Is Impinj (PI) a Worthy Investment?

Wasatch Global Investors, an asset management company, released its “Wasatch Micro Cap Value Fund” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund fell -3.13%, underperforming its benchmark index, the Russell Microcap Index, which declined -0.48%. Holdings in information technology, consumer discretionary, and zero exposure to the real estate sector were the sources of the fund’s strength in the quarter. In contrast, stock selection in health care and consumer staples and overweight position in industrials dragged the performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Wasatch Global Investors highlighted stocks like Impinj, Inc. (NASDAQ:PI) in the Q3 2022 investor letter. Headquartered in Seattle, Washington, Impinj, Inc. (NASDAQ:PI) provides a platform for cloud connectivity. On December 30, 2022, Impinj, Inc. (NASDAQ:PI) stock closed at $109.18 per share. One-month return of Impinj, Inc. (NASDAQ:PI) was -6.61%, and its shares gained 22.88% of their value over the last 52 weeks. Impinj, Inc. (NASDAQ:PI) has a market capitalization of $2.829 billion.

Wasatch Global Investors made the following comment about Impinj, Inc. (NASDAQ:PI) in its Q3 2022 investor letter:

“Impinj, Inc. (NASDAQ:PI) was also a contributor. The company offers a wireless inventory-management and tracking platform for customers in retail, manufacturing, health care and other areas. It uses tiny radio-frequency identification (RFID) chips to connect, count and track individual items. Earlier in the year, we had maintained our position in Impinj based on our belief that supply constraints, which had been holding the company back, would likely ease. Our research and patience were rewarded in July when better-than-expected quarterly earnings and revenues at Impinj sent its stock price sharply higher.”

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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 the third quarter, which was 18 in the previous quarter.

We discussed Impinj, Inc. (NASDAQ:PI) in another article and shared Alger Capital’s views on the company. In addition, please check out our hedge fund investor letters Q3 2022 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.