Impinj is a semiconductor company with positive free cash flow and a pullback in an uptrend, but it trades above the analyst target at a 59.5x forward P/E with modest growth and mixed earnings surprises.
Thesis pillars
- Modest Revenue Growth↑Improving
- Positive But Moderate Fcf→Stable
- Price Above Analyst Target↑Improving
- +2 more pillars — see the Why tab for full reasoning
Pillars as of Oct 24, 2026, based on the 10-K filed Feb 9, 2026
Impinj, Inc. (PI) Stock Analysis
Range Bound setup
Technology · Semiconductors
Sell if holding. Engine safety override at $176.48: Risk below floor (2.8 < 3.0) triggers a hard block regardless of the otherwise-positive setup — overall score 4.3/10. Specifically: High short interest: 12%; Elevated put/call ratio: 1.57; Below-average business quality.
Impinj designs and sells a RAIN IoT platform—endpoint ICs, reader ICs, finished readers, gateways, and tag production systems—enabling wireless item-to-cloud connectivity with over 150 billion items connected to date across retail, supply chain, healthcare, and aviation markets.... Read more
Sell if holding. Engine safety override at $176.48: Risk below floor (2.8 < 3.0) triggers a hard block regardless of the otherwise-positive setup — overall score 4.3/10. Specifically: High short interest: 12%; Elevated put/call ratio: 1.57; Below-average business quality. Chart setup: RSI 45 mid-range, Bollinger mid-band. Score 4.3/10, moderate confidence.
Passes 7/9 gates (positive momentum, clean insider activity, no SEC red flags, news boost analyst 0.70, earnings proximity no date, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio. Suitability: aggressive.
About Impinj, Inc.
About Impinj, Inc.
Three customers—identified as Customer A, B, and C in Impinj's 10-K—accounted for 61% of total revenue in 2025, with Customer A alone representing 34%, a concentration that has persisted across multiple years (28% in 2024, 33% in 2023). Impinj designs endpoint ICs and reader ICs sold as silicon radios at pennies and tens of dollars respectively, finished readers and gateways at hundreds to thousands of dollars, and tag production systems through the Voyantic Oy subsidiary in Finland. The company employed 457 people at December 31, 2025, with 255 in research and development.
Impinj sells endpoint ICs directly to inlay and tag OEMs, reader ICs through distribution to OEM and ODM partners, and readers and gateways through distributors, value-added resellers, and systems integrators. All endpoint IC wafers are manufactured by Taiwan Semiconductor Manufacturing Company (TSMC) in Taiwan, a relationship in place since 2003; all reader IC wafers are also manufactured by TSMC in Asia, a relationship since 2021. Neither arrangement operates under a long-term supply agreement—both are on a purchase-order basis. Readers and gateways are assembled by Plexus Corp. in Asia under annually renewing non-exclusive purchase agreements terminable on 180 days' notice. Primary endpoint IC competitors include NXP B.V., Kiloway, Quanray, and Shanghai Fudan Microelectronics Group; Phychips Inc. and Shanghai Fudan compete in reader ICs.
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The customer concentration risk and foundry dependency compound each other: if Customer A—a single unnamed buyer at 34% of 2025 revenue—reduced purchases, and TSMC simultaneously faced capacity constraints or disruption (for which there is no long-term supply agreement backstop), Impinj would face simultaneous revenue and supply shocks in the same period. The 10-K explicitly flags both as material risks, noting the company relies on a small number of customers for a large share of revenue and obtains products through a limited number of third parties without long-term contracts.
See also: Technology · Semiconductors
From Impinj, Inc.'s most recent 10-K filing, extracted June 11, 2026.
Recent developments
updated 2026-10-29Recent Developments — Impinj, Inc.
Latest news
- NEWS Did Upcoming Earnings Just Shift Impinj Stock's Investment Narrative? - Simply Wall St — Simply Wall St neutral
- NEWS Form 4 Impinj Inc: Arthur L. Valdez Jr (Director) For: 20 October - Investing.com India — Investing.com India neutral
- NEWS Form 4 Impinj Inc: Arthur L. Valdez Jr (Director) For: 20 October - Investing.com Canada — Investing.com Canada neutral
- NEWS Impinj (PI) Expected to Release Quarterly Earnings on Wednesday - MarketBeat — MarketBeat neutral
- NEWS What to expect from Impinj’s (PI) Q3 earnings - Yahoo Finance — Yahoo Finance neutral
Generated 2026-10-29T11:08:51Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
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Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
3 floor-breakers
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
Volatile — 5.5% daily ATR makes tight stops impractical. Position-size conservatively.static
Priced at a premium — multiples above sector norms. Needs delivery on growth + margins to justify.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Engine safety override at $176.48: Risk below floor (2.8 < 3.0) triggers a hard block regardless of the otherwise-positive setup — overall score 4.3/10. Specifically: High short interest: 12%; Elevated put/call ratio: 1.57; Below-average business quality. Chart setup: RSI 45 mid-range, Bollinger mid-band. Prior stop was $164.13. Score 4.3/10, moderate confidence.
Analyst target $159.69 reached (−9.5% from $176.48); no take-profit level is published. Prior stop was $164.13. Stop-loss: $164.13.
Target reached (-9.5% upside); Risk below floor (2.8 < 3.0).
Impinj, Inc. trades at a P/E of N/A (forward 62.9). TrendMatrix value score: 3.3/10. Verdict: Sell.
17 analysts cover PI with a consensus score of 4.1/5. Average price target: $184.
What does Impinj, Inc. do?Impinj designs and sells a RAIN IoT platform—endpoint ICs, reader ICs, finished readers, gateways, and tag production...
Impinj designs and sells a RAIN IoT platform—endpoint ICs, reader ICs, finished readers, gateways, and tag production systems—enabling wireless item-to-cloud connectivity with over 150 billion items connected to date across retail, supply chain, healthcare, and aviation markets. Revenue is highly concentrated: Customer A alone was 34% of total revenue in 2025, with the top three customers at 61%. TSMC manufactures all IC wafers without a long-term supply agreement.