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Tracking Tag Firm Impinj Implodes After Guidance, Large Customers Delays

Shares of RFID solutions provider Impinj (PI) nose-dived after reporting quarterly earnings and guidance for the current quarter. Following the earnings report, research firm Canaccord lowered its price target. The company describes itself as a leading provider of RAIN RFID solutions. RAIN RFID is a wireless technology that connects billions of everyday items to the internet, enabling businesses and consumers to identify, locate, authenticate, and engage each item. The Impinj platform is made up o both hardware and software and uses RAIN RFID to wirelessly connect everyday items to the internet, delivering digital life to the physical world. The company provides solutions to a broad base of industries including retail, healthcare, and logistics. "Impinj is helping companies around the world increase sales, improve efficiencies, and deliver compelling experiences." Impinj went public on July 21 of 2016 and saw its shares rise about 28% on its first day of trading.

EARNINGS: Impinj reported second quarter financial results after the...