The 5 Stocks That Stephen Perkins’ Toronado Partners Can’t Live Without

4. Impinj, Inc. (NASDAQ:PI)

Toronado Partners’ Stake Value: $35,435,000

Percentage of Toronado Partners’ 13F Portfolio: 12.45%

Number of Hedge Fund Holders: 22

Toronado owns 620,245 shares of Impinj, Inc. (NASDAQ:PI) as of the end of September, a position valued at $35.44 million at that time. The fund has owned a position in the company since the final quarter of 2018, during which time the stock has gained over 400%.

A maker of radio-frequency identification chips for tracking and authenticating items, Impinj, Inc. (NASDAQ:PI) is on track to grow revenue by over 30% this year after a disappointing 2020 which was heavily impacted by the pandemic. While this year’s sales growth was against the weaker comps of 2020, it’s nonetheless an impressive rate for a company that trades at just 11x sales.

The current supply chain crisis and the pandemic’s effect on in-store sales are likely to help drive further demand for Impinj, Inc. (NASDAQ:PI)’s chips, shipments of which are already lagging behind demand but which should see improvement in the coming quarters with wafer supplies set to accelerate.