Summit Semiconductor Inc (NASDAQ: WISA) is having a relatively strong trading session in the market this morning after the company announced that it is continuing its expansion plan by adding two new members to the Wireless Speaker and Audio (WISA) community. Of course, the news excited investors, sending the stock on a run for the top. Today, we’ll talk about:
- The additions of new members to the community;
- what we’re seeing from WISA stock as a result; and
- what we’ll be watching for ahead.
The WISA Community Just Grew Substantially
As mentioned above, Summit Semiconductor is having a strong day in the market today after announcing the addition of two members to the WISA community. In the press release, the company said that Sound United would be returning to the Association’s roster and Eastech will be joining as a member, outlining the significant growth that the Wireless Sound and Audio association has been seeing.
Sound United is a company that is comprised of several main stream and high-end brands. These brands include Denon®, Marantz®, Polk Audio, Classé, Definitive Technology, Polk BOOM, HEOS®, and Boston Acoustics®. Of course, each of these brands offer a unique approach to bringing home theater and music to life. Eastech is also a big win as the total acoustic provider and a manufacturer for top-tier brand names in the consumer electronics arena.
In a statement, Tony Ostrom, President of WISA, had the following to offer:
We are thrilled to welcome back Sound United, who served as one of the founding members of WiSA, and to add Eastech to our diverse member roster… It is an exciting time as we continue to experience unprecedented member growth. These new relationships with Sound United and Eastech are important steps in furthering the adoption and availability of the perfect wireless home theater experience for consumers around the globe.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dabble in the market is that the news leads to moves. In the case of WISA, the news proved to be overwhelmingly positive. After all, the addition of these two new brands means that WISA-ready is becoming even more engrained in the home entertainment industry, pushing it closer to the goal of becoming the Blu-ray of sound. So, it comes as no surprise that excited investors are pushing the stock for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (11:41), WISA is trading at $4.75 per share after a gain of $0.14 per share or 3.03% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on WISA. In particular, we’re interested in following the growth of the WISA association as growth in the association will likely lead to direct growth in revenue and further cement the company’s brand as a household name. Nonetheless, we’ll continue to follow the story closely and bring it to you as it breaks!
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