Sonim Technologies Inc. (NASDAQ:SONM) jumped 27% last week after revealing its new smartphones accessory. The company unveiled the Klein waterproof headsets and RSMs compatible with the SonimSecureAudio Connector phones, including XP3, XP8, and XP5s.Despite the news, the trigger for the surge was the discovery of retail traders of this meme stock.
Sonim stock traded below a dollar, making it a potential candidate for day traders. There is a lot of chatter about SONM on social media. Accompanying the increasing attention is heavy trading on the stock, with over 61 million shares exchanging hands on Friday compared to the daily average volume of 6.2 million shares.
Investors should know that the company’s focus is developing rigged accessories and devices in the handset market. It creates accessories meant for specific mission-critical tasks, and it produces its own smartphones. Additionally, the company has its own app collection offering workflow services and data to clients. So, in the coming months, SONM is worth keeping an eye on.
Market Reaction:
On Friday, SONM stock moved up 4% at $0.6120 with more than 89.62 million shares, compared to its average volume of 7.65 million shares. The stock has moved within a range of $0.6010 – 0.7345 after opening the trade at $0.67.
