Sonim Technologies (NASDAQ:SONM) Shares Down 4.2% – Here’s Why

Sonim Technologies, Inc. (NASDAQ:SONM)’s share price dropped 4.2% during mid-day trading on Monday . The stock traded as low as $5.40 and last traded at $5.50. Approximately 32,450 shares changed hands during mid-day trading, a decline of 18% from the average daily volume of 39,651 shares. The stock had previously closed at $5.74.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sonim Technologies in a research note on Wednesday, October 8th. Wall Street Zen lowered shares of Sonim Technologies from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Sonim Technologies presently has a consensus rating of “Sell”.

Sonim Technologies Price Performance

The business’s 50 day moving average price is $10.57 and its 200 day moving average price is $13.17. The stock has a market capitalization of $6.22 million, a P/E ratio of -0.45 and a beta of 1.57.

Sonim Technologies (NASDAQ:SONM) last issued its earnings results on Friday, October 31st. The company reported ($3.86) earnings per share (EPS) for the quarter, missing the consensus estimate of $5.40 by ($9.26). Sonim Technologies had a negative return on equity of 1,627.75% and a negative net margin of 56.48%.The company had revenue of $16.21 million during the quarter, compared to analysts’ expectations of $34.34 million. As a group, analysts forecast that Sonim Technologies, Inc. will post -2.34 earnings per share for the current fiscal year.

Institutional Trading of Sonim Technologies

A hedge fund recently bought a new stake in Sonim Technologies stock. XTX Topco Ltd bought a new stake in Sonim Technologies, Inc. (NASDAQ:SONM) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 24,614 shares of the company’s stock, valued at approximately $30,000. XTX Topco Ltd owned 0.14% of Sonim Technologies as of its most recent filing with the Securities & Exchange Commission. 3.26% of the stock is owned by hedge funds and other institutional investors.

Sonim Technologies Company Profile

Sonim Technologies, Inc provides ruggedized mobile phones and accessories for task workers. The company offers ruggedized mobile phones, such as Sonim XP10, Sonim XP5plus, Sonim XP3plus, and Sonim XP Pro; Sonim mobile hotspot; industrial-grade accessories. It sells its mobile phones and accessories primarily to wireless carriers in the United States and Canada; and sells wireless carrier channels through distribution channels in North America and Europe.