Summit Wireless Technologies Inc. has agreed to sell 2,040,000 of ordinary shares recently. Summit wireless technologies are the leading provider of intelligent devices and home entertainment systems. On June 9, 2020, it signed the securities purchase agreement thereby, going public. Summit is quite new in the industry but its amazing grasp in technology has helped gain the market very soon. They are currently working with the leading CE brands for providing dynamic audio experiences for HD content.
With the growth in wireless sound technology, many companies like Xbox, Samsung, LG Electronics have collaborated with this San Jose based firm and they are quite optimistic in their future endeavors. This makes your investment safe and you can expect a high rate of returns after the launch. However, just don’t believe in what we say but look for yourself. In the following section, we will give you a brief about the performances of their shares.
How is NASDAQ: WISA performing?
Summit technologies is a very new player in the field. So, it will be very unfair to compare them with big fishes in the pond. However, they can still compete with their cutting-edge technology and vision. Currently (NASDAQ: WISA at https://www.webull.com/quote/nasdaq-wisa), the market cap is only 17.24M and has not performed well for the past four months. Yet it doesn’t mean that they can’t jump back on the ship. While the whole semiconductor business plunged by 0.32%, the change of the share for Summit Technologies is only -1.34%.
But this stint will not last long. If analysts are to be believed, the stock that is priced at $2.24 will rise to more than $2.50 with passing days. The current development and projects in the pipeline will also help the condition of share price in the coming weeks.
Top 3 reasons to invest
- In the technology sector, all enterprises are volatile and you should always invest in a company that is more prone to acquire or invest in new technology. The more the company is likely to invest in the future, the more is your chance to have better returns and earnings.
- Summit Technologies is a key player and supplier to a large electronics industry like Samsung, LG electronics, Xbox, Microsoft, and other major firms. So, you can be assured that with the growth of these big players, your shares in Summit technologies will also surge.
- Lastly, this is a growing company whose share price is pretty good for purchase. So, in this case, you can purchase higher volumes and wait for the return or you can wait for the stock price to rise.
Howsoever, the analysts believe that it is a good investment concerning other players in the technology department and have rated it as a good purchase. You can buy stocks after checking more stock news. Disclaimer: The analysis information is for reference only and does not constitute an investment recommendation.