Impinj is a semiconductor company with strong financial-health scores, recent earnings beats and a cluster of analyst actions, but the price is already at the analyst target, valuation is rich at 62.3x forward earnings, and quality is only 3.6/10.
Thesis pillars
- Thin Margins Moderate Cash↓Deteriorating
- Price At Analyst Target→Stable
- Rich Forward Valuation→Stable
- +2 more pillars — see the Why tab for full reasoning
Pillars as of Nov 1, 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 $180.30: Quality below floor (3.6 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 4.7/10. Specifically: High short interest: 12%; Below-average business quality; Rich valuation.
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 $180.30: Quality below floor (3.6 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 4.7/10. Specifically: High short interest: 12%; Below-average business quality; Rich valuation. Chart setup: RSI 42 mid-range, Bollinger mid-band. Score 4.7/10, moderate confidence.
Passes 6/8 gates (positive momentum, clean insider activity, no SEC red flags, earnings proximity 91d clear, 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 Nov 3, 2026Recent Developments — Impinj, Inc.
Latest news
- NEWS TSC Launches X40 Mobile Computer Featuring Impinj E Family Reader ICs — fiscal.ai Nov 3, 2026 positive
- NEWS Barclays Raises Price Target for Impinj to $217 — fiscal.ai Nov 2, 2026 positive
- NEWS Barclays Maintains Overweight on Impinj, Raises Price Target to $217 — benzinga Nov 2, 2026 positive
- NEWS Jefferies Maintains Buy on Impinj, Raises Price Target to $220 — benzinga Oct 29, 2026 positive
- NEWS Susquehanna Raises Impinj Price Target to $225 — fiscal.ai Oct 29, 2026 positive
Latest item Nov 3, 2026 · Generated 2026-11-05T12:04:09Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
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
Priced at a premium — multiples above sector norms. Needs delivery on growth + margins to justify.static
Unprofitable operations — net margin -2.5%. Quality floor flags this regardless of sector context.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Engine safety override at $180.30: Quality below floor (3.6 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 4.7/10. Specifically: High short interest: 12%; Below-average business quality; Rich valuation. Chart setup: RSI 42 mid-range, Bollinger mid-band. Prior stop was $167.68. Score 4.7/10, moderate confidence.
Analyst target $179.61 reached (−0.4% from $180.30); no take-profit level is published. Prior stop was $167.68. Stop-loss: $167.68.
Target reached (-0.4% upside); Quality below floor (3.6 < 4.0).
Impinj, Inc. trades at a P/E of N/A (forward 63.2). TrendMatrix value score: 3.3/10. Verdict: Sell.
18 analysts rate PI, with a consensus score of 4.1/5. 9 analysts publish price targets averaging $206.
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.