Home Top Movers Why Summit Wireless Technologies, Inc. (WISA) stock is Going high today?

Why Summit Wireless Technologies, Inc. (WISA) stock is Going high today?

Summit Wireless Technologies, Inc. (WISA) stock, a wireless sound technology company, provided an update for its first quarter ended March 31, 2021, today on May 12, 2021, after which the WISA stock price saw an uptrend of 13.18% to reach $2.92 a share at the time of this writing. Before this financial update, WISA stock recorded a loss of 1.53% at the previous closing. Let’s briefly discuss the recently announced financial results of Summit stock.

Get the hottest stocks to trade every day before the market opens 100% ‎free. Click here now. 

First Quarter Financial Highlights:

  • Summit Wireless generated $1.2 million in the first quarter of 2021 which is breathtaking 181% higher than $0.4 million in the same tenure of the prior year.
  • The gross margin for WISA stock moved from 15.3% in Q1 2020 to 25.6% in Q1 2021. This gross margin was  23.9% in Q4 of 2020.
  • WISA stock spent $3.0 million in operating expenses in which $0.3 million of non-cash charges were also included.
  • As of March 31, 2021, WISA stock had cash and cash equivalents of $9.7 million while these were $7.4 million at the end of December 2020.

Financial Guidance for Second Quarter 2021:

  • Revenue for the second quarter would likely increase by 250+% as compared to the second quarter of 2020.
  • The gross margin for WISA stock is expected to improve sequentially.
  • $3.1 million operating expenses are estimated for the Q2 of 2020 which also include $0.4 million of non-cash charges.

Summit Developments & Future Growth:

Summit’s increase in sales revenue reflects the introduction of new products to market and effective marketing over the year. Due to WISA’s continued marketing efforts, the website traffic has exceeded the guidance with 139,000 visitors in the first quarter of 2021 which is34,000 higher than the first quarter of 2020.


3 Tiny Stocks Primed to Explode The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.

We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.

Click here for full details and to join for free

Sponsored


Read More

Many leading brands have featured Summit’s sound technology by launching new products. The WISA stock is anticipating two more TV brands later this year in addition to enhancement in SoundSend via a software update, initially available in the U.K and Japan. Furthermore, Summit management is planning to open a WiSA Amazon store soon in the future.

Get the hottest stocks to trade every day before the market opens 100% ‎free. Click here now. 

Conclusion:

Investors are responding to the positive financial update for the first quarter of 2021 announced by the WISA stock today. The guidance for the second quarter and future plans show that the 2021 year would prove to be a breakout year for WISA stock. Hence it can be a good bet for investors in the long run.

 

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

Must Read

IT Tech Packaging Inc. (ITP) stock gains during pre-market. Here’s what’s happening?

IT Tech Packaging Inc. (NASDAQ: ITP) stock gained by 7.53% at last close while the ITP stock price rises by 2.04% in the pre-market...

Why did The9 Limited (NCTY) stock turnaround in the after-hours on Friday?

The9 Limited (NCTY) shares gained 6.87% in after-hours on Friday, July 30, 2021, and closed the weekly trading at $11.98 per share. in the...

Energous Corporation Inc. (WATT) stock declines during after-market. Here’s to know why?

Energous Corporation Inc. (WATT) stock gained by 7.05% at last close whereas the WATT stock price plunged by 7.82% in the after-hours trading session....

AMAZON Inc. (AMZN) stock fell during after-market. Here’s the update

Amazon Inc. (NASDAQ: AMZN) stock plunged by 0.84% at last close however moving ahead the AMZAN share price also declines by 7.44% in the...

Cocrystal Pharma Inc. (COCP) stock soars during current market. Here’s what you should know

Cocrystal Pharma Inc. (NASDAQ: COCP) stock gains by 17.44% in the current market trading session. Cocrystal Pharma, Inc. is a clinical-stage biotechnology firm focused...

Best Inc. (BEST) stock gains during current market. Here’s the update?

Best Inc. (NASDAQ: BEST) stock rises by 5.45% during the current market. BEST Inc. is a prominent Chinese supplier of comprehensive smart supply chain...

Dolphin Entertainment Inc. (DLPN) stock rises during current market. Let’s find out why?

Dolphin Entertainment Inc. (NASDAQ: DLPN) stock gains by 17.47% to $9.21 today in the current market trading. Dolphin Entertainment is a leading independent entertainment...

General Electric Company Inc. (GE) stock sky-rocketing during pre-market. Here’s what you should know

General Electric Company Inc. (NASDAQ: GE) stock plunged by 2.56% at last close whereas the GE stock price surged massively during pre-market by 704.32%....

Related News

General Electric Company Inc. (GE) stock sky-rocketing during pre-market. Here’s what you should know

General Electric Company Inc. (NASDAQ: GE) stock plunged by 2.56% at last close whereas the GE stock price surged massively during pre-market by 704.32%....

Here is why GreenSky Inc. (GSKY) shares went up on Friday?

GreenSky Inc. (GSKY) shares were jumped 5.63% in after-hours on Friday, July 30, 2021, and closed the weekly trading at $6.94 per share. in...

Here is why OPKO Health Inc. (OPK) stock plunged on Thursday?

OPKO Health Inc. (OPK) shares lost 7.24% in after-hours on Thursday, July 29, 2021, and closed the daily trading at $3.46 per share. in...

Why Electrameccanica Vehicles Corp. (SOLO) stock performed well on Wednesday?

Electrameccanica Vehicles Corp. (SOLO) shares gained 5.71% in after-hours on Wednesday, July 28, 2021, and closed the daily trading at $3.70 per share. in...

Encore Wire Corporation Inc. (WIRE) stock surges during current market. Here’s to know why?

Encore Wire Corporation Inc. (NASDAQ: WIRE) stock gained by 11.10% in the current market trading session. Encore Wire Corporation is a prominent manufacturer of...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

SPECIAL GIFT

WE HAVE A GIFT FOR YOU

Download Free eBook For

7 GROWTH STOCKS FOR 2021

100% free. stop anytime no spam