Sonim Technologies Inc’s (NASDAQ:SONM) Lock-Up Period Will Expire Tomorrow

Sonim Technologies’ (NASDAQ:SONM) lock-up period will expire on Wednesday, November 6th. Sonim Technologies had issued 3,571,429 shares in its initial public offering on May 10th. The total size of the offering was $39,285,719 based on an initial share price of $11.00. Shares of the company owned by major shareholders and company insiders will be eligible for trade following the expiration of the lock-up period.

A number of equities research analysts recently issued reports on the company. Oppenheimer lowered Sonim Technologies from an “outperform” rating to a “market perform” rating and set a $6.00 target price on the stock. in a research report on Thursday, October 31st. Zacks Investment Research raised Sonim Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, October 30th. B. Riley dropped their target price on Sonim Technologies from $18.00 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. National Securities raised Sonim Technologies from a “neutral” rating to a “buy” rating and set a $17.00 target price on the stock in a research report on Tuesday, July 9th. Finally, UBS Group reaffirmed an “outperform” rating and set a $6.00 price target (down previously from $18.00) on shares of Sonim Technologies in a research report on Wednesday, September 11th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Sonim Technologies presently has an average rating of “Buy” and a consensus price target of $11.64.

NASDAQ:SONM opened at $2.23 on Tuesday. Sonim Technologies has a twelve month low of $2.16 and a twelve month high of $18.26. The business’s 50 day moving average is $2.95. The company has a current ratio of 2.25, a quick ratio of 1.53 and a debt-to-equity ratio of 0.37.

Sonim Technologies (NASDAQ:SONM) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.30) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.16). The business had revenue of $28.85 million during the quarter, compared to analysts’ expectations of $31.25 million. Research analysts forecast that Sonim Technologies will post -0.54 EPS for the current fiscal year.

In related news, major shareholder Brc Partners Opportunity Fund, purchased 25,500 shares of the stock in a transaction on Wednesday, October 30th. The shares were purchased at an average price of $2.23 per share, with a total value of $56,865.00.

Hedge funds and other institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC bought a new position in shares of Sonim Technologies during the 2nd quarter worth approximately $175,000. Oppenheimer & Co. Inc. bought a new position in shares of Sonim Technologies during the 3rd quarter worth approximately $181,000. Northern Trust Corp bought a new position in shares of Sonim Technologies during the 2nd quarter worth approximately $255,000. Jane Street Group LLC bought a new position in shares of Sonim Technologies during the 2nd quarter worth approximately $259,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Sonim Technologies during the 2nd quarter worth approximately $424,000. Institutional investors own 45.37% 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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