.
The company also released third-quarter guidance that includes another non-GAAP profit, in a range of 1 to 9 cents per share. Revenues should come in a range of $27.4 million to $28.9 million.
As a result, Pacific Crest reiterated its “overweight” rating in a note out today. It also raised its price target on PI stock from $24 per share to $29 per share, though Impinj has easily exceeded that with today’s gains.
Impinj didn’t generate a ton of buzz around its June IPO despite its strong growth record. The company had grown full-year revenues 23% in 2015, plus it actually posted a tidy $900,000 in profit.
PI stock priced at $14 per share in mid-June and rocketed 28% higher on its first day of trading. Including today’s gains, Impinj has rocked some 70% higher since – good for a quick doubler in a couple of months.
The company has actually been around since 2000, once thought to be a potential beneficiary from a Wal-Mart Stores, Inc. (NYSE:WMT) idea of using RFID for tagging products, though that never came to fruition. Now, however, it has sold more than 10 billion chips as the company tries to expand its business solutions and power the “Internet of Things.”