Sonim Technologies Inc (NASDAQ:SONM)’s stock price dropped 46.7% on Tuesday . The company traded as low as $3.67 and last traded at $3.76, approximately 1,287,657 shares changed hands during trading. An increase of 781% from the average daily volume of 146,133 shares. The stock had previously closed at $7.06.
Several equities analysts have recently weighed in on SONM shares. Lake Street Capital began coverage on shares of Sonim Technologies in a research note on Tuesday, June 4th. They set a “buy” rating and a $19.00 price target for the company. Zacks Investment Research raised shares of Sonim Technologies from a “hold” rating to a “buy” rating and set a $8.50 price objective on the stock in a research report on Thursday, August 22nd. Oppenheimer initiated coverage on shares of Sonim Technologies in a report on Tuesday, June 4th. They set an “outperform” rating and a $18.00 target price for the company. B. Riley started coverage on shares of Sonim Technologies in a report on Thursday, July 18th. They set a “buy” rating and a $17.00 target price for the company. Finally, National Securities raised shares of Sonim Technologies from a “neutral” rating to a “buy” rating and set a $17.00 target price for the company in a research report on Tuesday, July 9th. Six research analysts have rated the stock with a buy rating, Sonim Technologies currently has an average rating of “Buy” and a consensus price target of $16.25.
The company has a quick ratio of 1.53, a current ratio of 2.25 and a debt-to-equity ratio of 0.37. The firm’s 50-day moving average price is $8.81.
Several large investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC bought a new stake in shares of Sonim Technologies during the 2nd quarter worth approximately $175,000. Northern Trust Corp bought a new stake in Sonim Technologies during the second quarter worth $255,000. Jane Street Group LLC acquired a new stake in Sonim Technologies in the second quarter valued at $259,000. Cubist Systematic Strategies LLC acquired a new stake in Sonim Technologies in the second quarter valued at $424,000. Finally, Vanguard Group Inc. acquired a new stake in Sonim Technologies in the second quarter valued at $1,093,000. 46.28% of the stock is currently owned by hedge funds and other institutional investors.
About Sonim Technologies (NASDAQ:SONM)
Sonim Technologies, Inc provides ruggedized mobile phones and accessories for task workers. It offers ruggedized mobile phones, such as Sonim XP8, Sonim XP5s, and Sonim XP3 based on the Android platform that are capable of attaching to public and private wireless networks; industrial-grade accessories, including remote speaker microphones, multi-bay charging accessories, and in-vehicle hands-free voice communications solutions; and cloud-based software and application services.
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