Short Interest in Sonos, Inc. (NASDAQ:SONO) Increases By 14.6%

Sonos, Inc. (NASDAQ:SONO) was the target of a significant increase in short interest during the month of February. As of February 27th, there was short interest totaling 10,488,508 shares, an increase of 14.6% from the February 12th total of 9,154,174 shares. Currently, 8.8% of the shares of the stock are sold short. Based on an average trading volume of 1,803,120 shares, the days-to-cover ratio is currently 5.8 days. Based on an average trading volume of 1,803,120 shares, the days-to-cover ratio is currently 5.8 days. Currently, 8.8% of the shares of the stock are sold short.

Insiders Place Their Bets

In other news, major shareholder Coliseum Capital Management, L purchased 180,000 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was purchased at an average price of $14.22 per share, with a total value of $2,559,600.00. Following the completion of the purchase, the insider directly owned 17,841,842 shares in the company, valued at approximately $253,710,993.24. This trade represents a 1.02% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders bought a total of 2,911,562 shares of company stock worth $43,836,317 in the last quarter. Company 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 the stock. Hantz Financial Services Inc. grew its holdings in shares of Sonos by 307.9% in the fourth quarter. Hantz Financial Services Inc. now owns 1,762 shares of the company’s stock worth $31,000 after purchasing an additional 1,330 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Sonos by 699.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,055 shares of the company’s stock valued at $36,000 after buying an additional 1,798 shares during the last quarter. Daiwa Securities Group Inc. bought a new stake in Sonos during the 4th quarter valued at $50,000. Quarry LP boosted its position in Sonos by 485.8% during the 3rd quarter. Quarry LP now owns 3,251 shares of the company’s stock valued at $51,000 after buying an additional 2,696 shares during the period. Finally, Kemnay Advisory Services Inc. purchased a new stake in Sonos during the 4th quarter valued at $64,000. Institutional investors own 85.82% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Rosenblatt Securities reiterated a “buy” rating and set a $21.00 price objective on shares of Sonos in a research report on Monday, February 2nd. Jefferies Financial Group upped their target price on Sonos from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, January 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Sonos in a research report on Thursday, January 22nd. Wall Street Zen raised shares of Sonos from a “hold” rating to a “buy” rating in a research note 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 investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.00.

Sonos Trading Up 1.4%

Shares of NASDAQ:SONO opened at $13.34 on Tuesday. The stock has a market capitalization of $1.61 billion, a P/E ratio of -78.47 and a beta of 1.96. The stock’s 50-day moving average price is $15.44 and its 200-day moving average price is $16.35. Sonos has a 12-month low of $7.63 and a 12-month high of $19.82.

Sonos (NASDAQ:SONO) last released its earnings results on Tuesday, February 3rd. The company reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.08. The company had revenue of $545.66 million during 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%.Sonos’s revenue for the quarter was down .9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.64 EPS. As a group, research analysts predict 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.