Impinj shares plunge 23.68% after-hours on weak Q1 guidance and Evercore ISI downgrade.

Impinj (NASDAQ: PI) plummeted 23.68% in after-hours trading following disappointing first-quarter guidance and analyst downgrades. The company projected Q1 revenue of $71–74 million, a 2–4% decline from Q4 and significantly below the $90.5 million consensus, citing weak apparel demand and inventory reductions. Despite Q4 revenue and adjusted EPS meeting estimates, CEO Chris Diorio highlighted sector headwinds, including tariffs and slowing RFID adoption. Evercore ISI downgraded the stock to In Line from Outperform and slashed its price target to $112 from $273, citing heightened volatility and revised 2026 revenue forecasts (4% decline vs. prior 26% growth). Piper Sandler also reduced its target to $180 from $230, though maintaining an "Overweight" rating. The sharp sell-off reflects investor concern over near-term growth uncertainty and valuation concerns amid persistent operating challenges.