Wireless Technologies Inc (NASDAQ:WISA) stock Make a Bullish Move: here is Why

On Wednesday the Summit Wireless Technologies Inc (NASDAQ:WISA) stock was the centre of focus of many investors despite there being no news about the company.

The stock surged by as much as 17% yesterday to emerge as one of the notable gainers and it is likely that it is going to come on to the radars of many investors this morning. While there was no news about the company, it might be a good move from investors to possibly take a look at Summit’s first quarter results that that were released back in May.

In the first fiscal quarter, the wireless sound technology company managed to generate revenues of as much as $1.2 million, which represented a year on year rise of a staggering 181% from the $0.4 million generated in the prior year period. On the other hand, the gross margins were also boosted from 23.9% in the prior period to 25.65 in the first quarter.

In this regard, it is also important for investors to keep in mind that Summit incurred operating expenses of $3 million and out of that $0.3 million consisted of a non-cash element. It remains to be seen if the stock can continue to hold on to its momentum today.

Market Reaction:

On Wednesday, WISA stock surged 16.95% at $4.07 with more than 3.08 million shares, compared to its average volume of 955k shares. The stock has moved within a range of $3.5000 – 4.2900 after opening the trade at $3.50. Over the past 52-week, the stock has been trading within a range of $1.7200 – 5.6300.