Shares of IMPINJ Inc. (NASDAQ:PI) fell 10.7% on Monday despite a lack of company-specific news. Rather, Impinj's recent gains and a broader decline in tech stocks appear to be the primary culprits for the radio-frequency identification specialist's drop today.
This move isn't entirely out of character for the stock. Shareholders have enjoyed at least two similar no-news pops over the past two months on the heels of Impinj's better-than-expected first-quarter report in early May. Also, Impinj has more than doubled since hitting its 52-week low following a steep sell-off in February, leaving some investors tempted to take profits off of the table.
Impinj is slated to release second-quarter 2018 results next Monday, August 6, 2018, after the market close. When that happens, investors should be watching closely to see if an ongoing inventory correction from the company's partners was mostly resolved -- as management predicted during last quarter's call -- by the end of the first half of the year. If that happens, according to CEO Chris Diorio, it will mark a "turning point" for the business as they work to regain sustained, profitable growth.