Sonos, Inc. (NASDAQ:SONO) Sees Large Decline in Short Interest

Sonos, Inc. (NASDAQ:SONO) saw a large decrease in short interest in February. As of February 13th, there was short interest totaling 9,154,174 shares, a decrease of 15.8% from the January 29th total of 10,878,237 shares. Based on an average daily volume of 3,053,937 shares, the short-interest ratio is presently 3.0 days. Currently, 7.7% of the company’s stock are short sold. Currently, 7.7% of the company’s stock are short sold. Based on an average daily volume of 3,053,937 shares, the short-interest ratio is presently 3.0 days.

Insider Activity at Sonos

In other news, major shareholder Coliseum Capital Management, L purchased 118,020 shares of the company’s stock in a transaction on Wednesday, February 25th. The shares were purchased at an average cost of $15.25 per share, with a total value of $1,799,805.00. Following the completion of the transaction, the insider owned 16,921,842 shares of the company’s stock, valued at $258,058,090.50. The trade was a 0.70% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders purchased 1,991,562 shares of company stock valued at $30,876,917. Corporate insiders own 1.25% of the company’s stock.

Institutional Trading of Sonos

Several hedge funds and other institutional investors have recently bought and sold shares of SONO. Teacher Retirement System of Texas boosted its stake in shares of Sonos by 25.7% in the second quarter. Teacher Retirement System of Texas now owns 22,158 shares of the company’s stock valued at $240,000 after buying an additional 4,530 shares during the period. SG Americas Securities LLC acquired a new position in Sonos in the 3rd quarter valued at $3,658,000. Allianz Asset Management GmbH raised its holdings in Sonos by 125.9% in the 3rd quarter. Allianz Asset Management GmbH now owns 459,224 shares of the company’s stock valued at $7,256,000 after acquiring an additional 255,982 shares in the last quarter. Hillsdale Investment Management Inc. bought a new stake in shares of Sonos during the 3rd quarter valued at $4,446,000. Finally, Bryce Point Capital LLC acquired a new stake in shares of Sonos during the 2nd quarter worth $182,000. Institutional investors and hedge funds own 85.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on SONO shares. Jefferies Financial Group upped their target price on shares of Sonos from $19.00 to $21.00 and gave the company a “buy” rating in a report on Monday, January 5th. Zacks Research raised Sonos from a “hold” rating to a “strong-buy” rating in a research report on Monday, February 9th. Morgan Stanley set a $18.00 price objective on Sonos in a research note on Wednesday, February 4th. Wall Street Zen upgraded Sonos from a “hold” rating to a “buy” rating in a research note on Saturday, February 7th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $21.00 target price on shares of Sonos in a report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $20.00.

Sonos Trading Up 3.9%

Shares of NASDAQ SONO opened at $15.33 on Thursday. The firm has a market cap of $1.85 billion, a P/E ratio of -90.18 and a beta of 1.97. The business’s 50 day moving average is $16.03 and its 200-day moving average is $16.30. Sonos has a 1-year low of $7.63 and a 1-year high of $19.82.

Sonos (NASDAQ:SONO) last issued its quarterly earnings data on Tuesday, February 3rd. The company reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.08. The firm had revenue of $545.66 million for the quarter, compared to analyst estimates of $536.93 million. Sonos had a positive return on equity of 0.82% and a negative net margin of 1.22%.The company’s revenue for the quarter was down .9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.64 EPS. Analysts forecast that Sonos will post -0.37 EPS for the current year.

About Sonos

Sonos, Inc is a consumer electronics company specializing in wireless home audio systems. The company’s core business revolves around designing, developing and manufacturing smart speakers and soundbars that deliver high-fidelity audio and seamless multi-room listening experiences. Sonos products connect via Wi-Fi or Bluetooth and integrate with popular streaming services, enabling users to control music and other audio content through a dedicated mobile app, voice assistants or traditional controls.

Sonos offers a diversified product lineup that includes compact speakers such as Sonos One and Sonos Roam, premium models like Sonos Five and Sonos Move, home theater solutions including Sonos Beam and Sonos Arc, as well as accessories such as the Sonos Sub and Sonos Amp.