Does Impinj (PI) have a Long-Term Growth Potential?

Wasatch Global Investors, an investment management firm, released its “Wasatch Micro Cap Value Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark during the quarter. The quality-oriented positioning was the main reason for the strategy’s outperformance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Wasatch Micro Cap Value Strategy highlighted stocks like Impinj, Inc. (NASDAQ:PI) in the third quarter 2023 investor letter. Headquartered in Seattle, Washington, Impinj, Inc. (NASDAQ:PI) offers a cloud connectivity platform. On December 22, 2023, Impinj, Inc. (NASDAQ:PI) stock closed at $88.01 per share. One-month return of Impinj, Inc. (NASDAQ:PI) was 6.68%, and its shares lost 21.33% of their value over the last 52 weeks. Impinj, Inc. (NASDAQ:PI) has a market capitalization of $2.381 billion.

Wasatch Micro Cap Value Strategy made the following comment about Impinj, Inc. (NASDAQ:PI) in its Q3 2023 investor letter:

“Impinj, Inc. (NASDAQ:PI) was the strategy’s largest detractor from performance in the quarter. The company, a pioneer in helping develop the “Internet of Things,” provides an infrastructure by which everyday things—such as car parts and even shipping containers—communicate over the internet. Impinj deploys wireless inventory management and tracking platforms for customers in retail, manufacturing, health care and other areas. The company also provides tiny radio-frequency identification chips to connect, count and track individual items. During the past several months, the stock has fallen due to a slowdown in platform deployments and chip orders. The slowdown has occurred because customers had previously stocked up with extra inventory based on fears over Covid-related supply-chain disruptions. Despite the slowdown, we expect deployments and orders to ramp up in 2024. And we still like the company for its long-term growth potential.”

A close-up of a computer monitor showing a complex web of cloud-based technology.

Impinj, Inc. (NASDAQ:PI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held Impinj, Inc. (NASDAQ:PI) at the end of third quarter which was 25 in the previous quarter.

We discussed Impinj, Inc. (NASDAQ:PI) in another article and shared Alger Weatherbie Specialized Growth Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.