Shares of Impinj (NASDAQ:PI) rose 23.5% in June 2018, according to data from S&P Global Market Intelligence. The radio-frequency identification specialist didn't have much news to share, but the stock soared anyhow as Impinj's positive market momentum carried the day.
The largest one-day surge in June delivered a 13.4% jump on absolutely no new news about the RFID market in general or Impinj in particular. Later on, analyst firm Piper Jaffray kept the good times rolling with a bullish analyst note and a higher target price on the stock.
But the bigger story here is how Impinj is bouncing back from a way too steep sell-off in February. Share prices have more than doubled over the last 5 months and recovered all the way to a modestly positive return in 2018 as a whole.
Impinj's management expects a return to revenue growth in next month's second-quarter report. In general, the RFID market should spring back to life in the second half of 2018 as manufacturing bottlenecks are cured and major clients have burned through their oversupplies of endpoint chips.
In a sector where many investors left Impinj for dead, based on a short-lived downturn, it's no surprise to see the stock spring back to life very quickly. The surge didn't even need to be supported by any actual news -- a marked lack of bad news was enough in June.