Summit Wireless Technologies (NASDAQ:WISA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, Zacks.com reports.
According to Zacks, “Summit Wireless Technologies Inc. is a provider of immersive, wireless sound technology for intelligent devices and next generation home entertainment systems. It delivers seamless, dynamic audio experiences for high-definition content, including movies and video, music, sports, gaming/esports and more. The company operates primarily in Taiwan, China, Japan and Korea. Summit Wireless Technologies Inc., formerly known as Summit Semiconductor, Inc., is headquartered in San Jose, CA. “
A number of other brokerages also recently commented on WISA. Maxim Group restated a “buy” rating and set a $6.00 price objective on shares of Summit Wireless Technologies in a research note on Friday, January 22nd. HC Wainwright boosted their price target on Summit Wireless Technologies from $3.50 to $5.50 and gave the stock a “buy” rating in a research report on Wednesday, January 13th.
Summit Wireless Technologies (NASDAQ:WISA) last issued its quarterly earnings data on Monday, March 15th. The company reported ($0.32) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.36) by $0.04. Summit Wireless Technologies had a negative return on equity of 407.13% and a negative net margin of 791.48%.
Institutional investors have recently made changes to their positions in the company. Squarepoint Ops LLC acquired a new position in shares of Summit Wireless Technologies in the 4th quarter valued at $39,000. B. Riley Wealth Management Inc. acquired a new stake in Summit Wireless Technologies during the 4th quarter worth about $41,000. Renaissance Technologies LLC acquired a new stake in Summit Wireless Technologies during the 4th quarter worth about $87,000. Virtu Financial LLC acquired a new stake in Summit Wireless Technologies during the 4th quarter worth about $116,000. Finally, Credit Suisse AG acquired a new stake in Summit Wireless Technologies during the 4th quarter worth about $129,000. Institutional investors and hedge funds own 1.51% of the company’s stock.
About Summit Wireless Technologies
Summit Wireless Technologies, Inc develops wireless audio integrated circuits for home entertainment and professional audio markets in the United States, Europe, and the Asia Pacific. It offers TX modules for integration into televisions, audio-visual receivers, media hubs, and USB or HDMI dongles; and speaker systems.
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