Impinj, Inc. (PI) Stock Price & How to Invest
Last updated July 2026
Short answer
You can invest in Impinj (PI) by buying shares or fractional shares at any major broker, or as one holding in a semiconductor or Internet-of-Things themed basket. Impinj is the leading supplier of RAIN RFID chips and reader technology, the wireless system that gives physical items like clothing, packages, and medical supplies a unique digital identity, so the thesis rests on how fast retailers, logistics firms, and healthcare adopt item-level tracking. The single biggest thing to understand is that this is a high-multiple, single-theme growth stock whose revenue is lumpy quarter to quarter as large customers build and draw down chip inventory.
PI stock price
As of 2026-08-25, Impinj, Inc. (PI) last closed at $166.22, down 7.1% over the past year. Over the past 52 weeks it has traded between $91.34 and $241.91.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Impinj, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Impinj, Inc. (PI) do?
Impinj is a Seattle-based semiconductor and software company that builds the core technology for RAIN RFID, the ultra-high-frequency wireless standard used to identify and locate individual physical items. Its platform has two main parts: tiny endpoint ICs (the chips embedded in RFID tags and inlays that go on apparel, parcels, food, and other goods, shipped in the tens of billions per year) and systems products (reader ICs, readers, and gateways that power the antennas which read those tags), plus connectivity software. Partners like Avery Dennison turn Impinj's chips into the inlays and labels that brands actually apply, while reader makers like Zebra Technologies build hardware around Impinj silicon. The company frames its opportunity as enormous: RAIN connected roughly 52 billion items in 2024, which it estimates is only about 0.5% of all connectable items worldwide.
The investment picture in mid-2026 is a growth story working through a bumpy transition. Full-year 2025 revenue was about $361 million with a roughly 52.5% gross margin, and management called 2025 a transition year as it made its newer M800 chip the volume runner and launched its higher-performance Gen2X protocol. Q1 2026 revenue was about $74 million, roughly flat year over year, and the quarter carried a GAAP loss driven partly by an $11.9 million charge tied to convertible notes, though the business still produced small non-GAAP profit and positive adjusted EBITDA. Management then guided Q2 2026 sharply higher (revenue of about $103 million to $106 million), pointing to a strong sequential recovery. That pattern, flat-to-down quarters followed by sharp rebounds, is characteristic of a business whose sales ride large-customer inventory cycles.
What's driving Impinj, Inc. (PI)?
1. Item-level RFID adoption
Impinj's core growth driver is the shift of retail, logistics, healthcare, and food from pilot projects to routine item-level tracking, which expands the number of tagged items every year. Endpoint IC shipments have grown from about 1.6 billion in 2010 to roughly 52.8 billion in 2024, and management estimates that still covers only about 0.5% of connectable items. Each newly tagged category adds a long runway of recurring chip volume.
2. M800 ramp and Gen2X differentiation
During 2025 Impinj made its newer M800 endpoint chip the volume runner and launched Gen2X, a protocol that improves read speed and range on compatible readers. In late 2025 Avery Dennison integrated the M800 and Gen2X across its global inlay lineup, which helps lock in large future chip volume. Staying ahead on chip sensitivity and read performance is how Impinj defends its lead against rival silicon.
3. Systems and software attach
Beyond selling billions of low-priced chips, Impinj sells reader ICs, readers, and gateways plus connectivity software, which carry different margins and deepen customer lock-in. Reader partners such as Zebra optimize their newest hardware for Impinj's Gen2X protocol, expanding the installed base that reads Impinj-tagged items. A larger reader footprint tends to pull through more endpoint chip demand over time.
4. Margin and cash discipline through the cycle
Impinj exited 2025 with record adjusted EBITDA and cash despite volatile revenue, and held a non-GAAP gross margin above 52% in early 2026. Because chip demand arrives in waves tied to customer inventory, disciplined operating expense and inventory management is what keeps the company profitable on a non-GAAP basis in softer quarters. The strong Q2 2026 revenue guide illustrates how quickly operating leverage can swing results back up.
What are the risks to Impinj, Inc. (PI)?
The dominant risk is customer concentration and lumpy demand: a handful of large inlay partners and end customers drive most volume, so an inventory drawdown at one of them can flatten revenue for several quarters, as roughly flat Q1 2026 sales showed. Valuation is a second risk, with the stock trading at a high multiple of sales (around 11x) and no trailing GAAP profit, which leaves little cushion if growth stalls or a quarter disappoints. Competition from NXP Semiconductors in endpoint silicon and from other RFID and tracking technologies could pressure pricing and share. The company also carries convertible debt, which introduced an $11.9 million induced-conversion charge in Q1 2026 and can dilute or complicate the capital structure. Finally, adoption of item-level RFID depends on customer capital spending and macro conditions that Impinj does not control.
What is the Impinj, Inc. (PI) forecast?
8 analysts publish price targets on PI, averaging $176.00 against a $151.36 price as of August 2026, or +16.3%. The published targets run from $144.00 to $200.00, a moderate spread, and the ratings split 6 buy, 2 hold, 0 sell. Over the last six months there have been 4 raises and 3 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.
Read the full PI forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.
Is PI a buy or a sell?
We give no verdict on Impinj, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. Item-level RFID adoption. Impinj's core growth driver is the shift of retail, logistics, healthcare, and food from pilot projects to routine item-level tracking, which expands the number of tagged items every year. The most optimistic published target, $200.00, assumes this works close to its best case.
The case against. The dominant risk is customer concentration and lumpy demand: a handful of large inlay partners and end customers drive most volume, so an inventory drawdown at one of them can flatten revenue for several quarters, as roughly flat Q1 2026 sales showed. The most pessimistic target, $144.00, is roughly what PI is worth if this bites instead.
Read the full bull and bear case on PI, including what would have to change to break either one. Walnut is not an investment adviser.
How is Impinj, Inc. (PI) valued? (approximate, July 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Impinj, Inc.'s investor relations page or your broker.
- Revenue (FY2025): ~$361 million (GAAP gross margin ~52.5%)
- Revenue (Q1 2026): ~$74 million (roughly flat year over year)
- Q1 2026 profitability: GAAP net loss ~$25 million (incl. an ~$11.9 million convertible-note charge); non-GAAP net income ~$4.4 million; adjusted EBITDA ~$3.4 million
- Q2 2026 guidance: Revenue ~$103 million to ~$106 million; non-GAAP EPS ~$0.77 to ~$0.82
- Market cap: ~$4.2 billion (stock ~$129 per share; 52-week range ~$87 to ~$247)
- Valuation: Price-to-sales ~11x; no trailing GAAP profit (TTM EPS negative); no dividend
Figures are approximate and tied to the asOf date; verify live numbers before acting. Impinj trades as a growth stock, so it is valued on a rich multiple of sales rather than earnings, which means the price is sensitive to revenue growth and guidance more than to any single quarter's profit. Analyst 12-month targets in mid-2026 sat well above the recent price (for example Susquehanna near $200 and Barclays near $169 after trims), reflecting optimism on RFID adoption that is a bet on the theme continuing to compound.
Which ETFs hold Impinj, Inc. (PI)?
If you want PI exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.
| ETF | Name | % in PI | Expense ratio | |
|---|---|---|---|---|
| XSD | SPDR S&P Semiconductor ETF | ~2.8% | 0.35% |
Who competes with Impinj, Inc. (PI)?
RAIN RFID chip and silicon rivals
NXP Semiconductors is the main competitor in endpoint ICs with its UCODE family, competing on read range, sensitivity, and price; other RFID silicon and inlay-technology suppliers also vie for tag-chip share. This is where Impinj's technology lead (M800 and Gen2X) most directly translates into volume and pricing power.
Reader hardware and enterprise tracking
Zebra Technologies is both a partner (its readers are optimized for Impinj's Gen2X) and a competitor in the broader enterprise data-capture and reader market, alongside handheld and fixed-reader makers and firms like Alien Technology. These players shape the installed base of devices that read Impinj-tagged items.
Alternative tracking technologies
Barcodes, QR codes, Bluetooth beacons, NFC, and computer-vision tracking are alternative ways to identify and locate items, and each competes for the same tracking budgets. They are not direct RAIN RFID rivals but represent competing approaches customers can choose instead of item-level RFID.
What stocks are similar to Impinj, Inc. (PI)?
Other names that sit close to PI: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in Impinj, Inc. (PI)
There are three common ways to get PI exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (XSD), which spreads the position across many companies. Or build it into a focused thematic portfolio, so PI sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where PI fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Impinj, Inc. (PI)
Impinj is a category-leading but volatile bet on the spread of RAIN RFID item tagging, trading at a rich sales multiple with no trailing profit, so it rewards continued adoption and punishes any air pocket in customer demand; the question is how much of that single-theme swing fits your portfolio, not whether the company leads its niche.
More on Impinj, Inc. (PI)
Whether PI is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is PI a buy or a sell?, and where the stock could go from here in the PI stock forecast.
For income investors, whether PI pays a dividend and how the payout looks is covered in does PI pay a dividend? And to weigh PI against a peer, read the full side-by-side comparisons: PI vs NXPI and PI vs ZBRA.
Wondering how PI fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Impinj, Inc. with AI
Connect the broker you already use and ask Walnut's AI how PI fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
Is PI a good stock to buy right now?
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That depends on your goals, time horizon, and risk tolerance, and this is not investment advice. The bull case is that Impinj leads a large, under-penetrated RAIN RFID market (roughly 0.5% of connectable items tagged), with the M800 chip ramping and strong Q2 2026 guidance. The bear case is a high sales multiple with no trailing profit, lumpy customer demand, and competition from NXP. Weigh both against your portfolio.
What does Impinj actually do?
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Impinj makes the core technology for RAIN RFID, the wireless system that gives individual physical items a unique digital identity. It sells tiny endpoint chips embedded in RFID tags and labels, plus reader chips, readers, and gateways that scan those tags, along with connectivity software. Its chips end up on apparel, parcels, food, and medical supplies through partners that build the actual inlays and labels.
Why is Impinj's revenue and stock so volatile?
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Much of Impinj's revenue comes from selling chips to a concentrated set of large partners and end customers, who build and draw down inventory in waves. That makes quarterly revenue lumpy, with flat or down quarters often followed by sharp rebounds, as the flat Q1 2026 and much higher Q2 2026 guide showed. Because the stock trades on a rich sales multiple, those swings can move the price sharply.
Is Impinj profitable?
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Impinj generated about $361 million in revenue in 2025 with gross margin above 52%, but it has not been consistently profitable on a GAAP basis, and its trailing EPS was negative in mid-2026. It does report non-GAAP profit and positive adjusted EBITDA in many quarters. A Q1 2026 GAAP loss was worsened by an $11.9 million charge tied to convertible notes rather than core operations.
What is RAIN RFID and why does it matter to Impinj?
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RAIN RFID is an ultra-high-frequency wireless standard that lets a reader identify and locate many tagged items at once without line of sight, unlike a barcode. It is the technology retailers and logistics firms use for item-level inventory tracking. Impinj is the leading chip supplier for RAIN, so its growth is tied directly to how widely this tagging spreads across industries.
Who are Impinj's main competitors?
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In endpoint chips its main rival is NXP Semiconductors with the UCODE family. In readers and enterprise tracking, Zebra Technologies is both a partner and a competitor, alongside firms like Alien Technology. More broadly, barcodes, QR codes, Bluetooth, NFC, and computer vision are alternative tracking methods that compete for the same customer budgets.
Does Impinj pay a dividend?
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No. Impinj does not pay a dividend, which is typical for a growth-stage semiconductor company that reinvests cash into research, development, and scaling. Investors in Impinj are generally seeking share-price appreciation from RFID adoption rather than income. Always check the latest company disclosures before assuming any change in capital-return policy.
What are the main risks of investing in PI?
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The central risks are customer concentration and lumpy chip demand, which can flatten revenue for quarters at a time, and a high valuation (price-to-sales around 11x with no trailing GAAP profit) that leaves little room for disappointment. Competition from NXP in chips could pressure pricing, and convertible debt adds capital-structure complexity. Adoption also depends on customer spending and macro conditions outside the company's control.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Impinj, Inc.'s investor relations page or your broker before making investment decisions.