Tracking-chip maker Impinj raised its fourth-quarter sales guidance ahead of a Wall Street conference on Wednesday. PI stock initially jumped on the news but later retreated.
The Seattle-based company said it expects December-quarter revenue to exceed $76 million, up at least 23% year over year. It previously forecast sales of $71.5 million to $73.5 million. Analysts polled by FactSet were looking for fourth-quarter sales of $73.1 million.
Impinj announced its preliminary fourth-quarter revenue late Tuesday ahead of its participation at the 25th Annual Needham Growth Conference. Meanwhile, the company plans to release its financial results for the December quarter and full-year 2022 on Feb. 8.
On the stock market today, PI stock jumped as much as 8.4% in early trades. But it ended the regular session down 0.6% to 117.50.
PI Stock On Leaderboard List
Impinj stock is on IBD's Leaderboard list and Tech Leaders list.
Impinj makes tiny tracking chips that can connect items to the internet cloud for customers in retail, transportation, logistics and other industries. Further, it uses a wireless technology called Rain RFID, which stands for radio-frequency identification. The Rain flavor of RFID also derives its name from radio-frequency identification.
PI stock is tied for second place out of 34 stocks in IBD's fabless semiconductor industry group, according to IBD Stock Checkup. Also, it has an IBD Composite Rating of 95 out of 99.
On Oct. 27, PI stock broke out of a 10-week consolidation period at a buy point of 99.10, according to IBD MarketSmith charts. It notched an all-time high of 129.02 on Dec. 2.
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