Why Impinj Stock Is Plummeting Today
Key Points
Impinj's third-quarter report arrived with better-than-expected sales and earnings.
On the other hand, the company issued soft sales guidance for the current quarter.
News from the Federal Reserve's recent meeting is also driving sell-offs for Impinj.
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Impinj (NASDAQ: PI) stock is getting hit with a big sell-off in Thursday's trading. The radio-frequency-identification (RFID) company's share price was down 9.7% as of 1 p.m. ET amid a 0.3% decline for the S&P 500 and a 0.9% drop for the Nasdaq Composite.
Impinj stock is losing ground despite posting better-than-expected quarterly results yesterday. The company's forward guidance and the outlook on interest rates appear to be driving the valuation pullback.
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Impinj beats Q3 targets but offers soft guidance
Impinj published its Q3 results after yesterday's market close and delivered results that topped Wall Street's targets. The business recorded non-GAAP (adjusted) earnings per share of $0.58 on sales of $96.05 million. Adjusted earnings per share came in $0.08 ahead of the average analyst estimate, and sales topped the target by approximately $3.4 million.
For the current quarter, Impinj is targeting sales between $90 million and $93 million. For comparison, the business posted revenue of $96.1 million in last year's quarter. At the midpoint of its sales guidance range, Impinj is targeting a year-over-year sales decline. Management expects sales volumes for its RFID tags to see a modest decline, and systems revenue is also projected to see a modest dip.
Interest rate news is also weighing on Impinj stock
The Federal Reserve served up a quarter-point reduction for benchmark interest rates at its meeting yesterday, but many growth stocks are seeing a substantial valuation pullback in today's trading. Fed chair Jerome Powell cautioned that the central banking authority may not cut interest rates again when it meets in December and highlighted inflationary risks connected to tariffs and other factors. Impinj and other growth stocks could face additional valuation pressures if it starts to look more likely that the Fed won't cut rates at its next meeting.
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Keith Noonan has positions in Impinj. The Motley Fool recommends Impinj. The Motley Fool has a disclosure policy.
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