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Strength Seen in Impinj (PI): Can Its 11.4% Jump Turn into More Strength?
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Impinj (PI - Free Report) shares soared 11.4% in the last trading session to close at $91.07. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 9.1% loss over the past four weeks.
Upswing in share price came after the company announced that it expects fourth-quarter 2023 revenue to exceed $70 million, above its prior guidance of $65.5 to $68.5 million and adjusted EBITDA to exceed $2.5 million, above its prior guidance of ($0.9) to $0.7 million.
This provider of radio frequency identification products is expected to post quarterly loss of $0.02 per share in its upcoming report, which represents a year-over-year change of -104.9%. Revenues are expected to be $67.1 million, down 12.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Impinj, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on PI going forward to see if this recent jump can turn into more strength down the road.
Impinj is part of the Zacks Electronics - Semiconductors industry. AXT (AXTI - Free Report) , another stock in the same industry, closed the last trading session 5.9% lower at $2.56. AXTI has returned 9.7% in the past month.
AXT's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.13. Compared to the company's year-ago EPS, this represents a change of -360%. AXT currently boasts a Zacks Rank of #3 (Hold).
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Strength Seen in Impinj (PI): Can Its 11.4% Jump Turn into More Strength?
Impinj (PI - Free Report) shares soared 11.4% in the last trading session to close at $91.07. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 9.1% loss over the past four weeks.
Upswing in share price came after the company announced that it expects fourth-quarter 2023 revenue to exceed $70 million, above its prior guidance of $65.5 to $68.5 million and adjusted EBITDA to exceed $2.5 million, above its prior guidance of ($0.9) to $0.7 million.
This provider of radio frequency identification products is expected to post quarterly loss of $0.02 per share in its upcoming report, which represents a year-over-year change of -104.9%. Revenues are expected to be $67.1 million, down 12.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Impinj, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on PI going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Impinj is part of the Zacks Electronics - Semiconductors industry. AXT (AXTI - Free Report) , another stock in the same industry, closed the last trading session 5.9% lower at $2.56. AXTI has returned 9.7% in the past month.
AXT's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.13. Compared to the company's year-ago EPS, this represents a change of -360%. AXT currently boasts a Zacks Rank of #3 (Hold).