Sonos (NASDAQ:SONO) Trading Down 14.3% – Here’s What Happened

Sonos, Inc. (NASDAQ:SONO)’s share price fell 14.3% during mid-day trading on Thursday . The stock traded as low as $9.20 and last traded at $9.24. 599,691 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 1,841,618 shares. The stock had previously closed at $10.77.

Analyst Upgrades and Downgrades

Separately, Rosenblatt Securities restated a “buy” rating and set a $18.00 target price on shares of Sonos in a research report on Friday, February 7th.

Sonos Trading Down 3.4 %

The firm has a market cap of $1.02 billion, a P/E ratio of -15.09 and a beta of 1.98. The firm’s 50 day moving average is $12.48 and its two-hundred day moving average is $13.18.

Sonos (NASDAQ:SONO) last announced its quarterly earnings results on Thursday, February 6th. The company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.04. Sonos had a negative net margin of 4.73% and a negative return on equity of 13.17%. Analysts predict that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

Sonos declared that its Board of Directors has initiated a stock buyback plan on Monday, February 24th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the company to repurchase up to 10.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Institutional Trading of Sonos

Several hedge funds have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Sonos by 1.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,501 shares of the company’s stock worth $1,030,000 after acquiring an additional 1,033 shares in the last quarter. GAMMA Investing LLC boosted its stake in Sonos by 50.1% in the 4th quarter. GAMMA Investing LLC now owns 4,048 shares of the company’s stock worth $61,000 after purchasing an additional 1,352 shares during the period. SG Americas Securities LLC increased its holdings in Sonos by 4.2% during the 4th quarter. SG Americas Securities LLC now owns 40,839 shares of the company’s stock worth $614,000 after purchasing an additional 1,644 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Sonos by 191.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company’s stock valued at $39,000 after purchasing an additional 1,721 shares during the period. Finally, Ironwood Investment Management LLC lifted its holdings in shares of Sonos by 4.0% in the fourth quarter. Ironwood Investment Management LLC now owns 46,704 shares of the company’s stock valued at $702,000 after purchasing an additional 1,782 shares in the last quarter. 85.82% of the stock is currently owned by institutional investors and hedge funds.

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.