audriusmerfeldas/iStock via Getty Images Investment Thesis Impinj (NASDAQ:PI) has become a favorite stock amongst investors. And indeed, its Q2 2024 results have been met with a positive nod, as its shares increased by 6% premarket. Nonetheless, I struggle to make its valuation make sense. Case in point, even if we consider the fact that its balance sheet now operates debt-free, I simply don't see the appeal of paying 54x next year's EBITDA. Hence, I remain firmly on the sidelines, and go as far as to conte ...