Sonos (NASDAQ:SONO) Shares Down 4.4% – Time to Sell?

Sonos, Inc. (NASDAQ:SONO) shares dropped 4.4% during trading on Monday . The stock traded as low as $12.30 and last traded at $12.48. Approximately 523,905 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 1,920,067 shares. The stock had previously closed at $13.05.

Wall Street Analyst Weigh In

SONO has been the topic of a number of research analyst reports. Craig Hallum lowered Sonos from a “buy” rating to a “hold” rating and lowered their price target for the stock from $25.00 to $10.00 in a research note on Thursday, August 8th. Morgan Stanley downgraded shares of Sonos from an “overweight” rating to an “underweight” rating and decreased their price objective for the company from $25.00 to $11.00 in a research note on Thursday, September 26th.

Sonos Stock Down 3.2 %

The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of -39.54 and a beta of 2.04. The firm has a 50 day moving average price of $12.57 and a two-hundred day moving average price of $13.71.

Sonos (NASDAQ:SONO) last posted its quarterly earnings data on Wednesday, November 13th. The company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.22). The firm had revenue of $255.38 million for the quarter, compared to analysts’ expectations of $247.92 million. Sonos had a negative return on equity of 4.97% and a negative net margin of 2.51%. The company’s revenue for the quarter was down 16.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.21) earnings per share. Analysts predict that Sonos, Inc. will post -0.3 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Covestor Ltd lifted its holdings in 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 purchasing an additional 1,571 shares during the last quarter. Gladius Capital Management LP acquired a new stake in Sonos in the third quarter worth about $30,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Sonos in the 2nd quarter valued at about $46,000. Quest Partners LLC lifted its holdings in Sonos by 138.8% in the second quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock valued at $72,000 after buying an additional 2,819 shares during the period. Finally, KBC Group NV raised its position in shares of Sonos by 52.5% during the 3rd quarter. KBC Group NV now owns 4,852 shares of the company’s stock valued at $60,000 after acquiring an additional 1,670 shares during the last quarter. 85.82% of the stock is currently owned by institutional investors and hedge funds.

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.