Sonim Technologies Inc (NASDAQ:SONM) Receives Consensus Recommendation of “Buy” from Brokerages

Sonim Technologies Inc (NASDAQ:SONM) has been given a consensus rating of “Buy” by the six ratings firms that are currently covering the stock, MarketBeat.com reports. Six analysts have rated the stock with a buy rating. The average 1 year target price among brokers that have issued a report on the stock in the last year is $16.25.

SONM has been the subject of several recent analyst reports. 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 note on Tuesday, July 9th. CIBC initiated coverage on shares of Sonim Technologies in a research note on Tuesday, June 4th. They issued an “outperform” rating and a $18.00 target price for the company. B. Riley initiated coverage on shares of Sonim Technologies in a research note on Thursday, July 18th. They issued a “buy” rating and a $17.00 target price for the company. Zacks Investment Research raised shares of Sonim Technologies from a “hold” rating to a “buy” rating and set a $8.50 target price for the company in a research note on Thursday. Finally, Lake Street Capital initiated coverage on shares of Sonim Technologies in a research note on Tuesday, June 4th. They issued a “buy” rating and a $19.00 target price for the company.

NASDAQ:SONM traded down $0.19 on Thursday, reaching $8.48. The stock had a trading volume of 545 shares, compared to its average volume of 109,714. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.25 and a quick ratio of 1.53. The stock’s 50-day moving average price is $10.99. Sonim Technologies has a 12-month low of $7.00 and a 12-month high of $18.26.

Sonim Technologies (NASDAQ:SONM) last issued its earnings results on Monday, June 24th. The company reported ($0.39) earnings per share (EPS) for the quarter. The business had revenue of $26.48 million for the quarter. As a group, equities analysts expect that Sonim Technologies will post 0.14 earnings per share for the current year.

In related news, Director John Kneuer purchased 3,147 shares of Sonim Technologies stock in a transaction dated Monday, June 10th. The stock was bought at an average price of $16.98 per share, for a total transaction of $53,436.06. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. B. Riley Financial Inc. bought a new position in Sonim Technologies in the 2nd quarter worth about $28,168,000. Wasatch Advisors Inc. acquired a new position in Sonim Technologies during the 2nd quarter worth about $8,113,000. BlackRock Inc. acquired a new position in Sonim Technologies during the 2nd quarter worth about $2,083,000. Russell Investments Group Ltd. acquired a new position in Sonim Technologies during the 2nd quarter worth about $1,210,000. Finally, Essex Investment Management Co. LLC acquired a new position in Sonim Technologies during the 2nd quarter worth about $1,209,000. Institutional investors and hedge funds own 18.41% of the company’s stock.

About Sonim Technologies

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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Analyst Recommendations for Sonim Technologies (NASDAQ:SONM)

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