SWIR - Why Sierra Wireless Plunged Today
Shares of Internet of Things (IoT) connectivity provider Sierra Wireless (NASDAQ: SWIR) plunged Monday, trading down by 9.2% as of 2:17 p.m. ET.
That big move came despite a lack of any specific news relating to its business. This may be a case of a large investor or investors taking profits in the small-cap stock . Sierra, with a market cap of $812 million, has logged handsome gains this year, defying the broader market's swoon and the tech sector's even-steeper plunge.
Up until Monday, Sierra Wireless had risen more than 40% this year. With Sierra up so much and other tech stocks down so much, it appears some shareholders may be locking in their gains from Sierra and redirecting those profits to more beaten-down names. Sierra has certainly surprised this year, with much of its appreciation occurring on the heels of its two earnings reports. Last quarter, the company's revenue of $173 million beat expectations by nearly $30 million -- 20% higher than the consensus estimate.
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Why Sierra Wireless Plunged Today