Sony Group (NYSE:SONY) Sets New 52-Week High – Here’s Why

Shares of Sony Group Co. (NYSE:SONY) hit a new 52-week high during trading on Friday . The company traded as high as $20.26 and last traded at $20.25, with a volume of 2432063 shares changing hands. The stock had previously closed at $18.27.

Wall Street Analysts Forecast Growth

A number of analysts have commented on SONY shares. StockNews.com cut shares of Sony Group from a “buy” rating to a “hold” rating in a report on Thursday, October 17th. TD Cowen reduced their target price 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. Finally, Daiwa America raised shares of Sony Group to a “strong-buy” rating in a report on Wednesday, September 18th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Sony Group currently has an average rating of “Moderate Buy” and an average target price of $13.66.

Sony Group Trading Up 9.0 %

The firm has a market capitalization of $120.41 billion, a P/E ratio of 18.50 and a beta of 0.95. The stock’s 50-day simple moving average is $12.57 and its two-hundred day simple moving average is $6.63. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.63 and a quick ratio of 0.47.

Sony Group (NYSE:SONY) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $19.32 billion during the quarter, compared to analyst estimates of $17.42 billion. Sony Group had a net margin of 7.59% and a return on equity of 12.82%. Equities research analysts expect that Sony Group Co. will post 1.12 EPS for the current year.

Hedge Funds Weigh In On Sony Group

Hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its position in shares of Sony Group by 130.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 4,852 shares of the company’s stock worth $416,000 after acquiring an additional 2,747 shares during the last quarter. Atomi Financial Group Inc. boosted its position in shares of Sony Group by 10.8% during the first quarter. Atomi Financial Group Inc. now owns 7,941 shares of the company’s stock worth $681,000 after acquiring an additional 775 shares during the last quarter. Sei Investments Co. boosted its position in shares of Sony Group by 4.7% during the first quarter. Sei Investments Co. now owns 590,712 shares of the company’s stock worth $50,647,000 after acquiring an additional 26,579 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Sony Group during the first quarter worth $465,000. Finally, Henry James International Management Inc. boosted its position in shares of Sony Group by 12.3% during the first quarter. Henry James International Management Inc. now owns 111,397 shares of the company’s stock worth $9,551,000 after acquiring an additional 12,170 shares during the last quarter. 14.05% of the stock is currently owned by institutional investors.

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.