Sonos (NASDAQ:SONO) Shares Down 14.3% - Time to Sell?

Sonos, Inc. (NASDAQ:SONO - Get Free Report)'s stock price dropped 14.3% during trading on Thursday . The stock traded as low as $9.20 and last traded at $9.24. Approximately 599,691 shares were traded during trading, a decline of 67% from the average daily volume of 1,841,618 shares. The stock had previously closed at $10.77.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Jefferies Financial Group dropped their price target on shares of Sonos from $19.00 to $13.00 and set a "buy" rating on the stock in a research report on Monday. Rosenblatt Securities reaffirmed a "buy" rating and set a $18.00 target price on shares of Sonos in a research report on Friday, February 7th.

Sonos Trading Down 4.9 %

The company's 50-day simple moving average is $12.38 and its 200 day simple moving average is $13.17. The stock has a market cap of $970.53 million, a P/E ratio of -14.30 and a beta of 2.01.

Sonos (NASDAQ:SONO - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.04. Sonos had a negative return on equity of 13.17% and a negative net margin of 4.73%. Research analysts anticipate that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.

Sonos announced that its Board of Directors has approved a stock repurchase program on Monday, February 24th that authorizes the company to repurchase $150.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 10.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling at Sonos

In other Sonos news, major shareholder Coliseum Capital Management, L acquired 147,157 shares of the company's stock in a transaction on Thursday, April 3rd. The shares were acquired at an average cost of $9.17 per share, with a total value of $1,349,429.69. Following the completion of the acquisition, the insider now directly owns 12,055,582 shares in the company, valued at $110,549,686.94. This trade represents a 1.24 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.80% of the company's stock.

Institutional Trading of Sonos

Several hedge funds and other institutional investors have recently modified their holdings of the business. SBI Securities Co. Ltd. purchased a new stake in shares of Sonos during the fourth quarter worth $30,000. Mountain Hill Investment Partners Corp. purchased a new stake in Sonos during the 4th quarter worth about $31,000. Smartleaf Asset Management LLC boosted its stake in Sonos by 191.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company's stock worth $39,000 after purchasing an additional 1,721 shares during the period. GAMMA Investing LLC grew its holdings in Sonos by 50.1% during the 4th quarter. GAMMA Investing LLC now owns 4,048 shares of the company's stock valued at $61,000 after buying an additional 1,352 shares in the last quarter. Finally, Headlands Technologies LLC bought a new stake in shares of Sonos during the fourth quarter valued at about $84,000. Institutional investors own 85.82% of the company's stock.

About Sonos

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.