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

Sonos, Inc. (NASDAQ:SONO - Get Free Report) was the recipient of a large drop in short interest in the month of April. As of April 15th, there was short interest totalling 5,490,000 shares, a drop of 14.6% from the March 31st total of 6,430,000 shares. Approximately 4.7% of the company's shares are sold short. Based on an average trading volume of 2,070,000 shares, the short-interest ratio is presently 2.7 days.

Insiders Place Their Bets

In related news, major shareholder Coliseum Capital Management, L purchased 62,506 shares of Sonos stock in a transaction on Monday, April 7th. The stock was acquired at an average cost of $8.38 per share, for a total transaction of $523,800.28. Following the completion of the acquisition, the insider now owns 12,118,088 shares of the company's stock, valued at $101,549,577.44. This trade represents a 0.52 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.80% of the company's stock.

Institutional Investors Weigh In On Sonos

A number of institutional investors have recently added to or reduced their stakes in SONO. Victory Capital Management Inc. boosted its stake in shares of Sonos by 40.7% in the 1st quarter. Victory Capital Management Inc. now owns 101,418 shares of the company's stock worth $1,082,000 after buying an additional 29,343 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in Sonos by 2.7% in the first quarter. Envestnet Asset Management Inc. now owns 135,071 shares of the company's stock worth $1,441,000 after purchasing an additional 3,591 shares during the last quarter. Illinois Municipal Retirement Fund grew its stake in Sonos by 15.8% in the 1st quarter. Illinois Municipal Retirement Fund now owns 69,520 shares of the company's stock valued at $742,000 after purchasing an additional 9,482 shares during the period. Robeco Institutional Asset Management B.V. grew its stake in Sonos by 4.4% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 399,395 shares of the company's stock valued at $4,262,000 after purchasing an additional 16,820 shares during the period. Finally, SG Americas Securities LLC increased its position in shares of Sonos by 62.3% during the 1st quarter. SG Americas Securities LLC now owns 66,277 shares of the company's stock valued at $707,000 after purchasing an additional 25,438 shares during the last quarter. 85.82% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Rosenblatt Securities restated a "buy" rating and issued a $18.00 target price on shares of Sonos in a research note on Friday, February 7th. Jefferies Financial Group decreased their price objective on Sonos from $19.00 to $13.00 and set a "buy" rating for the company in a report on Monday, April 7th.

Sonos Stock Performance

SONO stock opened at $9.46 on Friday. The business has a 50-day simple moving average of $10.34 and a two-hundred day simple moving average of $12.63. The company has a market capitalization of $1.13 billion, a P/E ratio of -16.60 and a beta of 2.01. Sonos has a 52-week low of $7.63 and a 52-week high of $18.02.

Sonos (NASDAQ:SONO - Get Free Report) last announced its earnings results on Thursday, February 6th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.04. Sonos had a negative return on equity of 13.17% and a negative net margin of 4.73%. As a group, sell-side analysts forecast that Sonos will post -0.37 earnings per share for the current fiscal year.

Sonos declared that its board has authorized a stock repurchase program on Monday, February 24th that permits the company to buyback $150.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 10.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

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.

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