Sonos (NASDAQ:SONO) Shares Gap Up – Still a Buy?

Sonos, Inc. (NASDAQ:SONO)’s stock price gapped up prior to trading 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.

Analyst Upgrades and Downgrades

SONO has been the subject of a number of research reports. Morgan Stanley downgraded Sonos from an “overweight” rating to an “underweight” rating and lowered their target price for the company from $25.00 to $11.00 in a research report on Thursday, September 26th. Craig Hallum lowered shares of Sonos from a “buy” rating to a “hold” rating and lowered their price objective for the company from $25.00 to $10.00 in a research report on Thursday, August 8th.

Sonos Trading Down 5.1 %

The firm has a market capitalization of $1.58 billion, a P/E ratio of -39.54 and a beta of 2.04. The firm has a 50 day moving average price of $12.54 and a 200-day moving average price of $13.78.

Institutional Trading of Sonos

A number of institutional investors have recently bought and sold shares of the stock. Barclays PLC raised its stake in shares of Sonos by 120.3% in the third quarter. Barclays PLC now owns 923,437 shares of the company’s stock valued at $11,350,000 after acquiring an additional 504,293 shares during the period. Luxor Capital Group LP bought a new position in Sonos during the 3rd quarter valued at about $346,000. EP Wealth Advisors LLC purchased a new stake in Sonos in the 3rd quarter worth about $251,000. 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 worth $40,594,000 after purchasing an additional 626,172 shares during the last quarter. Finally, Stadium Capital Management LLC purchased a new position in shares of Sonos during the third quarter valued at approximately $8,105,000. 85.82% of the stock is currently owned by institutional investors.

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.