Sony Group (NYSE:SONY) Shares Gap Down – Here’s Why

Sony Group Co. (NYSE:SONY) shares gapped down prior to trading on Friday . The stock had previously closed at $21.37, but opened at $20.81. Sony Group shares last traded at $20.84, with a volume of 941,760 shares traded.

Wall Street Analysts Forecast Growth

SONY has been the subject of several analyst reports. Sanford C. Bernstein started coverage on Sony Group in a report on Thursday, January 16th. They set an “outperform” rating for the company. StockNews.com cut Sony Group from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, November 19th. TD Cowen decreased their target price on Sony Group from $107.00 to $23.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Finally, Oppenheimer dropped their price target on shares of Sony Group from $108.00 to $25.00 and set an “outperform” rating on the stock in a report on Tuesday, November 12th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $24.00.

Sony Group Trading Down 2.6 %

The company has a current ratio of 0.66, a quick ratio of 0.49 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $125.94 billion, a PE ratio of 17.04, a P/E/G ratio of 13.02 and a beta of 0.95. The stock has a 50 day moving average price of $20.68 and a 200-day moving average price of $13.24.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Cardinal Capital Management Inc. boosted its holdings in shares of Sony Group by 403.7% in the fourth quarter. Cardinal Capital Management Inc. now owns 1,606,160 shares of the company’s stock worth $33,986,000 after buying an additional 1,287,259 shares during the last quarter. Mediolanum International Funds Ltd bought a new position in Sony Group in the third quarter worth approximately $109,462,000. Fisher Asset Management LLC boosted its stake in shares of Sony Group by 12.7% during the 3rd quarter. Fisher Asset Management LLC now owns 8,636,355 shares of the company’s stock worth $834,013,000 after acquiring an additional 972,075 shares during the last quarter. Manning & Napier Advisors LLC grew its position in shares of Sony Group by 356.8% during the 4th quarter. Manning & Napier Advisors LLC now owns 968,813 shares of the company’s stock valued at $20,500,000 after acquiring an additional 756,705 shares during the period. Finally, Crossmark Global Holdings Inc. increased its stake in shares of Sony Group by 411.2% in the 4th quarter. Crossmark Global Holdings Inc. now owns 528,988 shares of the company’s stock worth $11,194,000 after purchasing an additional 425,515 shares in the last quarter. 14.05% of the stock is owned by hedge funds and other 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.