Impinj (PI) Stock Closed Sharply Higher on Strong Q2 Results

NEW YORK (TheStreet) -- Shares of Impinj (PI) jumped 20.82% to $27.57 on heavy trading volume on Thursday after the company posted better-than-expected results for the 2016 second quarter.

After yesterday's closing bell, the Seattle-based radio frequency identification provider reported adjusted earnings of 6 cents per share, which topped analysts' estimates of 2 cents per share.

Revenue for the quarter jumped 36% year-over-year to $26 million and beat Wall Street's expectations of $25.3 million.

For the third quarter, Impinj sees earnings per share in the range of one penny to 9 cents on revenue of $27.4 million to $28.9 million. Analysts are looking for earnings of 4 cents per share on revenue of $26.8 million for the period.

"We see a massive and growing market opportunity for our offerings and, with the successful completion of our IPO, we have expanded our available capital and will continue to execute our strategy to further capitalize on this exciting growth opportunity," CEO Chris Diorio said in a statement.

Pacific Crest raised its price target on the stock to $29 from $24 and reiterated its "overweight" rating earlier today.

The firm said that compared to competitors, Impinj offers "faster growth, strong exposure to secular tailwinds and a stable ramp to profitability."

About 2.12 million of the company's shares traded hands on Thursday vs. its 30-day average volume of nearly 425,000 shares.

More from Markets

Goldman to Continue I-Bank Dominance; Netflix Bonds Draw Attention - ICYMI

Goldman to Continue I-Bank Dominance; Netflix Bonds Draw Attention - ICYMI

Texas Instruments CEO Resigns After Violating Code of Conduct

Texas Instruments CEO Resigns After Violating Code of Conduct

Video: Here's How Goldman Sachs May Change Under David Solomon

Video: Here's How Goldman Sachs May Change Under David Solomon

Abbott's Capital Flexibility in Focus Ahead of Earnings Release

Abbott's Capital Flexibility in Focus Ahead of Earnings Release

Markets Close Higher After Fed Chair Powell's Capitol Hill Testimony

Markets Close Higher After Fed Chair Powell's Capitol Hill Testimony