Maxim Group Thinks Summit Wireless Technologies’ Stock is Going to Recover

By Ryan Adsit

Maxim Group analyst Jack Vander Aarde reiterated a Buy rating on Summit Wireless Technologies (WISAResearch Report) yesterday and set a price target of $5.00. The company’s shares closed last Monday at $2.65, close to its 52-week low of $1.72.

According to TipRanks.com, Aarde is a 5-star analyst with an average return of 41.1% and a 65.2% success rate. Aarde covers the Technology sector, focusing on stocks such as BIO-key International, WiMi Hologram Cloud, and Avid Technology.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Summit Wireless Technologies with a $5.00 average price target.

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Based on Summit Wireless Technologies’ latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $607K and GAAP net loss of $2.99 million. In comparison, last year the company earned revenue of $419K and had a GAAP net loss of $2.71 million.

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Summit Wireless Technologies, Inc. engages in the manufacture of wireless audio products. It offers semiconductors and wireless modules to consumer electronics companies and also focuses on implementing software licensing business segment. Its products include Summit TX-SD, Summit RX-SD, TX Dev Kit, RX Dev Kit, @RX control board, 30 Watt Amp, DAC board and USB TX. The company was founded on July 23, 2010 and is headquartered in San Jose, CA.