Russell 2000 stock Impinj attracted attention in early trade Wednesday after raising its earnings and revenue guidance well above consensus views.
The Seattle-based chipmaker late Tuesday lifted its fourth-quarter revenue projection to above $70 million, vs. FactSet consensus of $67.5 million. It raised its guidance for earnings before interest, taxes, depreciation and amortization to above $2.5 million. Forecasts projected less than $700,000.
Impinj makes tiny tracking chips that can connect items to the internet cloud for customers in retail, transportation, logistics and other industries. Further, it uses a wireless technology called Rain RFID, which stands for radio-frequency identification. The Rain flavor of RFID also derives its name from radio-frequency identification.
The stock rocketed 11% to trade near the top of the Russell 2000 in Wednesday's premarket trade. Impinj shares have been mired in consolidation since selling off after delivering an outlook that was bell below views. That stock is up 33% from a October low, and pulled back in a test of support at its 200-day moving average. Shares jumped 14% early Wednesday, in a move that would hoist the stock to its highest level since June.
Impinj plans to report fourth-quarter results late on Feb. 8.
A couple of biotechs also traded high among Russell 2000 stocks in early action. Twist Bioscience jumped more than 3% after Goldman Sachs upgraded the Russell 2000 stock. Evolus also took a 3% leap after preliminary Q4 results topped analyst expectations.
Goldman raised Twist to a buy, from neutral, and raised the stock's price target to 45, from 25. The analyst based the upgrade on Twist's Express Genes service, which claims to halve the time it takes to manufacture and deliver DNA. Twist shares are up 150% from a November low, ending Tuesday's session neatly poised at their 21-day exponential moving average.
YOU MAY ALSO LIKE:
IBD Live: Learn And Analyze Growth Stocks With The Pros
Get Free IBD Newsletters: Market Prep | Tech Report | How To Invest
