Sonim Technologies’ (NASDAQ:SONM) quiet period will expire on Wednesday, June 19th. Sonim Technologies had issued 3,571,429 shares in its IPO on May 10th. The total size of the offering was $39,285,719 based on an initial share price of $11.00. During the company’s quiet period, insiders and any underwriters that worked on the IPO are restricted from issuing any research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the end of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.
Several brokerages have commented on SONM. 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 on the stock. 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 on the stock. 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 on the stock. Finally, National Securities began coverage on shares of Sonim Technologies in a research report on Monday. They issued a “neutral” rating and a $16.13 price target on the stock.
NASDAQ SONM opened at $16.92 on Wednesday. Sonim Technologies has a 1 year low of $9.66 and a 1 year high of $18.26.
In related news, Director John Kneuer acquired 3,147 shares of the business’s stock in a transaction on Monday, June 10th. The shares were purchased at an average price of $16.98 per share, for a total transaction of $53,436.06. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Robert Plaschke sold 30,000 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $10.23, for a total value of $306,900.00. The disclosure for this sale can be found here.
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Sonim Technologies Company Profile
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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