Sonos (NASDAQ:SONO) Shares Gap Down to $12.59

Sonos, Inc. (NASDAQ:SONO)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $12.59, but opened at $11.75. Sonos shares last traded at $11.89, with a volume of 577,715 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have recently commented on SONO shares. Morgan Stanley cut Sonos from an “overweight” rating to an “underweight” rating and dropped their target price for the stock from $25.00 to $11.00 in a report on Thursday. Craig Hallum downgraded Sonos from a “buy” rating to a “hold” rating and lowered their price target for the stock from $25.00 to $10.00 in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $14.25.

Sonos Price Performance

The firm has a market cap of $1.47 billion, a PE ratio of -35.97 and a beta of 2.04. The company has a 50-day simple moving average of $12.29 and a 200-day simple moving average of $15.13.

Sonos (NASDAQ:SONO) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.03 EPS for the quarter, meeting the consensus estimate of $0.03. Sonos had a positive return on equity of 0.42% and a negative net margin of 1.04%. The company had revenue of $397.15 million for the quarter, compared to the consensus estimate of $391.23 million. During the same quarter in the prior year, the company posted $0.02 EPS. Sonos’s quarterly revenue was up 6.4% on a year-over-year basis. As a group, equities research analysts predict that Sonos, Inc. will post -0.29 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Shamayne Braman sold 6,438 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $11.56, for a total value of $74,423.28. Following the completion of the sale, the insider now owns 26,588 shares in the company, valued at $307,357.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Christopher Scott Mason sold 10,000 shares of the stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $14.45, for a total transaction of $144,500.00. Following the transaction, the insider now directly owns 122,009 shares in the company, valued at $1,763,030.05. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Shamayne Braman sold 6,438 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $11.56, for a total transaction of $74,423.28. Following the completion of the transaction, the insider now directly owns 26,588 shares of the company’s stock, valued at approximately $307,357.28. The disclosure for this sale can be found here. Insiders have sold 25,073 shares of company stock valued at $346,129 in the last 90 days. Company insiders own 3.30% of the company’s stock.

Institutional Trading of Sonos

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Covestor Ltd lifted its position in shares of Sonos by 376.7% during the first quarter. Covestor Ltd now owns 1,988 shares of the company’s stock valued at $38,000 after buying an additional 1,571 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Sonos during the second quarter worth $46,000. Quest Partners LLC grew its stake in Sonos by 138.8% during the 2nd quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock valued at $72,000 after purchasing an additional 2,819 shares during the last quarter. nVerses Capital LLC purchased a new stake in Sonos in the second quarter valued at approximately $81,000. Finally, Quent Capital LLC purchased a new stake in shares of Sonos in the 1st quarter valued at $95,000. Institutional investors own 85.82% of the company’s stock.

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.