Sonos (NASDAQ:SONO) Trading Down 4.4% – Should You Sell?

Sonos, Inc. (NASDAQ:SONO)’s stock price traded down 4.4% on Monday . The company traded as low as $12.30 and last traded at $12.48. 523,905 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 1,920,067 shares. The stock had previously closed at $13.05.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on SONO shares. Morgan Stanley cut shares of Sonos from an “overweight” rating to an “underweight” rating and reduced their price target for the stock from $25.00 to $11.00 in a research report on Thursday, September 26th. Craig Hallum downgraded shares of Sonos from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $25.00 to $10.00 in a research note on Thursday, August 8th.

Sonos Stock Performance

The business’s 50-day moving average price is $12.62 and its 200 day moving average price is $13.65. The company has a market cap of $1.57 billion, a P/E ratio of -39.09 and a beta of 2.04.

Sonos (NASDAQ:SONO) last released its quarterly earnings results on Wednesday, November 13th. The company reported ($0.44) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.22). Sonos had a negative return on equity of 4.97% and a negative net margin of 2.51%. The firm had revenue of $255.38 million for the quarter, compared to analyst estimates of $247.92 million. During the same period in the previous year, the business posted ($0.21) earnings per share. The business’s revenue for the quarter was down 16.3% on a year-over-year basis. Equities research analysts forecast that Sonos, Inc. will post -0.3 earnings per share for the current year.

Institutional Trading of Sonos

A number of institutional investors have recently modified their holdings of the stock. Systematic Financial Management LP lifted its position in Sonos by 39.9% during the second quarter. Systematic Financial Management LP now owns 765,263 shares of the company’s stock worth $11,295,000 after purchasing an additional 218,061 shares during the period. SG Americas Securities LLC increased its stake in Sonos by 2,222.0% in the second quarter. SG Americas Securities LLC now owns 172,549 shares of the company’s stock valued at $2,547,000 after acquiring an additional 165,118 shares during the last quarter. Magnetar Financial LLC bought a new position in Sonos in the second quarter valued at approximately $600,000. Vanguard Group Inc. raised its position in Sonos by 1.2% during the first quarter. Vanguard Group Inc. now owns 14,251,179 shares of the company’s stock valued at $271,627,000 after purchasing an additional 163,736 shares in the last quarter. Finally, Cornercap Investment Counsel Inc. bought a new stake in Sonos during the third quarter worth $539,000. 85.82% of the stock is currently owned by institutional investors.

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.