Sonim Technologies (NASDAQ:SONM) Shares Down 6.3%

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Sonim Technologies Inc (NASDAQ:SONM) shares dropped 6.3% during trading on Wednesday . The stock traded as low as $3.00 and last traded at $3.12, approximately 507,299 shares traded hands during trading. An increase of 220% from the average daily volume of 158,611 shares. The stock had previously closed at $3.33.

SONM has been the topic of several research reports. National Securities upgraded Sonim Technologies from a “neutral” rating to a “buy” rating and set a $17.00 price objective on the stock in a report on Tuesday, July 9th. UBS Group reiterated an “outperform” rating and issued a $6.00 price target (down from $18.00) on shares of Sonim Technologies in a report on Wednesday, September 11th. Zacks Investment Research upgraded Sonim Technologies from a “sell” rating to a “hold” rating in a report on Friday. B. Riley cut their price target on Sonim Technologies from $18.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Finally, CIBC initiated coverage on Sonim Technologies in a report on Tuesday, June 4th. They issued an “outperform” rating and a $18.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $13.36.

The company’s fifty day simple moving average is $7.30. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.25 and a quick ratio of 1.53.

Sonim Technologies (NASDAQ:SONM) last announced its quarterly earnings results on Wednesday, July 24th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.02). The firm had revenue of $43.75 million during the quarter, compared to analyst estimates of $42.60 million. Analysts expect that Sonim Technologies Inc will post -0.54 EPS for the current year.

Institutional investors and hedge funds have recently modified their holdings of the business. Tower Research Capital LLC TRC acquired a new stake in Sonim Technologies during the 2nd quarter worth about $175,000. Northern Trust Corp acquired a new stake in Sonim Technologies during the 2nd quarter worth about $255,000. Jane Street Group LLC acquired a new stake in Sonim Technologies during the 2nd quarter worth about $259,000. Cubist Systematic Strategies LLC acquired a new stake in Sonim Technologies during the 2nd quarter worth about $424,000. Finally, Vanguard Group Inc. acquired a new stake in Sonim Technologies during the 2nd quarter worth about $1,093,000. 46.28% of the stock is owned by 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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