Why Shares of Impinj Dropped Today

Shares of radio-frequency identification solutions provider Impinj (NASDAQ: PI) tumbled on Tuesday despite no company-specific news. The retail industry is in turmoil as temporary store closings become necessary to slow the spread of the novel coronavirus in the U.S. With retail a key growth area for Impinj, the company's results could be severely damaged.

Impinj stock was down 5.8% at 10:50 a.m. EST. It was down as much as 12.5% earlier in the day.

Around 10 billion apparel items annually have RFID tags to help retailers track inventory. The opportunity in apparel retail alone is roughly 80 billion items annually. Outside of apparel, categories like cosmetics, home goods, and food are the areas Impinj sees as ripe for RFID adoption.

Source Fool.com