Sonim Technologies (NASDAQ:SONM) Trading 4% Higher – Here’s What Happened

Sonim Technologies, Inc. (NASDAQ:SONM) shares were up 4% during trading on Wednesday . The company traded as high as $5.30 and last traded at $5.3540. Approximately 3,589 shares were traded during mid-day trading, a decline of 79% from the average session volume of 17,079 shares. The stock had previously closed at $5.15.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sonim Technologies in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has a consensus rating of “Sell”.

Sonim Technologies Stock Performance

The company has a market cap of $5.58 million, a price-to-earnings ratio of -0.28 and a beta of 1.80. The business has a 50-day moving average price of $4.75 and a 200 day moving average price of $4.55.

Sonim Technologies (NASDAQ:SONM) last issued its quarterly earnings results on Wednesday, April 15th. The company reported ($9.44) earnings per share for the quarter.

Institutional Inflows and Outflows

An institutional investor recently bought a new stake in Sonim Technologies stock. XTX Topco Ltd bought a new position in Sonim Technologies, Inc. (NASDAQ:SONM) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 24,614 shares of the company’s stock, valued at approximately $30,000. XTX Topco Ltd owned approximately 0.14% of Sonim Technologies as of its most recent SEC filing. 3.26% of the stock is owned by hedge funds and other institutional investors.

About Sonim Technologies

Sonim Technologies, Inc (NASDAQ: SONM) is a specialty device manufacturer focused on mission-critical communications. The company designs, develops and markets ultra-rugged mobile handsets, push-to-talk (PTT) devices, accessories and supporting software platforms for customers operating in the most demanding environments. Sonim’s product line emphasizes durability, extended battery life and secure connectivity, tailored to industries where reliable voice and data services are essential.

At the core of Sonim’s offering are its hardened smartphones and PTT devices, engineered to meet or exceed military- and industrial-grade specifications for shock, water, dust and temperature resistance.