This Fund Bet $20 Million on an IoT Stock Last Quarter. Shares Have Tanked Nearly 50% This Year

Aperture Investors initiated a new position in Impinj (NASDAQ:PI), acquiring 117,118 shares valued at $20.38 million in the fourth quarter, according to a February 17, 2026, SEC filing.

What happened

According to a SEC filing dated February 17, 2026, Aperture Investors established a new position in Impinj, acquiring 117,118 shares during the fourth quarter of 2025. The fund reported a quarter-end holding valued at $20.38 million.

What else to know

• This was a new position for Aperture Investors, LLC and represents 2.33% of its 13F reportable AUM as of December 31, 2025.
• Top holdings after the filing:
  • NYSE:CAVA: $30.05 million (4.2% of AUM)
  • NYSE:BROS: $26.60 million (3.7% of AUM)
  • NYSE:ORA: $25.59 million (3.6% of AUM)
  • NASDAQ:VXUS: $25.58 million (3.6% of AUM)
  • NASDAQ:POWL: $24.45 million (3.4% of AUM)
• As of Thursday, Impinj shares were priced at $91.62, up just 0.4% over the past year and well underperforming the S&P 500’s roughly 20% gain in the same period.

Company overview

Company snapshot

• Impinj offers a cloud connectivity platform, including endpoint ICs, reader ICs, readers, gateways, and related software for item-level wireless identification and tracking.
• The firm generates revenue by selling hardware and software solutions that enable partners and end-users to connect, identify, and manage physical items across various industries.
• It serves retail, supply chain and logistics, aviation, automotive, healthcare, industrial, and other sectors through distributors, system integrators, value-added resellers, and software partners.

Impinj, Inc. is a technology company specializing in wireless item connectivity and identification, enabling businesses to gain real-time visibility into their assets and inventory. The company leverages a scalable platform that integrates hardware and software for wireless item connectivity and identification. Impinj serves a broad customer base across multiple sectors, including retail, supply chain and logistics, aviation, automotive, healthcare, and industrial manufacturing.

What this transaction means for investors

Impinj has had a volatile few months, which you might not necessarily know from the stock’s lackluster return over the past year alone. Shares at one point surged some 250% last year before hitting a rough stretch in the fourth quarter, when Aperture stepped in with its new investment. This year, shares have tumbled close to 50%, largely because the firm spooked investors with a softer-than-expected first-quarter forecast. The firm is projecting revenue of $71 million to $74 million, and a net loss between $15.1 million and $16.6 million. The move sparked a massive one-day decline of about 25%.

It’s unclear, however, how prolonged the softness may be, and within the broader portfolio, this position complements holdings tied to consumer demand and infrastructure spending such as restaurant chains and industrial equipment suppliers. That mix hints at a broader thesis around operational efficiency across industries rather than a narrow bet on consumer technology. And if management is able to turn things around, the recent lull could prove temporary.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Cava Group, Dutch Bros, and Vanguard Total International Stock ETF. The Motley Fool recommends Impinj. The Motley Fool has a disclosure policy.