Tracking-chip maker Impinj (PI) soared Thursday after crushing Wall Street’s targets for the third quarter and guiding much higher than views for the current period. PI stock surged nearly 30% on the news.

The Seattle-based company late Wednesday said it earned an adjusted 34 cents a share on sales of $68.3 million in the September quarter. Analysts polled by FactSet expected Impinj earnings of 17 cents a share on sales of $64.7 million. In the year-earlier period, Impinj lost 4 cents a share on sales of $45.2 million.

For the current quarter, Impinj forecast adjusted earnings of 35 cents a share on sales of $72.5 million. That’s based on the midpoint of its outlook. Analysts had been looking for earnings of 18 cents a share on sales of $67.2 million in the fourth quarter. In the year-earlier period, it earned 16 cents a share on sales of $52.6 million.

“Our third-quarter results were strong, with both endpoint IC (integrated circuits) and reader IC revenue setting new quarterly records,” Chief Executive Chris Diorio said in a news release. “We entered the fourth quarter with record backlog and I expect demand to remain strong well into 2023.”

PI Stock Pops After Report

On the stock market today, PI stock catapulted 29.2% to close at 115.30.

Impinj makes tiny tracking chips that can connect items to the internet cloud for customers in retail, transportation, logistics and other industries. It uses a wireless technology called Rain RFID. RFID stands for radio-frequency identification. The Rain flavor of RFID also derives its name from radio-frequency identification.

Impinj Ranks Second In Group

PI stock ranks second out of 33 stocks in IBD’s fabless semiconductor industry group, according to IBD Stock Checkup. It has an IBD Composite Rating of 82 out of 99.

IBD’s Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.

PI stock had been consolidating for the past 11 weeks with a buy point of 99.10, according to IBD MarketSmith charts.

Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.