Sonos (NASDAQ:SONO) Trading Up 13.4%

Sonos Inc (NASDAQ:SONO)’s stock price was up 13.4% during mid-day trading on Monday . The stock traded as high as $13.52 and last traded at $13.50, approximately 5,441,833 shares changed hands during trading. An increase of 336% from the average daily volume of 1,248,141 shares. The stock had previously closed at $11.91.

Several research analysts have recently issued reports on SONO shares. Raymond James upgraded shares of Sonos from an “outperform” rating to a “strong-buy” rating and set a $19.00 price target for the company in a report on Monday. Zacks Investment Research downgraded shares of Sonos from a “buy” rating to a “hold” rating in a report on Wednesday, May 22nd. Finally, ValuEngine upgraded shares of Sonos from a “hold” rating to a “buy” rating in a report on Tuesday. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $19.13.

The firm’s fifty day moving average price is $11.11 and its 200-day moving average price is $10.94. The company has a market capitalization of $1.27 billion and a price-to-earnings ratio of -56.83. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.06 and a quick ratio of 1.62.

Sonos (NASDAQ:SONO) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.10. The company had revenue of $260.12 million during the quarter, compared to the consensus estimate of $245.54 million. Sonos had a net margin of 1.86% and a return on equity of 8.69%. The company’s revenue for the quarter was up 24.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.45) earnings per share.

In other news, insider Nicholas Millington sold 16,893 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $11.48, for a total transaction of $193,931.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 15.40% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its position in Sonos by 41.8% during the fourth quarter. Bank of New York Mellon Corp now owns 57,103 shares of the company’s stock valued at $561,000 after buying an additional 16,843 shares during the period. Northern Trust Corp raised its position in Sonos by 349.5% during the fourth quarter. Northern Trust Corp now owns 174,225 shares of the company’s stock valued at $1,711,000 after buying an additional 135,469 shares during the period. Geode Capital Management LLC raised its position in Sonos by 39.0% during the fourth quarter. Geode Capital Management LLC now owns 218,377 shares of the company’s stock valued at $2,144,000 after buying an additional 61,229 shares during the period. Bank of America Corp DE raised its position in Sonos by 69.8% during the fourth quarter. Bank of America Corp DE now owns 10,009 shares of the company’s stock valued at $98,000 after buying an additional 4,113 shares during the period. Finally, Millennium Management LLC raised its position in Sonos by 132.1% during the fourth quarter. Millennium Management LLC now owns 41,313 shares of the company’s stock valued at $406,000 after buying an additional 23,513 shares during the period. Institutional investors and hedge funds own 60.25% of the company’s stock.

Sonos Company Profile (NASDAQ:SONO)

Sonos, Inc, together with its subsidiaries, designs, develops, manufactures, and sells multi-room audio products in the United States and internationally. It provides wireless speakers, home theater speakers, and components. The company offers its products through third-party retail stores, including custom installers of home audio systems; and e-commerce retailers, as well as through its sonos.com Website.

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