Agreement Between Sanmina Corp (NASDAQ:SANM) And Ouraring

[PRNewswire] Sanmina Corp (NASDAQ:SANM)(TREND ANALYSIS) and Ouraring announced they have signed an agreement for Sanmina to produce the first generation of the ŌURA ring, an advanced technology platform that combines a wearable device with a mobile app to measure sleep quality, activity and recovery for optimal performance. Sanmina is a leading provider of integrated manufacturing solutions, making some of the world’s most complex and innovative optical, electronic and mechanical products. Ouraring is a technology developer and innovator of advanced, smart wearable devices for health and wellness.

The ŌURA ring is worn on a person’s finger and includes a full-featured computer with sensors that access comprehensive physiological data to provide a long-term view on how the body and mind respond to sleep, rest and active life. Using an integrated chain of vital signs detection, built-in algorithms and science-based rules, the mobile app provides actionable recommendations to help people improve sleep quality, energy levels and performance.

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Sanmina Corp (NASDAQ:SANM) stock is currently trading 25.73% below its 52-week-high, 16.9% above its 52-week-low. The 1-year stock price history is in the range of $16.57 – $26.08. Sanmina Corp (SANM) has a price to earnings ratio of 8.64 versus Technology sector average of 20.58. SANM stock price has underperformed the Nasdaq by 20.2%. The Electronic Components company is currently valued at $1.56 billion and its share price closed the last trading session at $19.37. The stock has a 50-day moving average of $20.39 and a 200-day moving average of $21.75.

Sanmina Corp (SANM) current short interest stands at 2.33 million shares. It has increased by 34% from the same period of last month. Around 3% of the company’s shares, which are float, are short sold. With a 10-days average volume of 0.57 million shares, the number of days required to cover the short positions stand at 4.1 days.

SANM reported last quarter earnings on July 20. The Electronic Components company announced earnings per share of $0.48 against a consensus Street estimate of $0.44, beating the average estimate by $0.04. This corresponds to an increase of $0.09 compared to the same quarter of the previous fiscal year.

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There are currently nine analysts that cover Sanmina Corp stock. Of those nine, four have a Buy rating, four have a Hold rating and one has a Sell rating. On a consensus basis this yields to an Overweight rating. The consensus target price stands at $22.43.

A recent analyst activity consisted of Goldman Sachs downgrading their Buy rating to Neutral on August 3. On the date of report, the stock closed at $21.19.

Longbow Research upgraded their Underperform rating to Neutral on July 21. On the date of report, the stock closed at $21.28.

Another research firm was Citigroup who reiterated their Neutral stance on July 21. Citigroup increased their price target on Sanmina Corp from $21 to $23. This translates to a 18.74% upside from the last closing price. On the date of report, the stock closed at $21.28.

Company profile

Sanmina Corporation provides electronics contract manufacturing services to customers located around the world. The Company offers its customers expertise in new product introduction, manufacturing, and design and fabrication of complex interconnect products. Sanmina Corporation specializes in circuit fabrication, system assembly, integration, and high-end enclosures and cabling.

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