Fmr LLC Sells 1,644 Shares of Sonos, Inc. (NASDAQ:SONO)

Fmr LLC lessened its stake in shares of Sonos, Inc. (NASDAQ:SONO) by 23.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,446 shares of the company’s stock after selling 1,644 shares during the quarter. Fmr LLC’s holdings in Sonos were worth $67,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Gladius Capital Management LP bought a new stake in Sonos during the third quarter valued at about $30,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Sonos in the second quarter worth about $46,000. KBC Group NV lifted its position in shares of Sonos by 52.5% during the third quarter. KBC Group NV now owns 4,852 shares of the company’s stock valued at $60,000 after buying an additional 1,670 shares during the last quarter. Quest Partners LLC boosted its holdings in shares of Sonos by 138.8% in the 2nd quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock valued at $72,000 after buying an additional 2,819 shares in the last quarter. Finally, nVerses Capital LLC purchased a new position in shares of Sonos in the 2nd quarter worth approximately $81,000. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley cut shares of Sonos from an “overweight” rating to an “underweight” rating and decreased their target price for the company from $25.00 to $11.00 in a research report on Thursday, September 26th.

Sonos Stock Performance

Sonos stock opened at $14.78 on Wednesday. The stock has a market cap of $1.80 billion, a PE ratio of -44.79 and a beta of 2.04. The stock has a 50-day moving average of $13.63 and a two-hundred day moving average of $13.25. Sonos, Inc. has a one year low of $10.23 and a one year high of $19.76.

Sonos (NASDAQ:SONO) last announced its quarterly earnings data on Wednesday, November 13th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.22). The company had revenue of $255.38 million during the quarter, compared to analysts’ expectations of $247.92 million. Sonos had a negative net margin of 2.51% and a negative return on equity of 4.97%. The business’s revenue for the quarter was down 16.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.21) earnings per share. As a group, sell-side analysts predict that Sonos, Inc. will post -0.3 EPS for the current fiscal year.

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.