Sonos Target of Unusually Large Options Trading (NASDAQ:SONO)

Sonos, Inc. (NASDAQ:SONO - Get Free Report) saw unusually large options trading on Thursday. Stock investors bought 5,758 put options on the company. This is an increase of approximately 441% compared to the average daily volume of 1,064 put options.

Insiders Place Their Bets

In other Sonos news, insider Shamayne Braman sold 6,438 shares of the firm's stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $11.56, for a total transaction of $74,423.28. Following the completion of the transaction, the insider now directly owns 26,588 shares of the company's stock, valued at approximately $307,357.28. This trade represents a 19.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 3.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SONO. Edgestream Partners L.P. purchased a new position in shares of Sonos during the 3rd quarter valued at approximately $381,000. PDT Partners LLC grew its position in shares of Sonos by 29.1% in the third quarter. PDT Partners LLC now owns 277,454 shares of the company's stock valued at $3,410,000 after purchasing an additional 62,604 shares during the period. Capstone Investment Advisors LLC purchased a new stake in shares of Sonos during the third quarter worth about $162,000. BNP Paribas Financial Markets increased its stake in shares of Sonos by 73.7% during the third quarter. BNP Paribas Financial Markets now owns 129,567 shares of the company's stock worth $1,592,000 after purchasing an additional 54,972 shares in the last quarter. Finally, Crestwood Capital Management L.P. purchased a new position in Sonos in the 3rd quarter valued at about $922,000. Institutional investors and hedge funds own 85.82% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on SONO shares. Craig Hallum cut shares of Sonos from a "buy" rating to a "hold" rating and reduced their target price for the stock from $25.00 to $10.00 in a report on Thursday, August 8th. Morgan Stanley lowered Sonos from an "overweight" rating to an "underweight" rating and reduced their price objective for the company from $25.00 to $11.00 in a research note on Thursday, September 26th.

Sonos Stock Performance

Shares of SONO traded down $0.33 during trading hours on Thursday, hitting $13.75. The stock had a trading volume of 6,215,638 shares, compared to its average volume of 1,926,818. The firm has a 50-day moving average price of $12.50 and a 200 day moving average price of $13.78. Sonos has a fifty-two week low of $10.23 and a fifty-two week high of $19.76. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of -100.56 and a beta of 2.04.

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.