Sonos (NASDAQ:SONO) Stock Price Up 10% After Strong Earnings

Sonos, Inc. (NASDAQ:SONO) rose 10% during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $15.48 and last traded at $15.69. Approximately 502,548 shares changed hands during trading, a decline of 74% from the average daily volume of 1,931,108 shares. The stock had previously closed at $14.26.

The company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.04. Sonos had a negative return on equity of 4.97% and a negative net margin of 2.51%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SONO. SBI Securities Co. Ltd. purchased a new stake in Sonos during the fourth quarter valued at $30,000. Smartleaf Asset Management LLC increased its position in shares of Sonos by 191.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company’s stock valued at $39,000 after purchasing an additional 1,721 shares during the last quarter. US Bancorp DE lifted its stake in shares of Sonos by 5.2% in the 4th quarter. US Bancorp DE now owns 43,722 shares of the company’s stock worth $658,000 after purchasing an additional 2,153 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Sonos by 3.6% in the 4th quarter. Principal Financial Group Inc. now owns 593,671 shares of the company’s stock worth $8,929,000 after purchasing an additional 20,397 shares during the period. Finally, White Pine Capital LLC purchased a new position in shares of Sonos in the fourth quarter worth approximately $393,000. Institutional investors own 85.82% of the company’s stock.

Sonos Price Performance

The company has a market capitalization of $1.90 billion, a P/E ratio of -47.73 and a beta of 1.97. The firm’s 50-day moving average is $14.41 and its 200-day moving average is $13.18.

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.