Today, investors in Sonim Technologies (NASDAQ:SONM) are certainly cheering the price action with the mobile phone company. Currently, shares of SONM stock have rocketed more than 70% higher on what has turned out to be a very positive day in the markets for investors.
Much of this positive sentiment has to do with the macroenvironment right now. Indeed, it appears the market is anticipating that most of the expected 25 basis point interest rate hike likely to come tomorrow is already priced in. Additionally, concerns around the Russia-Ukraine conflict appear to be out of the purview of dip-buying investors.
Of course, a more than 70% daily move suggests there’s also news with this stock — and there is. However, looking at the broader landscape, it appears investors are keen on taking on risk today. That’s bullish for all stocks, setting a nice backdrop for key rallies in certain names.
It’s also important to note that Sonim Technologies has been on a very aggressive downward trajectory for quite some time. Over the past year, SONM stock has lost approximately 90% of its value. And that’s including today’s rise.
Let’s dive into what investors are watching with Sonim Technologies today.
What’s Driving SONM Stock Higher Today?
Sonim Technologies is a company focused on producing rugged mobile phones. These industrial-grade phones and accessories have been around for some time. They have also been under pressure from the broader market, which appears to be focusing on more innovative niches.
That said, Sonim’s announcement today that its XP8 smartphone will be integrated with the Walkie Talkie in Microsoft’s (NASDAQ:MSFT) Microsoft Teams has investors excited. This integration provides a “secure solution” for frontline workers, something in high demand right now. Investors are hopeful the integration will provide not only time savings but also quality improvements for customers seeking reliability. For Sonim, this is a deal investors appear to have been waiting for — and for some time.
Users will be able to access the Walkie Talkie Teams function on the XP8 through a single push of a button. As such, improving ease of use and enhancing the company’s overall offering has made SONM stock intriguing for investors today.
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On the date of publication, Chris MacDonald did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.