Sonos (NASDAQ:SONO) Shares Down 7.6% – What’s Next?

Sonos, Inc. (NASDAQ:SONO)’s stock price was down 7.6% on Monday . The stock traded as low as $13.40 and last traded at $13.41. Approximately 289,139 shares traded hands during trading, a decline of 74% from the average daily volume of 1,127,430 shares. The stock had previously closed at $14.52.

Analysts Set New Price Targets

Separately, Morgan Stanley downgraded Sonos from an “overweight” rating to an “underweight” rating and lowered their price target for the stock from $25.00 to $11.00 in a research report on Thursday, September 26th.

Sonos Price Performance

The firm has a market cap of $1.73 billion, a PE ratio of -43.12 and a beta of 1.99. The company has a 50-day simple moving average of $14.25 and a 200-day simple moving average of $13.21.

Sonos (NASDAQ:SONO) last announced its quarterly earnings data on Wednesday, November 13th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.22). Sonos had a negative net margin of 2.51% and a negative return on equity of 4.97%. The business had revenue of $255.38 million during the quarter, compared to the consensus estimate of $247.92 million. During the same period last year, the company earned ($0.21) EPS. The business’s revenue was down 16.3% compared to the same quarter last year. As a group, equities research analysts predict that Sonos, Inc. will post -0.3 earnings per share for the current year.

Institutional Investors Weigh In On Sonos

Large investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. raised its stake in shares of Sonos by 24.8% during the second quarter. Pacer Advisors Inc. now owns 3,519,368 shares of the company’s stock valued at $51,946,000 after acquiring an additional 699,975 shares in the last quarter. Wellington Management Group LLP increased its holdings in Sonos by 23.4% during the 3rd quarter. Wellington Management Group LLP now owns 3,303,017 shares of the company’s stock worth $40,594,000 after purchasing an additional 626,172 shares during the period. American Century Companies Inc. raised its position in Sonos by 8.6% during the 2nd quarter. American Century Companies Inc. now owns 2,689,118 shares of the company’s stock valued at $39,691,000 after purchasing an additional 212,610 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Sonos by 10.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,659,127 shares of the company’s stock worth $39,248,000 after buying an additional 241,700 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. grew its position in shares of Sonos by 67.9% during the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 1,655,942 shares of the company’s stock worth $20,352,000 after buying an additional 669,658 shares in the last quarter. 85.82% of the stock is owned by hedge funds and other institutional investors.

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.