Why Shares of Impinj Are Up Today

Shares of radio-frequency identification solutions provider Impinj (NASDAQ: PI) surged on Thursday. There was no news driving the rally. With the stock down nearly 50% since late June as of close on Wednesday, shares may have simply fallen too far too fast. At 2:30 p.m. EDT, Impinj stock was up about 11.5%.

Impinj has taken a tumble over the past couple of months. An analyst downgrade knocked down the stock in June, but the company's second-quarter earnings report earlier this month has been the main driver. While Impinj beat analyst estimates for revenue and earnings, it was forced to slash its guidance due to customer delays.

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Source: Fool.com