Sonos, Inc. (NASDAQ:SONO) Sees Large Growth in Short Interest

Sonos, Inc. (NASDAQ:SONO) was the recipient of a significant increase in short interest in the month of September. As of September 30th, there was short interest totaling 14,464,055 shares, an increase of 55.4% from the September 15th total of 9,308,963 shares. Currently, 12.4% of the shares of the company are sold short. Based on an average daily volume of 2,410,961 shares, the days-to-cover ratio is presently 6.0 days.

Sonos Trading Down 4.5%

SONO stock traded down $0.80 during trading on Friday, hitting $16.89. The company had a trading volume of 342,576 shares, compared to its average volume of 1,789,710. The company has a fifty day moving average price of $16.28 and a two-hundred day moving average price of $15.23. The company has a market cap of $2.00 billion, a P/E ratio of 37.61 and a beta of 1.88. Sonos has a fifty-two week low of $12.44 and a fifty-two week high of $19.82.

Sonos (NASDAQ:SONO) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.23. Sonos had a return on equity of 19.10% and a net margin of 3.82%. The firm had revenue of $375.26 million for the quarter, compared to analysts’ expectations of $365.65 million. During the same period in the prior year, the business posted ($0.03) earnings per share. The business’s revenue was up 8.8% compared to the same quarter last year. On average, analysts expect that Sonos will post 0.69 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Julius Genachowski sold 19,855 shares of the stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $17.00, for a total value of $337,535.00. Following the completion of the transaction, the director owned 53,775 shares in the company, valued at approximately $914,175. This represents a 26.97% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karen Boone sold 46,766 shares of the stock in a transaction on Friday, September 25th. The shares were sold at an average price of $18.13, for a total transaction of $847,867.58. Following the completion of the transaction, the director owned 69,271 shares of the company’s stock, valued at approximately $1,255,883.23. This represents a 40.30% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 76,621 shares of company stock worth $1,339,303 in the last quarter. Corporate insiders own 1.25% of the company’s stock.

Institutional Investors Weigh In On Sonos

Several large investors have recently made changes to their positions in the company. Fortitude Family Office LLC lifted its holdings in Sonos by 325.3% during the 3rd quarter. Fortitude Family Office LLC now owns 1,544 shares of the company’s stock valued at $28,000 after purchasing an additional 1,181 shares during the last quarter. GAMMA Investing LLC boosted its position in Sonos by 15.5% in the third quarter. GAMMA Investing LLC now owns 9,373 shares of the company’s stock valued at $168,000 after buying an additional 1,258 shares in the last quarter. Farther Finance Advisors LLC boosted its position in Sonos by 216.4% in the third quarter. Farther Finance Advisors LLC now owns 10,088 shares of the company’s stock valued at $180,000 after buying an additional 6,900 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in Sonos during the second quarter worth about $75,000. Finally, Squarepoint Ops LLC bought a new stake in Sonos during the second quarter worth about $1,191,000. Institutional investors own 85.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Wall Street Zen cut shares of Sonos from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 22nd. Rosenblatt Securities reissued a “buy” rating and issued a $21.00 price target on shares of Sonos in a research report on Thursday, July 30th. Finally, Weiss Ratings upgraded shares of Sonos from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $20.00.

About Sonos

Sonos, Inc is an audio technology company that develops and sells connected sound products and software for homes and other personal listening environments. Its products are designed to work together over wireless networks, allowing users to stream and control music, podcasts, television audio and other content through the Sonos app and compatible services.

The company’s product portfolio includes wireless home speakers, portable speakers, soundbars, home theater components, subwoofers and headphones.