Sonos (NASDAQ:SONO) Stock Price Down 4.1% – Here’s What Happened

Shares of Sonos, Inc. (NASDAQ:SONO) fell 4.1% during trading on Monday . The stock traded as low as $17.99 and last traded at $17.6860. 71,477 shares traded hands during trading, a decline of 96% from the average session volume of 1,887,296 shares. The stock had previously closed at $18.44.

Wall Street Analyst Weigh In

SONO has been the subject of several recent analyst reports. Wall Street Zen raised Sonos from a “hold” rating to a “buy” rating in a research note on Saturday, November 22nd. Rosenblatt Securities upped their target price on shares of Sonos from $17.00 to $21.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Morgan Stanley set a $17.00 target price on shares of Sonos and gave the company an “equal weight” rating in a research report on Thursday, November 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Sonos in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Sonos has an average rating of “Hold” and an average price target of $17.00.

Sonos Trading Down 2.1%

The company has a market capitalization of $2.17 billion, a PE ratio of -34.72 and a beta of 2.01. The business has a fifty day moving average of $17.44 and a 200 day moving average of $14.37.

Sonos (NASDAQ:SONO) last issued its quarterly earnings results on Wednesday, November 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.11). Sonos had a negative return on equity of 11.66% and a negative net margin of 4.24%.The business had revenue of $287.90 million for the quarter, compared to analyst estimates of $535.43 million. During the same period in the prior year, the company posted ($0.44) EPS. The firm’s revenue for the quarter was up 12.7% compared to the same quarter last year. Equities analysts forecast that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

Insider Activity at Sonos

In related news, CEO Thomas Conrad acquired 62,325 shares of Sonos stock in a transaction dated Monday, November 17th. The shares were acquired at an average cost of $16.17 per share, for a total transaction of $1,007,795.25. Following the completion of the purchase, the chief executive officer owned 305,103 shares in the company, valued at approximately $4,933,515.51. The trade was a 25.67% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Edward P. Lazarus sold 12,000 shares of Sonos stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $19.00, for a total value of $228,000.00. Following the completion of the transaction, the insider owned 423,219 shares of the company’s stock, valued at approximately $8,041,161. This trade represents a 2.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.80% of the company’s stock.

Institutional Trading of Sonos

Large investors have recently made changes to their positions in the company. Y Intercept Hong Kong Ltd increased its position in Sonos by 620.4% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 185,149 shares of the company’s stock valued at $2,001,000 after acquiring an additional 159,448 shares during the period. Teacher Retirement System of Texas increased its holdings in shares of Sonos by 25.7% in the second quarter. Teacher Retirement System of Texas now owns 22,158 shares of the company’s stock valued at $240,000 after purchasing an additional 4,530 shares during the period. Systematic Financial Management LP lifted its holdings in shares of Sonos by 21.6% during the first quarter. Systematic Financial Management LP now owns 1,179,243 shares of the company’s stock worth $12,583,000 after purchasing an additional 209,725 shares during the period. Allianz Asset Management GmbH grew its position in Sonos by 975.4% in the 2nd quarter. Allianz Asset Management GmbH now owns 203,242 shares of the company’s stock valued at $2,197,000 after buying an additional 184,342 shares during the last quarter. Finally, Trexquant Investment LP acquired a new position in Sonos in the 1st quarter valued at $1,224,000. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

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.