Impinj (PI) Fell on Lowered Guidance
Fred Alger Management, an investment management company, released its “Alger Weatherbie Specialized Growth Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. During the quarter, Class A shares of the fund underperformed the Russell 2500 Growth Index. The Healthcare and industrial sectors contributed to the relative performance of the fund in the quarter while Consumer discretionary and Information technology detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Alger Weatherbie Specialized Growth Fund highlighted stocks like Impinj, Inc. (NASDAQ:PI) in the second quarter 2023 investor letter. Headquartered in Seattle, Washington, Impinj, Inc. (NASDAQ:PI) offers a cloud connectivity platform. On September 14, 2023, Impinj, Inc. (NASDAQ:PI) stock closed at $65.26 per share. One-month return of Impinj, Inc. (NASDAQ:PI) was 13.42%, and its shares lost 27.00% of their value over the last 52 weeks. Impinj, Inc. (NASDAQ:PI) has a market capitalization of $1.753 billion.
Alger Weatherbie Specialized Growth Fund made the following comment about Impinj, Inc. (NASDAQ:PI) in its Q2 2023 investor letter:
"Impinj, Inc. (NASDAQ:PI) engages in the development and sale of RAIN, a radio frequency identification solution. Its platform allows inventory management, patient safety, asset tracking and item authentication for the retail, healthcare, supply chain and logistics, hospitality, food and beverage, and industrial manufacturing industries. During the period, shares detracted from performance as the company reported mixed fiscal first quarter results, where earnings fell below analyst estimates due to elevated litigation costs, despite better-than-expected revenue growth. Strong revenues were driven by solid demand and program expansions within endpoint devices. However, management noted near-term shipment delays stemming from prior supply chain disruptions, impacting systems deals and creating uncertainty around endpoint supply. While the company noted their order backlog remains strong, management lowered fiscal second quarter revenue guidance below analyst estimates."
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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, 25 hedge fund portfolios held Impinj, Inc. (NASDAQ:PI) at the end of second quarter which was 28 in the previous quarter.
We discussed Impinj, Inc. (NASDAQ:PI) in another article and shared the list of undervalued technology stocks according to Wall Street analysts. In addition, please check out our hedge fund investor letters Q2 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.
