Sonos, Inc. (NASDAQ:SONO) Short Interest Down 15.8% in February

Sonos, Inc. (NASDAQ:SONO) was the recipient of a large drop in short interest in the month of February. As of February 13th, there was short interest totaling 9,154,174 shares, a drop 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 currently 3.0 days. Approximately 7.7% of the company’s shares are short sold. Approximately 7.7% of the company’s shares are short sold. Based on an average daily volume of 3,053,937 shares, the short-interest ratio is currently 3.0 days.

Sonos Stock Performance

SONO opened at $14.95 on Wednesday. The firm has a market cap of $1.81 billion, a P/E ratio of -87.94 and a beta of 1.97. The business has a 50 day moving average price of $16.08 and a 200 day moving average price of $16.31. Sonos has a twelve month low of $7.63 and a twelve month high of $19.82.

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

Insider Buying and Selling

In other news, major shareholder Coliseum Capital Management, L bought 494,719 shares of the business’s stock in a transaction on Wednesday, February 4th. The shares were bought at an average cost of $15.50 per share, with a total value of $7,668,144.50. Following the purchase, the insider directly owned 15,424,999 shares in the company, valued at $239,087,484.50. This trade represents a 3.31% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Edward P. Lazarus sold 12,000 shares of the firm’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $19.00, for a total value of $228,000.00. Following the completion of the sale, the insider directly owned 423,219 shares of the company’s stock, valued at approximately $8,041,161. This trade represents a 2.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders purchased a total of 1,991,562 shares of company stock valued at $30,876,917 in the last ninety days. Company insiders own 1.25% of the company’s stock.

Institutional Investors Weigh In On Sonos

A number of hedge funds have recently bought and sold shares of the company. Teacher Retirement System of Texas raised its position in Sonos by 25.7% in the second quarter. Teacher Retirement System of Texas now owns 22,158 shares of the company’s stock worth $240,000 after purchasing an additional 4,530 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Sonos during the third quarter valued at approximately $3,658,000. Allianz Asset Management GmbH grew its stake in shares of 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 purchasing an additional 255,982 shares during the period. Hillsdale Investment Management Inc. acquired a new position in shares of Sonos in the 3rd quarter worth approximately $4,446,000. Finally, Bryce Point Capital LLC acquired a new position in shares of Sonos in the 2nd quarter worth approximately $182,000. 85.82% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SONO has been the topic of a number of research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sonos in a report on Thursday, January 22nd. Jefferies Financial Group boosted their price objective on shares of Sonos from $19.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, January 5th. Rosenblatt Securities reiterated a “buy” rating and issued a $21.00 price objective on shares of Sonos in a research note on Monday, February 2nd. Wall Street Zen upgraded shares of Sonos from a “hold” rating to a “buy” rating in a research report on Saturday, February 7th. Finally, Zacks Research upgraded shares of Sonos from a “hold” rating to a “strong-buy” rating in a report on Monday, February 9th. One equities research 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 given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.00.

Sonos Company Profile

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.