Graham Capital Management L.P. Makes New $1.88 Million Investment in Sonos, Inc. $SONO

Key Points

• Graham Capital Management L.P. purchased 175,909 shares of Sonos, Inc. for approximately $1.88 million, owning about 0.15% of the company as of its latest SEC filing.
• Insider Coliseum Capital Management bought 675,000 shares of Sonos for about $7.6 million, increasing its ownership by 4.88% and owning a total of 14.5 million shares.
• Sonos recently reported a quarterly revenue of $344.76 million, despite a year-over-year decrease of 13.2% and a missed earnings estimate, leading analysts to forecast -0.37 EPS for the current year.

Graham Capital Management L.P. acquired a new position in shares of Sonos, Inc. (NASDAQ:SONO - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 175,909 shares of the company's stock, valued at approximately $1,877,000. Graham Capital Management L.P. owned 0.15% of Sonos at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. AlphaQuest LLC acquired a new position in shares of Sonos in the first quarter valued at about $29,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Sonos in the 4th quarter valued at about $103,000. Centaurus Financial Inc. acquired a new position in shares of Sonos during the 4th quarter worth approximately $108,000. Headlands Technologies LLC grew its position in shares of Sonos by 38.8% during the 1st quarter. Headlands Technologies LLC now owns 7,760 shares of the company's stock worth $83,000 after purchasing an additional 2,168 shares in the last quarter. Finally, State of Wyoming bought a new position in shares of Sonos during the first quarter worth approximately $85,000. Institutional investors and hedge funds own 85.82% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SONO. Rosenblatt Securities reiterated a "buy" rating and issued a $17.00 price target on shares of Sonos in a research note on Wednesday, August 20th. Wall Street Zen upgraded Sonos from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Sonos currently has an average rating of "Hold" and an average price target of $13.67.

Insider Buying and Selling

In related news, major shareholder Coliseum Capital Management, L bought 675,000 shares of the firm's stock in a transaction on Tuesday, July 29th. The shares were purchased at an average price of $11.25 per share, with a total value of $7,593,750.00. Following the completion of the purchase, the insider owned 14,505,191 shares in the company, valued at $163,183,398.75. This represents a 4.88% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Over the last ninety days, insiders have purchased 2,950,069 shares of company stock valued at $31,713,016. 1.80% of the stock is owned by corporate insiders.

Sonos Stock Up 2.2%

Shares of SONO stock traded up $0.32 during trading hours on Friday, reaching $14.69. The company's stock had a trading volume of 2,297,339 shares, compared to its average volume of 2,193,104. The firm's 50 day simple moving average is $11.94 and its 200-day simple moving average is $10.92. The company has a market capitalization of $1.78 billion, a price-to-earnings ratio of -22.60 and a beta of 2.17. Sonos, Inc. has a fifty-two week low of $7.63 and a fifty-two week high of $15.89.

Sonos (NASDAQ:SONO - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.01). Sonos had a negative return on equity of 18.19% and a negative net margin of 5.41%.The business had revenue of $344.76 million for the quarter, compared to analyst estimates of $324.66 million. During the same period in the previous year, the firm posted $0.03 EPS. The firm's revenue was down 13.2% compared to the same quarter last year. Sell-side analysts predict that Sonos, Inc. will post -0.37 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.