Sonos (NASDAQ:SONO) Shares Down 7% – Here’s What Happened

Sonos, Inc. (NASDAQ:SONO) fell 7% during trading on Wednesday . The stock traded as low as $14.07 and last traded at $14.1520. 1,780,580 shares traded hands during trading, an increase of 3% from the average daily volume of 1,723,163 shares. The stock had previously closed at $15.22.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on SONO shares. Weiss Ratings raised Sonos from a “sell (d-)” rating to a “sell (d)” rating in a research report on Thursday, May 7th. Zacks Research downgraded Sonos from a “strong-buy” rating to a “hold” rating in a report on Monday, April 6th. Rosenblatt Securities reissued a “buy” rating and issued a $21.00 target price on shares of Sonos in a research note on Monday, June 15th. Finally, Wall Street Zen downgraded shares of Sonos from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $20.00.

Sonos Trading Down 8.1%

The firm has a market capitalization of $1.67 billion, a price-to-earnings ratio of 82.59 and a beta of 1.96. The company’s 50 day moving average is $14.79 and its 200-day moving average is $14.94.

Institutional Trading of Sonos

A number of hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC raised its holdings in shares of Sonos by 10.2% during the fourth quarter. GAMMA Investing LLC now owns 6,832 shares of the company’s stock valued at $120,000 after purchasing an additional 631 shares during the period. Centaurus Financial Inc. increased its holdings in Sonos by 6.6% during the 3rd quarter. Centaurus Financial Inc. now owns 11,056 shares of the company’s stock worth $175,000 after purchasing an additional 681 shares in the last quarter. State of Wisconsin Investment Board raised its stake in shares of Sonos by 1.7% in the fourth quarter. State of Wisconsin Investment Board now owns 43,982 shares of the company’s stock worth $772,000 after purchasing an additional 724 shares during the last quarter. Intech Investment Management LLC raised its stake in shares of Sonos by 0.7% in the fourth quarter. Intech Investment Management LLC now owns 117,718 shares of the company’s stock worth $2,067,000 after purchasing an additional 776 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its holdings in shares of Sonos by 1.0% in the second quarter. Thrivent Financial for Lutherans now owns 88,302 shares of the company’s stock valued at $955,000 after purchasing an additional 833 shares in the last quarter. 85.82% of the stock is owned by institutional investors and hedge funds.

Sonos Company Profile

Sonos, Inc is a consumer electronics company specializing in wireless home audio systems. The company’s core business revolves around designing, developing and manufacturing smart speakers and soundbars that deliver high-fidelity audio and seamless multi-room listening experiences. Sonos products connect via Wi-Fi or Bluetooth and integrate with popular streaming services, enabling users to control music and other audio content through a dedicated mobile app, voice assistants or traditional controls.

Sonos offers a diversified product lineup that includes compact speakers such as Sonos One and Sonos Roam, premium models like Sonos Five and Sonos Move, home theater solutions including Sonos Beam and Sonos Arc, as well as accessories such as the Sonos Sub and Sonos Amp.