Sonos, Inc. (NASDAQ:SONO) Short Interest Up 24.0% in July

Sonos, Inc. (NASDAQ:SONO) was the recipient of a large increase in short interest in the month of July. As of July 31st, there was short interest totalling 8,160,000 shares, an increase of 24.0% from the July 15th total of 6,580,000 shares. Approximately 6.8% of the company’s shares are sold short. Based on an average daily trading volume, of 1,810,000 shares, the short-interest ratio is presently 4.5 days.

Insiders Place Their Bets

In other news, insider Maxime Bouvat-Merlin sold 40,222 shares of Sonos stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $16.54, for a total value of $665,271.88. Following the transaction, the insider now directly owns 24,650 shares of the company’s stock, valued at $407,711. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Maxime Bouvat-Merlin sold 40,222 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $16.54, for a total value of $665,271.88. Following the completion of the sale, the insider now owns 24,650 shares in the company, valued at $407,711. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christopher Scott Mason sold 20,000 shares of Sonos stock in a transaction on Friday, June 14th. The shares were sold at an average price of $15.44, for a total value of $308,800.00. Following the transaction, the insider now owns 122,009 shares in the company, valued at approximately $1,883,818.96. The disclosure for this sale can be found here. In the last quarter, insiders have sold 78,857 shares of company stock worth $1,245,778. Company insiders own 3.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. ProShare Advisors LLC boosted its holdings in Sonos by 4.6% in the first quarter. ProShare Advisors LLC now owns 24,973 shares of the company’s stock worth $476,000 after purchasing an additional 1,092 shares in the last quarter. Mackenzie Financial Corp boosted its stake in shares of Sonos by 6.2% during the 2nd quarter. Mackenzie Financial Corp now owns 21,075 shares of the company’s stock worth $311,000 after acquiring an additional 1,233 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Sonos by 0.4% during the 1st quarter. Sei Investments Co. now owns 315,913 shares of the company’s stock valued at $6,021,000 after acquiring an additional 1,354 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in shares of Sonos by 6.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 24,600 shares of the company’s stock valued at $363,000 after acquiring an additional 1,400 shares in the last quarter. Finally, WNY Asset Management LLC lifted its holdings in Sonos by 7.5% in the 4th quarter. WNY Asset Management LLC now owns 20,715 shares of the company’s stock worth $355,000 after purchasing an additional 1,450 shares during the last quarter. Institutional investors and hedge funds own 85.82% of the company’s stock.

Sonos Trading Up 4.6 %

NASDAQ SONO traded up $0.52 on Thursday, reaching $11.73. The stock had a trading volume of 2,157,236 shares, compared to its average volume of 1,905,911. Sonos has a 1 year low of $9.78 and a 1 year high of $19.76. The business has a 50 day moving average price of $13.98 and a 200 day moving average price of $16.39. The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of -33.51 and a beta of 1.98.

Sonos (NASDAQ:SONO) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.03 EPS for the quarter, meeting the consensus estimate of $0.03. The business had revenue of $397.15 million during the quarter, compared to analysts’ expectations of $391.23 million. Sonos had a positive return on equity of 0.42% and a negative net margin of 1.04%. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.02 EPS. On average, analysts anticipate that Sonos will post 0.23 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Craig Hallum cut shares of Sonos from a “buy” rating to a “hold” rating and decreased their price target for the stock from $25.00 to $10.00 in a report on Thursday, August 8th. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $17.75.

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.