$3 Billion Hedge Fund’s Top 10 Stock Bets

3. Impinj, Inc. (NASDAQ:PI)

Return since Q1 End: 21.8%

Impinj, Inc. (NASDAQ:PI) reported strong financial results in the first quarter as its revenue and profitability exceeded both Q4 2023 results and Q1 guidance. Impinj, Inc.’s (NASDAQ:PI) revenue increased 9% sequentially to $76.8 million for the first quarter of 2024 from $70.7 million in Q4 of 2023, but weakened by 11% year-over-year from $86.0 million in Q1 2023.

According to the Regulatory filings, Cinctive Capital Management owned 306,964 shares in Impinj, Inc. (NASDAQ:PI) at the end of first quarter of 2024 worth over $39 million, representing 1.83% of the portfolio. Based on the hedge funds database being tracked by Insider Monkey, Point72 Asset Management is a leading shareholder in Impinj, Inc. (NASDAQ:PI) with 459,465 shares worth over $58 million.

Wasatch Micro Cap Value Strategy stated the following regarding Impinj, Inc. (NASDAQ:PI) in its first quarter 2024 investor letter:

“Impinj, Inc. (NASDAQ:PI), a pioneer in helping develop the “Internet of Things,” was also a contributor. The company provides an infrastructure by which items in storage or in transit—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. Early in 2023, the stock fell due to a slowdown in platform deployments and chip orders. The slowdown occurred because customers had previously obtained extra inventory based on fears of Covid-related supply-chain disruptions. More recently, the stock has rebounded on reports of solid revenues and profitability that have exceeded expectations. Additionally, management has expressed optimism that Impinj’s long-term business opportunities remain intact. While our positive assessment of the company is unchanged, we sold some shares because we’ve learned from experience to trim our position on strength and add on weakness.”