Sonos (NASDAQ:SONO) Shares Up 10% Following Strong Earnings

Shares of Sonos, Inc. (NASDAQ:SONO - Get Free Report) were up 10% during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $15.48 and last traded at $15.69. Approximately 502,548 shares traded hands during trading, a decline of 74% from the average daily volume of 1,931,108 shares. The stock had previously closed at $14.26.

The company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.04. Sonos had a negative return on equity of 13.22% and a negative net margin of 4.73%.

Analysts Set New Price Targets

Separately, Rosenblatt Securities reiterated a "buy" rating and issued a $18.00 target price on shares of Sonos in a report on Friday.

Institutional Investors Weigh In On Sonos

Large investors have recently modified their holdings of the business. Deroy & Devereaux Private Investment Counsel Inc. grew its position in shares of Sonos by 67.9% in the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 1,655,942 shares of the company's stock valued at $20,352,000 after purchasing an additional 669,658 shares during the period. Stadium Capital Management LLC bought a new position in Sonos in the third quarter valued at approximately $8,105,000. Wellington Management Group LLP lifted its stake in Sonos by 23.4% in the third quarter. Wellington Management Group LLP now owns 3,303,017 shares of the company's stock valued at $40,594,000 after buying an additional 626,172 shares in the last quarter. LMR Partners LLP acquired a new position in shares of Sonos in the third quarter valued at approximately $7,412,000. Finally, Barclays PLC increased its position in shares of Sonos by 120.3% during the third quarter. Barclays PLC now owns 923,437 shares of the company's stock worth $11,350,000 after acquiring an additional 504,293 shares in the last quarter. 85.82% of the stock is currently owned by institutional investors.

Sonos Stock Down 0.7 %

The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of -24.19 and a beta of 1.97. The business's fifty day moving average is $14.44 and its 200 day moving average is $13.18.

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.