Traders Buy Large Volume of Call Options on Summit Wireless Technologies (NASDAQ:WISA)

Summit Wireless Technologies, Inc. (NASDAQ:WISA) saw some unusual options trading on Wednesday. Stock investors acquired 3,010 call options on the company. This represents an increase of approximately 2,880% compared to the typical daily volume of 101 call options.

A number of equities analysts recently commented on WISA shares. Maxim Group restated a “buy” rating and issued a $6.00 price objective on shares of Summit Wireless Technologies in a report on Friday, May 14th. Zacks Investment Research downgraded Summit Wireless Technologies from a “hold” rating to a “sell” rating in a report on Tuesday.

NASDAQ:WISA opened at $4.07 on Thursday. The stock has a 50 day moving average price of $4.05. Summit Wireless Technologies has a 52 week low of $1.72 and a 52 week high of $5.63. The firm has a market capitalization of $51.95 million, a P/E ratio of -2.10 and a beta of -0.40. The company has a quick ratio of 3.53, a current ratio of 4.57 and a debt-to-equity ratio of 0.06.

Summit Wireless Technologies (NASDAQ:WISA) last released its quarterly earnings data on Wednesday, May 12th. The company reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.08). The firm had revenue of $1.15 million during the quarter, compared to analyst estimates of $2.00 million. Summit Wireless Technologies had a negative return on equity of 139.67% and a negative net margin of 423.93%. On average, equities analysts predict that Summit Wireless Technologies will post -1.11 earnings per share for the current year.

Institutional investors have recently made changes to their positions in the business. Squarepoint Ops LLC bought a new stake in Summit Wireless Technologies during the fourth quarter worth approximately $39,000. Millennium Management LLC bought a new stake in Summit Wireless Technologies during the first quarter worth approximately $41,000. Northern Trust Corp bought a new stake in Summit Wireless Technologies during the first quarter worth approximately $42,000. Renaissance Technologies LLC bought a new stake in Summit Wireless Technologies during the fourth quarter worth approximately $87,000. Finally, Bank of New York Mellon Corp bought a new stake in Summit Wireless Technologies during the first quarter worth approximately $82,000. 7.65% of the stock is owned by hedge funds and other institutional investors.

About Summit Wireless Technologies

Summit Wireless Technologies, Inc engages in the manufacture of modules which wirelessly transmit and receive audio directly to speakers. Its products include Summit TX-SD, Summit RX-SD, TX Dev Kit, RX Dev Kit, 30 Watt Amp, and DAC board. The company was founded on July 23, 2010 and is headquartered in San Jose, CA.

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