Sonos (NASDAQ:SONO) Shares Down 7% – What’s Next?

Sonos, Inc. (NASDAQ:SONO)’s stock price dropped 7% during trading on Wednesday . The company traded as low as $14.07 and last traded at $14.1520. 1,780,580 shares traded hands during trading, an increase of 3% from the average daily volume of 1,723,163 shares. The stock had previously closed at $15.22.

Wall Street Analysts Forecast Growth

SONO has been the topic of several research analyst reports. Zacks Research downgraded Sonos from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 6th. Rosenblatt Securities reissued a “buy” rating and issued a $21.00 price target on shares of Sonos in a report on Monday, June 15th. Weiss Ratings upgraded Sonos from a “sell (d-)” rating to a “sell (d)” rating in a research note on Thursday, May 7th. Finally, Wall Street Zen downgraded shares of Sonos from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $20.00.

Sonos Price Performance

The business’s fifty day moving average price is $14.76 and its two-hundred day moving average price is $14.89. The stock has a market capitalization of $1.70 billion, a PE ratio of 83.95 and a beta of 1.96.

Institutional Investors Weigh In On Sonos

Large investors have recently bought and sold shares of the company. Hantz Financial Services Inc. lifted its stake in Sonos by 307.9% during the 4th quarter. Hantz Financial Services Inc. now owns 1,762 shares of the company’s stock valued at $31,000 after acquiring an additional 1,330 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in Sonos by 699.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,055 shares of the company’s stock valued at $36,000 after purchasing an additional 1,798 shares during the period. Daiwa Securities Group Inc. purchased a new stake in Sonos in the fourth quarter valued at $50,000. Quarry LP grew its position in Sonos by 485.8% during the 3rd quarter. Quarry LP now owns 3,251 shares of the company’s stock worth $51,000 after purchasing an additional 2,696 shares during the period. Finally, Kemnay Advisory Services Inc. purchased a new position in shares of Sonos during the 4th quarter valued at about $64,000. Hedge funds and other institutional investors own 85.82% of the company’s stock.

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.