Impinj's stock experienced a significant intraday decline of 30.21% following the release of its fourth-quarter financial results and disappointing first-quarter guidance.
The radio-frequency identification technology company reported fourth-quarter adjusted earnings that fell short of Wall Street expectations. While revenue slightly exceeded analyst forecasts, the company's outlook for the current quarter triggered the sharp sell-off. Impinj guided for first-quarter revenue of $71 million to $74 million, representing a significant sequential decline from the $92.8 million reported in Q4, and projected a wider net loss than anticipated.
In response to the weak guidance, multiple analysts moved to downgrade the stock or significantly lower their price targets. Several major firms including Evercore ISI, Piper Sandler, Jefferies, Needham, UBS, Susquehanna, Barclays, and Roth Capital all reduced their targets on Impinj shares, citing concerns over the company's near-term growth prospects and profitability trajectory.
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