Short Interest in Sonos, Inc. (NASDAQ:SONO) Increases By 14.6%

Sonos, Inc. (NASDAQ:SONO) was the recipient of a significant growth in short interest in the month of February. As of February 27th, there was short interest totaling 10,488,508 shares, a growth of 14.6% from the February 12th total of 9,154,174 shares. Currently, 8.8% of the company’s shares are sold short. Based on an average trading volume of 1,803,120 shares, the days-to-cover ratio is presently 5.8 days. Based on an average trading volume of 1,803,120 shares, the days-to-cover ratio is presently 5.8 days. Currently, 8.8% of the company’s shares are sold short.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SONO. Weiss Ratings restated a “sell (d-)” rating on shares of Sonos in a report on Thursday, January 22nd. Morgan Stanley set a $18.00 price objective on Sonos in a research report on Wednesday, February 4th. Jefferies Financial Group boosted their target price on Sonos from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, January 5th. Zacks Research upgraded Sonos from a “hold” rating to a “strong-buy” rating in a report on Monday, February 9th. Finally, Wall Street Zen raised Sonos from a “hold” rating to a “buy” rating in a research note on Saturday, February 7th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.00.

Insider Activity at Sonos

In other news, major shareholder Coliseum Capital Management, L bought 494,719 shares of the company’s stock in a transaction dated Wednesday, February 4th. The stock was bought at an average cost of $15.50 per share, for a total transaction of $7,668,144.50. Following the completion of the acquisition, the insider owned 15,424,999 shares in the company, valued at approximately $239,087,484.50. This trade represents a 3.31% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have bought 2,911,562 shares of company stock worth $43,836,317 over the last ninety days. Corporate insiders own 1.25% of the company’s stock.

Hedge Funds Weigh In On Sonos

Several institutional investors and hedge funds have recently added to or reduced their stakes in SONO. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Sonos by 626.8% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,663,480 shares of the company’s stock valued at $42,083,000 after buying an additional 2,296,996 shares in the last quarter. Cooper Creek Partners Management LLC grew its position in shares of Sonos by 38.6% in the 2nd quarter. Cooper Creek Partners Management LLC now owns 4,243,813 shares of the company’s stock worth $45,876,000 after buying an additional 1,181,033 shares during the period. Cubist Systematic Strategies LLC increased its stake in shares of Sonos by 250.8% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 1,393,706 shares of the company’s stock worth $15,066,000 after acquiring an additional 996,425 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Sonos by 5.9% in the 3rd quarter. Vanguard Group Inc. now owns 13,730,353 shares of the company’s stock worth $216,940,000 after acquiring an additional 768,776 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in Sonos by 1,472.4% during the 2nd quarter. AQR Capital Management LLC now owns 804,583 shares of the company’s stock valued at $8,698,000 after acquiring an additional 753,414 shares during the period. Hedge funds and other institutional investors own 85.82% of the company’s stock.

Sonos Stock Performance

SONO stock opened at $13.34 on Tuesday. Sonos has a fifty-two week low of $7.63 and a fifty-two week high of $19.82. The business’s 50 day moving average price is $15.44 and its two-hundred day moving average price is $16.35. The company has a market capitalization of $1.61 billion, a price-to-earnings ratio of -78.47 and a beta of 1.96.

Sonos (NASDAQ:SONO) last released its earnings results on Tuesday, February 3rd. The company reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.08. The company had revenue of $545.66 million during the quarter, compared to analysts’ expectations of $536.93 million. Sonos had a positive return on equity of 0.82% and a negative net margin of 1.22%.The firm’s revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter last year, the business posted $0.64 EPS. Sell-side analysts forecast that Sonos will post -0.37 earnings per share for the current year.

Sonos Company Profile

Sonos, Inc is a consumer electronics company specializing in wireless home audio systems. The company’s core business revolves around designing, developing and manufacturing smart speakers and soundbars that deliver high-fidelity audio and seamless multi-room listening experiences. Sonos products connect via Wi-Fi or Bluetooth and integrate with popular streaming services, enabling users to control music and other audio content through a dedicated mobile app, voice assistants or traditional controls.

Sonos offers a diversified product lineup that includes compact speakers such as Sonos One and Sonos Roam, premium models like Sonos Five and Sonos Move, home theater solutions including Sonos Beam and Sonos Arc, as well as accessories such as the Sonos Sub and Sonos Amp.