Recently, Best Buy (NYSE: BBY) issued its financial results for the third quarter, showing strong growth in sales. While the strong sales growth was great news for the company and its stock, it actually serves to outline another opportunity entirely. That opportunity is in Summit Wireless Technologies (NASDAQ: WISA). Here’s what’s going on:
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Home Theater Sends BBY Sales Higher, Outlining WISA Opportunity
As mentioned above, the third quarter proved to be a positive one for Best Buy, with same store sales growing in a big way. A big part of the growth the company saw in sales came from its home theater segment. In fact, in the earnings announcement, the company said that while it saw sales increase across all categories, the “largest drivers [were] computing, home theater, and appliances.”
That’s big news that only serves to validate the investment thesis I’ve been sharing surrounding Summit Wireless Technologies for some time now.
The fact of the matter is that the COVID-19 pandemic has changed life as we know it, especially entertainment. These days, consumers are more likely to find home entertainment options rather than seeking alternatives outside of the home. That’s a trend that many, including myself, believe will continue for some time ahead. It’s also a trend that’s great news for WiSA.
As consumers continue to upgrade their home entertainment setups, including home theater systems, WISA is likely to find itself right in the middle of the trend.
After all, if you want to set up a home theater, are you going to want to run wires or hire an expert to do so, or would you rather use a plug and play option. That’s what WISA offers. The company has created technology that enables multi-channel surround sound on a wireless basis. Simply plug your system in the wall, connect it to your WiSA compatible television or WiSA SoundSend dongle connected to any smart television, and press play. You’re good to go.
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This Is A Huge Opportunity
As any industry evolves, new opportunities emerge. With the evolution in the entertainment industry led by the COVID-19 pandemic, opportunities are beginning to emerge in the space.
Ultimately, the companies that provide access to high quality entertainment through cutting edge technologies will represent the largest of these opportunities. I can’t think of any company on the market today that’s offering up a bigger opportunity than WISA stock as the company continues to lead the charge in improving the immersive home theater sound experience.
More WISA Information
Read more about the WiSA opportunity:
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Disclosure: CNA Finance, parent company to Alpha Stock News, has a financial relationship with Summit Wireless Technologies (WISA) that led to the publication of this article.