SEATTLE—Sylebra Capital LLC, a significant shareholder in Impinj Inc . (NASDAQ:PI), has recently sold shares worth over $85 million, according to a recent SEC filing. The transactions, which occurred over three consecutive days from November 5 to November 7, involved the sale of 431,153 shares of Impinj's common stock.
On November 5, Sylebra Capital sold 206,153 shares at an average price of $196.58 per share. This was followed by the sale of 89,809 shares on November 6, at an average price of $201.78 per share. Finally, on November 7, the firm sold an additional 135,191 shares at an average price of $201.63 per share.
Following these transactions, Sylebra Capital retains ownership of 2,472,352 shares of Impinj. The sales were conducted indirectly, with the ownership nature described in footnotes, indicating the involvement of various funds and advisory clients associated with Sylebra Capital.
Impinj, a Seattle-based company, is known for its electronic components, specifically in the RFID technology sector. The filings also highlight Daniel Patrick Gibson's role as a director at Impinj, while disclaiming beneficial ownership of the securities by Sylebra Capital and its affiliates, except for their pecuniary interests.
In other recent news, Impinj, a leading provider of RAIN RFID solutions, has been the focus of numerous analyst upgrades following robust Q3 results and positive future guidance. Lake Street Capital Markets, Needham, Cantor Fitzgerald, and Evercore ISI all raised their price targets for the company, maintaining positive ratings. These revisions came in response to Impinj's strong Q3 performance, which saw a 46% year-over-year increase in revenues, surpassing the high end of their guidance, and an adjusted EBITDA 13% above the high-end forecast.
Impinj reported third-quarter earnings per share (EPS) of $0.56, exceeding both Cantor's and FactSet consensus estimates. The company's Q3 revenue reached $95.2 million, marking a 46% increase year-over-year. The adjusted EBITDA stood at $17.3 million, with an 18.2% margin. 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.
In addition to the positive financial performance, analysts from these firms expressed confidence in Impinj's potential for further growth. They highlighted the effective execution of Impinj's business strategies, the management's positive outlook on the industry's conditions, and the perceived longevity of the company's growth trajectory as key factors in their continued endorsement of a positive rating. These are the recent developments at Impinj, as the company continues its strong execution and expansion in the industry.
InvestingPro Insights
Impinj Inc. (NASDAQ:PI) has been experiencing significant market attention, as evidenced by Sylebra Capital's recent large-scale share sales. This activity aligns with several key financial indicators and market trends highlighted by InvestingPro.
According to InvestingPro data, Impinj's market capitalization stands at $5.74 billion, reflecting its substantial presence in the RFID technology sector. The company's revenue growth is noteworthy, with a 46.45% increase in the most recent quarter, indicating strong market demand for its electronic components.
InvestingPro Tips reveal that Impinj's stock price movements have been quite volatile, which could explain the timing of Sylebra Capital's decision to sell. Additionally, the company has shown a high return over the last year, with InvestingPro data reporting a remarkable 197.73% price total return over the past 12 months.
It's worth noting that Impinj is trading at a high earnings multiple, with a P/E ratio of 196.95. This valuation suggests that investors have high growth expectations for the company, which is supported by the InvestingPro Tip indicating that net income is expected to grow this year.
For investors seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for Impinj, providing a deeper understanding of the company's financial health and market position.
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