What happened
Shares of Impinj (NASDAQ:PI) gained 15.1% in May, according to data from S&P Global Market Intelligence. The gains last month followed a 34.4% rally for the stock in April.
The radio-frequency-identification (RFID) specialist saw its valuation depressed to the range of a two-year low amid sell-offs spurred by the novel coroanvirus pandemic in March, but shares bounced back thanks to better-than-expected first-quarter results in April and recovery for the broader market. The market's rebound continued to lift Impinj stock last month, and its shares are now up roughly 14% year to date.
Image source: Getty Images.
So what
Impinj stock climbed roughly 78% across 2019's trading thanks to generally encouraging earnings results and a promising outlook for RFID chips. The company's growth-dependent valuation put its stock in position for substantial declines if unexpected challenges emerged.
Conditions created by the novel coronavirus pandemic prompted big sell-offs for the stock beginning late in February, but the first-quarter results Impinj published on April 27 showed that the business had proved more resilient than many analysts had anticipated. May saw investors become more bullish about the economy bouncing back, and the improving outlook on the heels of strong quarterly results helped power gains for the company's share price.
Now what
Impinj stock has continued to see strong momentum in June's trading, with shares up roughly 12% in the month so far.
Because of uncertainties created by the novel coronavirus pandemic, Impinj opted not to give specific sales or earnings guidance when it reported first-quarter results at the end of April. The semiconductor company anticipated that it would face reduced demand for endpoint integrated circuits and systems in the near term. At the time of its first-quarter report, management noted that year-to-date second-quarter bookings were down roughly 21%, but the team also noted that it expected demand to recover as the world emerged from challenges stemming from the coronavirus.
Impinj has a market capitalization of $656.5 million and is valued at roughly 4.6 times the average analyst target for this year's sales.
"last" - Google News
June 07, 2020 at 07:19AM
https://ift.tt/3f1egUf
Why Impinj Stock Climbed 15.1% Last Month - Motley Fool
"last" - Google News
https://ift.tt/2rbmsh7
https://ift.tt/2Wq6qvt
Bagikan Berita Ini
0 Response to "Why Impinj Stock Climbed 15.1% Last Month - Motley Fool"
Post a Comment