Sony Group (NYSE:SONY) Shares Gap Down - Here's What Happened

Sony Group Co. (NYSE:SONY - Get Free Report) shares gapped down prior to trading on Friday . The stock had previously closed at $22.38, but opened at $21.87. Sony Group shares last traded at $21.82, with a volume of 266,980 shares changing hands.

Analysts Set New Price Targets

Several analysts have recently commented on SONY shares. StockNews.com downgraded shares of Sony Group from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, November 19th. TD Cowen reduced their price target on shares of Sony Group from $107.00 to $23.00 and set a "buy" rating for the company in a report on Friday, October 11th. Oppenheimer dropped their price objective on shares of Sony Group from $108.00 to $25.00 and set an "outperform" rating on the stock in a report on Tuesday, November 12th. Finally, Daiwa America raised shares of Sony Group to a "strong-buy" rating in a research report on Wednesday, September 18th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Sony Group presently has an average rating of "Buy" and an average price target of $24.00.

Sony Group Trading Down 3.1 %

The firm has a market cap of $131.17 billion, a price-to-earnings ratio of 17.78, a P/E/G ratio of 14.04 and a beta of 0.98. The firm's 50-day moving average is $19.14 and its 200-day moving average is $9.51. The company has a current ratio of 0.66, a quick ratio of 0.49 and a debt-to-equity ratio of 0.25.

Hedge Funds Weigh In On Sony Group

A number of hedge funds have recently added to or reduced their stakes in the stock. Pictet North America Advisors SA boosted its holdings in Sony Group by 19.4% during the 3rd quarter. Pictet North America Advisors SA now owns 243,975 shares of the company's stock worth $23,561,000 after acquiring an additional 39,688 shares during the last quarter. Crossmark Global Holdings Inc. lifted its position in shares of Sony Group by 39.2% during the third quarter. Crossmark Global Holdings Inc. now owns 103,473 shares of the company's stock valued at $9,993,000 after purchasing an additional 29,165 shares in the last quarter. Diversify Wealth Management LLC boosted its holdings in Sony Group by 511.4% during the third quarter. Diversify Wealth Management LLC now owns 50,399 shares of the company's stock worth $4,867,000 after purchasing an additional 42,156 shares during the last quarter. Creative Planning grew its position in Sony Group by 2.7% in the 2nd quarter. Creative Planning now owns 284,636 shares of the company's stock worth $24,180,000 after purchasing an additional 7,401 shares in the last quarter. Finally, Fisher Asset Management LLC increased its stake in Sony Group by 12.7% in the 3rd quarter. Fisher Asset Management LLC now owns 8,636,355 shares of the company's stock valued at $834,013,000 after buying an additional 972,075 shares during the last quarter. Institutional investors and hedge funds own 14.05% of the company's stock.

About Sony Group

Sony Group Corporation designs, develops, produces, and sells electronic equipment, instruments, and devices for the consumer, professional, and industrial markets in Japan, the United States, Europe, China, the Asia-Pacific, and internationally. The company distributes software titles and add-on content through digital networks; network services related to game, video, and music content; and home gaming consoles, packaged and game software, and peripheral devices.