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Impinj (PI) Soars 9.8%: Is Further Upside Left in the Stock?

Impinj (PI) shares soared 9.8% in the last trading session to close at $124.59. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 9.9% gain over the past four weeks.

Impinj extended its rally, driven by the successful settlement of its patent disputes with NXP Semiconductors. Both the companies have entered a new Settlement and Patent Cross-License agreement according to which all ongoing legal actions will be terminated. Also, the agreement states that both the parties should release each other from any patent infringement claims.

This provider of radio frequency identification products is expected to post quarterly earnings of $0.10 per share in its upcoming report, which represents a year-over-year change of -66.7%. Revenues are expected to be $73.57 million, down 14.4% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

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For Impinj, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on PI going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Impinj belongs to the Zacks Electronics - Semiconductors industry. Another stock from the same industry, Advanced Micro Devices (AMD), closed the last trading session 4% lower at $187.06. Over the past month, AMD has returned 9%.

Advanced Micro's consensus EPS estimate for the upcoming report has changed -1.1% over the past month to $0.60. Compared to the company's year-ago EPS, this represents no change. Advanced Micro currently boasts a Zacks Rank of #3 (Hold).

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