Short Interest in Sonos, Inc. (NASDAQ:SONO) Rises By 24.0%

Sonos, Inc. (NASDAQ:SONO) was the target of a significant increase in short interest in the month of July. As of July 31st, there was short interest totalling 8,160,000 shares, an increase of 24.0% from the July 15th total of 6,580,000 shares. Based on an average daily trading volume, of 1,810,000 shares, the short-interest ratio is presently 4.5 days. Approximately 6.8% of the company’s stock are sold short.

Wall Street Analyst Weigh In

Separately, Craig Hallum lowered Sonos from a “buy” rating to a “hold” rating and reduced their price target for the company from $25.00 to $10.00 in a report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.75.

Insider Transactions at Sonos

In related news, insider Maxime Bouvat-Merlin sold 40,222 shares of the company’s 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 transaction, the insider now directly owns 24,650 shares of the company’s stock, valued at $407,711. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Sonos news, insider Maxime Bouvat-Merlin sold 40,222 shares of the stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $16.54, for a total value of $665,271.88. Following the completion of the sale, the insider now owns 24,650 shares in the company, valued at approximately $407,711. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Christopher Scott Mason sold 20,000 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $15.44, for a total transaction of $308,800.00. Following the transaction, the insider now owns 122,009 shares in the company, valued at $1,883,818.96. The disclosure for this sale can be found here. Insiders sold a total of 78,857 shares of company stock valued at $1,245,778 over the last quarter. Company insiders own 3.30% of the company’s stock.

Hedge Funds Weigh In On Sonos

A number of institutional investors have recently modified their holdings of SONO. Ironwood Investment Management LLC grew its stake in Sonos by 130.7% in the 2nd quarter. Ironwood Investment Management LLC now owns 43,663 shares of the company’s stock valued at $644,000 after buying an additional 24,734 shares during the last quarter. Systematic Financial Management LP grew its position in shares of Sonos by 39.9% in the second quarter. Systematic Financial Management LP now owns 765,263 shares of the company’s stock valued at $11,295,000 after purchasing an additional 218,061 shares during the last quarter. Mackenzie Financial Corp grew its position in shares of Sonos by 6.2% in the second quarter. Mackenzie Financial Corp now owns 21,075 shares of the company’s stock valued at $311,000 after purchasing an additional 1,233 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Sonos by 2.4% in the second quarter. The Manufacturers Life Insurance Company now owns 68,877 shares of the company’s stock worth $1,017,000 after purchasing an additional 1,628 shares during the period. Finally, NBW Capital LLC lifted its position in shares of Sonos by 17.8% during the 2nd quarter. NBW Capital LLC now owns 180,430 shares of the company’s stock worth $2,663,000 after purchasing an additional 27,241 shares during the last quarter. Institutional investors own 85.82% of the company’s stock.

Sonos Trading Down 1.0 %

Sonos stock traded down $0.12 during mid-day trading on Friday, hitting $11.61. 2,287,636 shares of the company’s stock were exchanged, compared to its average volume of 2,666,735. Sonos has a 1-year low of $9.78 and a 1-year high of $19.76. The stock has a 50 day moving average of $13.90 and a two-hundred day moving average of $16.36.

Sonos (NASDAQ:SONO) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.03 EPS for the quarter, meeting analysts’ consensus estimates of $0.03. Sonos had a positive return on equity of 0.42% and a negative net margin of 1.04%. The business had revenue of $397.15 million for the quarter, compared to analyst estimates of $391.23 million. During the same quarter in the prior year, the firm posted $0.02 EPS. The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, analysts forecast that Sonos will post 0.23 earnings per share for the current fiscal year.

Sonos Company Profile

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.