Sonos (NASDAQ:SONO) Shares Gap Up – What’s Next?

Shares of Sonos, Inc. (NASDAQ:SONO) gapped up prior to trading on Thursday . The stock had previously closed at $14.08, but opened at $15.45. Sonos shares last traded at $14.95, with a volume of 707,744 shares.

Analyst Upgrades and Downgrades

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

Sonos Stock Performance

The firm has a market cap of $1.71 billion, a price-to-earnings ratio of -100.56 and a beta of 2.04. The business’s 50 day moving average price is $12.50 and its 200-day moving average price is $13.78.

Insider Activity

In other news, insider Shamayne Braman sold 6,438 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $11.56, for a total value of $74,423.28. Following the sale, the insider now owns 26,588 shares in the company, valued at approximately $307,357.28. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 3.30% of the company’s stock.

Institutional Investors Weigh In On Sonos

Institutional investors have recently modified their holdings of the business. Covestor Ltd grew its position in shares of Sonos by 376.7% during the 1st quarter. Covestor Ltd now owns 1,988 shares of the company’s stock valued at $38,000 after buying an additional 1,571 shares during the last quarter. Gladius Capital Management LP bought a new stake in shares of Sonos during the 3rd quarter valued at about $30,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Sonos during the 2nd quarter valued at about $46,000. Quest Partners LLC grew its position in shares of Sonos by 138.8% during 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 during the last quarter. Finally, KBC Group NV grew its position in shares of Sonos by 52.5% during the 3rd 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. Institutional investors own 85.82% of the company’s stock.

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.