Sonos, Inc. (NASDAQ:SONO) Sees Significant Decrease in Short Interest

Sonos, Inc. (NASDAQ:SONO) was the target of a large decrease in short interest in November. As of November 30th, there was short interest totalling 6,250,000 shares, a decrease of 28.3% from the November 15th total of 8,720,000 shares. Based on an average daily volume of 1,970,000 shares, the short-interest ratio is presently 3.2 days. Approximately 5.2% of the company’s stock are short sold.

Sonos Trading Up 0.6 %

Shares of SONO stock traded up $0.08 during trading hours on Friday, hitting $14.57. 1,235,397 shares of the company were exchanged, compared to its average volume of 1,913,195. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of -44.21 and a beta of 2.04. The firm has a fifty day simple moving average of $13.27 and a 200 day simple moving average of $13.35. Sonos has a 52-week low of $10.23 and a 52-week high of $19.76.

Sonos (NASDAQ:SONO) last released its quarterly earnings data on Wednesday, November 13th. The company reported ($0.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.22). The business had revenue of $255.38 million during the quarter, compared to analysts’ expectations of $247.92 million. Sonos had a negative net margin of 2.51% and a negative return on equity of 4.97%. The firm’s quarterly revenue was down 16.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.21) earnings per share. Sell-side analysts anticipate that Sonos will post -0.3 EPS for the current year.

Hedge Funds Weigh In On Sonos

Several hedge funds have recently bought and sold shares of the company. Gladius Capital Management LP purchased a new position in Sonos in the third quarter worth $30,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Sonos during the second quarter valued at about $46,000. KBC Group NV raised its position in 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 during the last quarter. Quest Partners LLC lifted its stake in Sonos by 138.8% in the second quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock worth $72,000 after acquiring an additional 2,819 shares during the period. Finally, nVerses Capital LLC purchased a new stake in shares of Sonos in the 2nd quarter worth about $81,000. Hedge funds and other institutional investors own 85.82% of the company’s stock.

Analysts Set New Price Targets

Separately, Morgan Stanley lowered Sonos from an “overweight” rating to an “underweight” rating and dropped their price target for the stock from $25.00 to $11.00 in a report on Thursday, September 26th.

Sonos Company Profile

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.