Shares of Sonos, Inc. (NASDAQ:SONO - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $14.08, but opened at $15.45. Sonos shares last traded at $14.95, with a volume of 707,744 shares trading hands.
Wall Street Analysts Forecast Growth
SONO has been the topic of several research analyst reports. Morgan Stanley cut shares of Sonos from an "overweight" rating to an "underweight" rating and decreased their price objective for the stock from $25.00 to $11.00 in a research note on Thursday, September 26th. Craig Hallum lowered Sonos from a "buy" rating to a "hold" rating and decreased their price target for the stock from $25.00 to $10.00 in a research report on Thursday, August 8th.
Get Our Latest Analysis on Sonos
Sonos Trading Down 2.3 %
The stock has a market cap of $1.66 billion, a price-to-earnings ratio of -100.56 and a beta of 2.04. The firm has a fifty day simple moving average of $12.50 and a 200-day simple moving average of $13.78.
Insider Activity at Sonos
In other Sonos news, insider Shamayne Braman sold 6,438 shares of Sonos stock in a transaction 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 sale, the insider now owns 26,588 shares of the company's stock, valued at approximately $307,357.28. The trade was a 19.49 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.30% of the stock is owned by company insiders.
Hedge Funds Weigh In On Sonos
Several hedge funds have recently added to or reduced their stakes in the stock. Gladius Capital Management LP bought a new position in Sonos during the 3rd quarter worth approximately $30,000. Covestor Ltd increased its holdings in shares of Sonos by 376.7% in the first quarter. Covestor Ltd now owns 1,988 shares of the company's stock worth $38,000 after acquiring an additional 1,571 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Sonos during the second quarter worth about $46,000. KBC Group NV lifted its holdings in shares of Sonos by 52.5% during the 3rd quarter. KBC Group NV now owns 4,852 shares of the company's stock valued at $60,000 after purchasing an additional 1,670 shares in the last quarter. Finally, Quest Partners LLC grew its position in shares of Sonos by 138.8% in the 2nd quarter. Quest Partners LLC now owns 4,850 shares of the company's stock valued at $72,000 after purchasing an additional 2,819 shares during the period. Institutional investors and hedge funds own 85.82% of the company's stock.
Sonos Company Profile
(
Get Free Report)
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.
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