42,300 Shares in Sonos, Inc. (NASDAQ:SONO) Purchased by Granite Bay Wealth Management LLC

Granite Bay Wealth Management LLC acquired a new position in Sonos, Inc. (NASDAQ:SONO) during the second quarter, HoldingsChannel reports. The firm acquired 42,300 shares of the company’s stock, valued at approximately $686,000.

Other large investors also recently modified their holdings of the company. GAMMA Investing LLC purchased a new stake in shares of Sonos during the 4th quarter valued at about $35,000. Covestor Ltd raised its holdings in shares of Sonos by 376.7% during the 1st quarter. Covestor Ltd now owns 1,988 shares of the company’s stock valued at $38,000 after buying an additional 1,571 shares during the period. Quent Capital LLC purchased a new stake in shares of Sonos during the 1st quarter valued at about $95,000. Centaurus Financial Inc. purchased a new stake in shares of Sonos during the 4th quarter valued at about $112,000. Finally, U.S. Capital Wealth Advisors LLC purchased a new stake in shares of Sonos during the 4th quarter valued at about $175,000. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Sonos

In related news, insider Christopher Scott Mason sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $14.45, for a total value of $144,500.00. Following the sale, the insider now owns 122,009 shares of the company’s stock, valued at approximately $1,763,030.05. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Sonos news, insider Maxime Bouvat-Merlin sold 40,222 shares of Sonos stock in a transaction on Monday, May 20th. The stock was sold at an average price of $16.54, for a total transaction of $665,271.88. Following the sale, the insider now owns 24,650 shares of the company’s stock, valued at approximately $407,711. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Christopher Scott Mason sold 10,000 shares of Sonos stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $14.45, for a total value of $144,500.00. Following the sale, the insider now directly owns 122,009 shares in the company, valued at approximately $1,763,030.05. The disclosure for this sale can be found here. In the last quarter, insiders sold 98,857 shares of company stock worth $1,597,178. 3.30% of the stock is currently owned by corporate insiders.

Sonos Trading Down 4.4 %

NASDAQ SONO traded down $0.53 during mid-day trading on Monday, reaching $11.41. 4,252,585 shares of the company’s stock traded hands, compared to its average volume of 1,887,364. The company has a market cap of $1.40 billion, a price-to-earnings ratio of -32.80 and a beta of 1.98. The company has a fifty day simple moving average of $14.33 and a 200-day simple moving average of $16.53. Sonos, Inc. has a 1-year low of $9.78 and a 1-year high of $19.76.

Sonos (NASDAQ:SONO) last issued its earnings results on Wednesday, August 7th. The company reported $0.03 EPS for the quarter, hitting the consensus estimate of $0.03. The company had revenue of $397.15 million during the quarter, compared to analyst estimates of $391.23 million. Sonos had a negative return on equity of 0.44% and a negative net margin of 2.82%. The business’s revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.02 EPS. Equities research analysts forecast that Sonos, Inc. will post 0.23 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Craig Hallum lowered Sonos from a “buy” rating to a “hold” rating and lowered their price objective for the company from $25.00 to $10.00 in a research note on Thursday. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $17.75.

About Sonos

Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells audio products and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers wireless, portable, and home theater speakers; components; and accessories. The company offers its products through approximately 10,000 third-party retail stores, including custom installers of home audio systems; and e-commerce retailers, as well as through its website.