Key Stats for PI Stock
- Price Change for PI stock: -24.57%
- PI Share Price as of Feb. 5: $116.04
- 52-Week High: $247
- PI Stock Price Target: $234.44
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What Happened?
Impinj (PI) stock dropped sharply after the company issued softer-than-expected guidance for the first quarter of 2026, and analysts cut their targets. The company’s fourth-quarter 2025 results were solid because revenue of about $93 million was slightly ahead of expectations, and earnings met consensus.
However, management guided Q1 2026 revenue to a range of $71 million to $74 million, which implies a sequential step down from Q4 and modest year-over-year contraction. Executives cited inventory reductions in logistics and retail channels and some project delays, and these near-term headwinds weighed on sentiment.
Evercore ISI reacted by downgrading Impinj stock from Outperform to In Line and slashed its price target from $273 to $112, and that downgrade amplified the selloff. Other commentary also pointed to a deceleration in expected 2026 revenue growth, because forecasts now call for a small decline instead of strong double-digit expansion.
Despite the guidance cut, Impinj highlighted record adjusted EBITDA of roughly $70 million in 2025 and a margin near 19%, so profitability is tracking its long-term model.
The company also ended 2025 with about $279 million of cash and investments and no dividend, so it has the flexibility to keep investing in growth projects and new chips.
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What the Market Is Telling Us About PI Stock
The steep one-day selloff suggests investors are focused on the weaker 2026 outlook and the possibility that Impinj’s recent growth surge may pause.
Q4 2025 revenue grew only about 1% year over year and full-year revenue slipped around 1%, so the top line already shows signs of cooling. Yet adjusted EBITDA margins reached the high teens in 2025 and improved versus 2024, meaning the company is scaling profitably even as revenue growth slows.
This combination of slower growth but better profitability can lead investors to debate what valuation multiple the stock deserves going forward.
On standard valuation measures, Impinj still trades at elevated multiples versus many semiconductor peers, because the price-to-sales ratio is above 12 and the price-to-book is above 23.
Some external models suggest the shares may be modestly overvalued versus intrinsic value around the low- to mid-$100s, so the recent drop partly narrows that gap.
Those higher targets assume that demand normalizes, margins remain strong, and the company continues to win share in RAIN RFID deployments across key verticals.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
