Shares of Impinj (NASDAQ:PI) spiked 26.5% in January, according to data provided by S&P Global Market Intelligence. Most of those gains came after the company released preliminary fourth-quarter results that were far above its previous guidance.
Impinj, which provides radio frequency identification solutions, said toward the beginning of January that its fourth-quarter sales would exceed $36 million. The company's prior guidance on that metric had been that it would land between $26.5 million and $28.5 million.
The preliminary fourth-quarter sales figure also easily outpaced Wall Street's consensus estimate of $27.8 million.
Impinj's management didn't update their guidance for any other metrics, but the higher-than-expected preliminary sales figure was more than enough good news for investors to send the company's stock rallying.
Investor optimism was also boosted by two analysts who increased their price targets on the tech stock. Craig Hettenbach of Morgan Stanley raised the firm's price target to $53 from $38, and James Ricchiuti of Needham raised his target to $61 from $30. Both of those shifts followed the company's preliminary fourth-quarter sales figure news.
Impinj will release its final fourth-quarter results on Thursday, and investors have remained upbeat. The company's share price has climbed nearly 18% so far in February. With Impinj's revenue expected to be far ahead of the management's previous guidance, it's likely the company's other quarterly figures will be ahead of expectations as well.