Why Impinj Stock Popped 24.4% in January

Shares of Impinj (NASDAQ: PI) climbed 24.4% in January, according to data from S&P Global Market Intelligence, after an analyst upgraded the tech stock on speculation it could benefit from Walmart's impending ramp of radio-frequency identification (RFID) initiatives.

Impinj climbed as high as 13% on Jan. 22, 2020 alone when Dougherty analyst Charles Anderson reaffirmed his "buy" rating on the stock. Anderson also assigned a $38-per-share price target, pointing to research indicating Walmart will begin using RFID tags to better track inventory and checkout for apparel products later this year.

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Source Fool.com