Positioning no disclosures inside 60 days, left as found
Options put/call open interest 1.85, read 2026-11-08
Ethical does not pass the values gate
Price171.03 USD
Fair value120.55
Ethical score70.0/100
Value readOvervaluedas of 6 Nov 2026
Our investment reviews on this name
2026-11-04Read Markup184.46-7.3% to today Markdown gives way to Markup first Markup read since August
2026-10-22Read Markdown177.84-3.8% to today ✓Accumulation gives way to Markdown after a 7% rise in 6 weeks
2026-09-09Read Accumulation166.22+2.9% to today ✓Markup gives way to Accumulation after a 25% rise in 10 weeks
2026-07-02Read Markup132.77+28.8% to today ✓First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Impinj, Inc. holds its Distribution at $171.03. Consolidating, no directional conviction, held for 2 days.
As held on the ledger · 2026-11-06
Phase
Distribution · caution
Quantitative state
Consolidating, no directional conviction, held for 2 days
Price at the screen
$171.03
Valuation
N/A trailing · 63.24 forward price to earnings
Values screen
FAIL· score 70.0
Beta
1.92
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
55.80%
Below 33%
Interest-bearing debt is 55.8% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
23.32%
Below 33%
Cash held in interest-bearing accounts and securities is 23.3% of assets, under the one-third limit.
Pass
Receivables
21.83%
Below 49%
Money owed to the company is 21.8% of assets, under the 49% limit.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Impinj,'s business is in a permissible area, but its interest-bearing debt is about 56% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-08. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
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Today PI does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Overvalued vs our fair value, as of 6 Nov 2026: it trades above our $120.55 fair value estimate, 16.70% revenue growth.
Fair value range in USD, drawn from the 2026-11-06 screen. The gold marker is the market price at the same screen. The price runs 41.9% above the base estimate.
Third-party analyst targets: 9 covering, consensus Strong Buy. The average target sits +27% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Where our models see it going: fair-value estimate $120.55, with a range of $120.55 to $138.63, dated to the 2026-11-06 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Item trackers priced far beyond their reach
Every warehouse or retail floor that wants to know where every pallet or shirt sits right now relies on radio chips that beam data into the cloud. Impinj supplies the platform that makes that possible across continents. The business sits in a cyclical corner of semiconductors where demand swings hard with capital spending and inventory cycles.
We pass because the shares trade at 49 times forward earnings despite flat revenue and an 8 percent loss margin. The negative 15 percent return on equity shows capital is still being destroyed, not compounded. A cyclical name with zero growth does not justify that multiple, and the 31 percent premium to our fair value leaves no margin for the downturns that always come.
Analysts see higher numbers ahead, yet history shows peak earnings in this industry often coincide with the lowest multiples that later prove expensive. The ethical screen clears, but the numbers do not. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it already moves more than the market on an average day.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
PI trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-04Markup · changed$184.46+3.7%Entry 16
The framework has shifted from markdown to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 3.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 12% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 6%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (8 analysts) rates it none, with a mean price target of $175. Insiders have been net sellers over the past quarter.
2026-10-28Markdown$177.84+0.0%Entry 15
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 12% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 6%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (8 analysts) rates it none, with a mean price target of $175. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-27Markdown$177.84+0.0%Entry 14
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 12% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 6%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (8 analysts) rates it none, with a mean price target of $175. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-26Markdown$177.84+0.0%Entry 13
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 12% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 6%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (8 analysts) rates it none, with a mean price target of $175. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Markdown$177.84+0.0%Entry 12
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it A. Technically it is momentum reading bullish. Over the past year the shares are up 6%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (8 analysts) rates it none, with a mean price target of $175. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-24Markdown$177.84+0.0%Entry 11
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it A. Technically it is momentum reading bullish. Over the past year the shares are up 6%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (8 analysts) rates it none, with a mean price target of $175. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-23Markdown$177.84+0.0%Entry 10
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it A. Technically it is momentum reading bullish. Over the past year the shares are up 6%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (8 analysts) rates it none, with a mean price target of $175. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-22Markdown · changed$177.84+0.0%Entry 9
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is momentum reading bullish. Over the past year the shares are up 6%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (8 analysts) rates it none, with a mean price target of $175. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-21Accumulation$177.84-7.4%Entry 8
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 7.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is momentum reading bullish. Over the past year the shares are up 6%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (8 analysts) rates it none, with a mean price target of $175. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-18Accumulation$192.14+4.5%Entry 7
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 4.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are up 6%. Our forward projection puts the odds of a 10% gain over the next month near 30%. The street (8 analysts) rates it none, with a mean price target of $175. Insiders have been net sellers over the past quarter.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
