Down 28.6% in 4 Weeks, Here's Why Impinj (PI) Looks Ripe for a Turnaround

Core Viewpoint - Impinj (PI) has experienced significant selling pressure, resulting in a 28.6% decline over the past four weeks, but analysts anticipate better earnings than previously expected, indicating a potential turnaround for the stock [1]. Technical Analysis - The Relative Strength Index (RSI) is utilized to determine if a stock is oversold, with readings below 30 indicating oversold conditions [2]. - Currently, PI's RSI is at 28.81, suggesting that the heavy selling may be exhausting itself and a price reversal could be imminent [5]. Fundamental Analysis - There has been a strong consensus among sell-side analysts to raise earnings estimates for PI, leading to a 264% increase in the consensus EPS estimate over the last 30 days, which typically correlates with price appreciation [7]. - PI holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further supporting the potential for a near-term turnaround [8].