11 Overlooked Tech Stocks to Invest In

7. Impinj, Inc. (NASDAQ:PI)

Upside Potential: 55.45%

Number of Hedge Fund Holders: 27

Impinj, Inc. (NASDAQ:PI) is one of the overlooked tech stocks to invest in.

Impinj, Inc. (NASDAQ:PI) had its price target raised from $200 to $211 by Barclays on November 5, while maintaining its “Overweight” rating. With grocery deployments gaining momentum, the investment firm cited the company’s “potentially huge opportunity,” particularly after the recent selloff.

Meanwhile, on October 29, Impinj, Inc. (NASDAQ:PI) reported its third-quarter results. The company recorded non-GAAP EPS of $0.58, above the $0.51 consensus. Thanks to record endpoint IC volumes and higher-than-expected reader sales across applications, Impinj’s revenue reached $96.1 million, up 1% YoY. At the same time, large North American and European deployments drove Systems’ sequential revenue surge of 30%.

The quarter also marked record adjusted EBITDA of $19.1 million. Furthermore, the product mix and licensing contributions resulted in improved gross margins. Looking ahead, Impinj, Inc. (NASDAQ:PI) remains well-positioned for growth in e-commerce, food, and grocery markets, with disciplined operating expenses and ongoing investments in Gen2X-enabled solutions. Management also cited strategic leadership hires as another key growth driver.

Impinj, Inc. (NASDAQ:PI) enables the real-time tracking and connection of items for retailers, supply chain operators, and businesses through its RAIN RFID and IoT solutions.