Sonim Technologies (NASDAQ:SONM) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Sonim Technologies (NASDAQ:SONM) from a hold rating to a buy rating in a research note published on Thursday morning, Zacks.com reports. They currently have $8.50 price objective on the stock.

According to Zacks, “Sonim Technologies Inc. provides ultra-rugged mobile phones and accessories. It provides its solutions under categories of ultra-rugged mobile phones based on the Android platform, which are capable of attaching to both public and private wireless networks; industrial-grade accessories and cloud-based software and application services. The company serves construction, energy and utility, hospitality, logistics, manufacturing, public sector and transportation sectors. Sonim Technologies Inc. is based in San Mateo, United States. “

A number of other brokerages have also recently weighed in on SONM. B. Riley began coverage on shares of Sonim Technologies in a research report on Thursday, July 18th. They issued a buy rating and a $17.00 price target for the company. Oppenheimer began coverage on shares of Sonim Technologies in a research report on Tuesday, June 4th. They issued an outperform rating and a $18.00 price target for the company. National Securities raised shares of Sonim Technologies from a neutral rating to a buy rating and set a $17.00 price target for the company in a research report on Tuesday, July 9th. CIBC began coverage on shares of Sonim Technologies in a research report on Tuesday, June 4th. They issued an outperform rating and a $18.00 price target for the company. Finally, Lake Street Capital began coverage on shares of Sonim Technologies in a research report on Tuesday, June 4th. They issued a buy rating and a $19.00 price target for the company. Six analysts have rated the stock with a buy rating, Sonim Technologies presently has a consensus rating of Buy and a consensus target price of $16.25.

Sonim Technologies stock opened at $7.90 on Thursday. The stock’s fifty day moving average price is $10.83. Sonim Technologies has a 12-month low of $7.00 and a 12-month high of $18.26. 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 Monday, June 24th. The company reported ($0.39) earnings per share for the quarter. The company had revenue of $26.48 million for the quarter. As a group, sell-side analysts forecast that Sonim Technologies will post 0.14 earnings per share for the current year.

In other Sonim Technologies news, Director John Kneuer acquired 3,147 shares of the company’s stock in a transaction on Monday, June 10th. The shares were bought at an average cost of $16.98 per share, for a total transaction of $53,436.06. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

A number of hedge funds and other institutional investors have recently bought and sold shares of SONM. Tower Research Capital LLC TRC acquired a new position in Sonim Technologies in the second quarter valued at $175,000. Northern Trust Corp acquired a new position in Sonim Technologies in the second quarter valued at $255,000. Jane Street Group LLC acquired a new position in Sonim Technologies in the second quarter valued at $259,000. Cubist Systematic Strategies LLC acquired a new position in Sonim Technologies in the second quarter valued at $424,000. Finally, Vanguard Group Inc. acquired a new position in Sonim Technologies in the second quarter valued at $1,093,000. Institutional investors 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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