WISA Stock: Summit Wireless Technologies Pops on Membership Growth

Summit Wireless Technologies Inc (NASDAQ: WISA) is screaming for the top in the market this morning after announcing that its Wireless Speaker and Audio Association (WiSA) is seeing tremendous membership growth. 

Here’s what’s going on:

Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!

Skip to What You Want to Read

WiSA Membership Grow to 70 Brands

As mentioned above, Summit Wireless Technologies is having a great day in the market after announcing further growth to WiSA membership. In fact, the company said that membership has topped 70 brands, a major milestone as 2020 comes to a close. 

In the announcement Summit Wireless explained that some of the most recent to join WiSA are major television manufacturers, including Hisense and Toshiba. The company has also brought audio brands like Kef, Alpine/Alps, Richsound, Veddan, Parsound and EasyTop to the Association. 

Management Commentary

In a statement, Tony Ostrom, President and CEO of WiSA, had the following to offer:

We are very happy to see the continued growth we have experienced over the last several months. The movement is expanding and we are seeing more brands join with a plan to bring new and innovative home cinema audio solutions to fruition. We are looking forward to several great new product announcements over the coming months.

Why This Is Big News

The news released by Summit Wireless this morning proved to be overwhelmingly positive. Not only did the company already have a strong roster of leading brands at WiSA, the new members will add diverse product capabilities to the fray. 

In fact, many of the new members to the Association are already in the process of developing new WiSA enabled products that are expected to be launched in 2021.

As a result, the paradigm shift WiSA is creating in home entertainment is speeding up. Think about it, these television and speaker brands will be promoting the capabilities brought to the table by Summit Wireless Technologies and its WiSA association. 

Not to mention, using the WiSA SoundSend audio transmitter, consumers are now able to connect a growing number of WiSA Certified speaker products to hundreds of millions of televisions around the world. 

As more brands get involved, the opportunity for significant revenue growth and the potential for the WiSA brand to become a household name grows stronger. 

What Analysts Think About WISA Stock

According to TipRanks, there are currently two mainstream analysts covering WISA stock, both of which rate the stock a Buy. A look at the price targets only serves to further validate the opportunity. 

The analyst with the high price target expects the stock to grow to $5 per share, with the low price target on the stock being $3.50. This brings the median price target on the stock to $4.25 per share, implying upside potential of more than 50%. 

Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!

Final Thoughts

I’ve been following WISA stock for some time, and I’m glad I have. Since the beginning, I’ve seen the company at the forefront of innovation in home sound and held the belief that its innovation will lead to tremendous consumer adoption and compelling stock growth. 

As major television and speaker brands continue to pile into the WiSA Association, my early beliefs that the company would become a significant player in home entertainment are being validated each and every day. All in all, WISA stock is one to watch closely. 

Disclosure: Joshua Rodriguez is not an investment advisor or broker dealer. The article above outlines the honest opinion of the author and was not edited or altered in any way by Summit Wireless Technologies or the WiSA Association. CNA Finance, LLC. has a monetary relationship with Summit Wireless Technologies.