5 Oversold NASDAQ Stocks to Buy

4. Impinj, Inc. (NASDAQ:PI)

14-day RSI as of July 28: 22.66

Number of Hedge Fund Holders: 28

Seattle, Washington-based Impinj, Inc. (NASDAQ:PI) is a technology company providing RAIN RFID (Radio-frequency identification devices) and software platform. Its offerings enable businesses and people to analyze, optimize, and innovate by wirelessly connecting billions of everyday things — such as apparel, automobile parts, luggage, and shipments — to the Internet.

On July 26, Impinj, Inc. (NASDAQ:PI) released its financial results for Q2 2023. Its revenue increased by 44% y-o-y to $86 million while net loss shrunk by 30% y-o-y to $8 million. The normalized EPS, at $0.33, managed to exceed consensus estimates by $0.02.

Following the earnings release, Roth MKM analyst Scott Searle lowered the price target on Impinj, Inc. (NASDAQ:PI) shares to $105 from $120 while maintaining a ‘Buy’ rating. The target price represents a potential upside of 56.25% based on the share price on July 28.