Shares of Impinj (PI 1.96%), an Internet of Things company, were soaring today after the company reported better-than-expected second-quarter results. Impinj beat Wall Street's average estimates for both its top and bottom lines.
As a result, the tech stock was up by 13.2% as of 12:14 p.m. ET.
Impinj reported second-quarter sales of $59.8 million -- up 26.5% from the year-ago quarter -- which easily beat analysts' consensus estimate of $55.1 million. The company's non-GAAP earnings of $0.11 per share were flat year over year, but far outpaced Wall Street's average estimate of a loss of $0.02 per share.
Impinj's co-founder and CEO Chris Diorio said in a press release that the company's revenue and profitability exceeded its guidance and that he expects "demand to remain strong through second-half 2022, as we continue investing in our team, operations and platform."
Investors were likely also reacting to the fact that Piper Sandler analyst Harsh Kumar raised his price target for Impinj's shares to $100 from $80 and kept an overweight rating on the stock.
Kumar mentioned the company's latest results as a reason for the price target increase, as well as the company having "transformative" technologies that will benefit in the near and long term, according to TheFly.com.
Management said that third-quarter non-GAAP earnings will be in the range of $0.15 to $0.20 per share, which was far ahead of Wall Street's consensus estimate of $0.03. And Impinj says sales will be in the range of $63.5 million to $65.5 million, which was above analysts' average estimate of $58.7 million.
With the company's strong second-quarter financial results and third-quarter guidance that was above analysts' consensus estimates, it's not surprising to see this tech stock rising today.