The stock of Summit Wireless Technologies, Inc. (NASDAQ:WISA) is now priced at $2.28 and the shares are 0.01 points up or 0.44% higher compared to its previous closing price of $2.27. The stock had 1.397 million contracts set over the past session. WISA shares’ daily volume is compared to its average trading volume at 1.133 million shares. However, it has a float of 3.22 million and although its performance was -1.3% over the week, it’s one to watch. WISA share price recently placing at $2.2 to $2.4. However, some brokerage firms have priced the stock below the average, including one that has called $14.
The shorts are running away from the Summit Wireless Technologies, Inc. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the WISA shares have declined. Short interest in the stock represents just 1.24% of its float, but the volume has dropped by -83386. The volume of shorted shares dropped to 39918 from 123304 shares over the last two weeks. The average intraday trading volume has been 869514 shares, which means that days to cover moved to roughly 1.
In the last trading session, Summit Wireless Technologies, Inc. (NASDAQ:WISA) dropped by -$0.03 over the week and gained $0.03 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $26.6. The stock recorded its established 52-week high on 08/22/19.
Since 06/15/20, the stock has traded to a low of $2.12 at 7.55%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Summit Wireless Technologies, Inc.’s two-week RSI is 49.14. This suggests that the stock is neutral at the moment and that WISA shares’ price movement remains stable. The stochastic readings are equally revealing at 35.04% meaning the WISA share price is currently in neutral territory.
The technical chart shows that the WISA stock will likely settle at between $2.39 and $2.49 per share. However, if the stock dips below $2.19, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $2.09.
Currently, the stock is trading in the green of MACD, with a reading of 0.01. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
The average rating for the WISA equity is 2 and is currently gathering a bullish momentum. Of 1 analysts tracking Summit Wireless Technologies, Inc. polled by Reuters, 0 rated WISA as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the WISA stocks P/S ratio currently stands at 0.2below the group’s average of 26.7. Summit Wireless Technologies, Inc. has its P/E ratio at 0, which means that the stock is currently trading at a discount relative to the 5.4 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Summit Wireless Technologies, Inc. (NASDAQ:WISA) will decrease by about -48.91%, which will see them reach $210 million. The company’s full-year revenues are, however, expected to increase by about 25.75%, up from $1.67 million to $2.1 million. WISA’s expected adjusted earnings should drop almost -87.5% to end up at -$0.4 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -75.86% to record -$3.09/share.