Meridian Wealth Management LLC Has $243,000 Position in Sonos, Inc. (NASDAQ:SONO)

Meridian Wealth Management LLC boosted its stake in Sonos, Inc. (NASDAQ:SONO) by 20.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 19,760 shares of the company’s stock after purchasing an additional 3,300 shares during the quarter. Meridian Wealth Management LLC’s holdings in Sonos were worth $243,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Gladius Capital Management LP bought a new position in shares of Sonos during the 3rd quarter worth about $30,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Sonos during the 2nd quarter worth approximately $46,000. Quest Partners LLC boosted its holdings in Sonos by 138.8% in the second quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock worth $72,000 after acquiring an additional 2,819 shares in the last quarter. KBC Group NV grew its stake in Sonos by 52.5% in the third quarter. KBC Group NV now owns 4,852 shares of the company’s stock valued at $60,000 after acquiring an additional 1,670 shares during the period. Finally, nVerses Capital LLC bought a new stake in shares of Sonos during the second quarter valued at approximately $81,000. 85.82% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on SONO. Craig Hallum cut Sonos from a “buy” rating to a “hold” rating and cut their target price for the stock from $25.00 to $10.00 in a report on Thursday, August 8th. Morgan Stanley lowered shares of Sonos from an “overweight” rating to an “underweight” rating and dropped their price objective for the company from $25.00 to $11.00 in a research note on Thursday, September 26th.

Sonos Stock Up 3.8 %

Shares of NASDAQ:SONO opened at $14.00 on Tuesday. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of -42.42 and a beta of 2.04. The business’s 50 day moving average is $12.78 and its 200 day moving average is $13.54. Sonos, Inc. has a 12-month low of $10.23 and a 12-month high of $19.76.

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

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.