Coliseum Capital Management, L Acquires 287,087 Shares of Sonos, Inc. (NASDAQ:SONO) Stock

Key Points

• Coliseum Capital Management increased its stake in Sonos, Inc. by acquiring 287,087 shares at an average price of $11.18 per share, bringing their total ownership to approximately 13.48 million shares, valued at around $150.7 million.
• Recent analyst reports show mixed ratings for Sonos, with Jefferies Financial Group lowering their target price to $13.00 while Rosenblatt Securities also reduced their target price to $15.00.
• Sonos has experienced significant trading volume, with 2.55 million shares traded during a recent session, indicating strong market interest despite its price-to-earnings ratio of -19.17.

Sonos, Inc. (NASDAQ:SONO - Get Free Report) major shareholder Coliseum Capital Management, L acquired 287,087 shares of the company's stock in a transaction dated Friday, July 25th. The stock was acquired at an average price of $11.18 per share, for a total transaction of $3,209,632.66. Following the acquisition, the insider owned 13,480,191 shares in the company, valued at approximately $150,708,535.38. The trade was a 2.18% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own at least 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Coliseum Capital Management, L also recently made the following trade(s):

• On Tuesday, July 29th, Coliseum Capital Management, L acquired 675,000 shares of Sonos stock. The stock was acquired at an average price of $11.25 per share, for a total transaction of $7,593,750.00.
• On Monday, July 28th, Coliseum Capital Management, L bought 350,000 shares of Sonos stock. The stock was purchased at an average cost of $11.43 per share, with a total value of $4,000,500.00.
• On Tuesday, June 24th, Coliseum Capital Management, L bought 111,898 shares of Sonos stock. The stock was purchased at an average cost of $10.34 per share, with a total value of $1,157,025.32.
• On Monday, June 23rd, Coliseum Capital Management, L bought 73,530 shares of Sonos stock. The stock was purchased at an average cost of $9.89 per share, with a total value of $727,211.70.
• On Friday, June 20th, Coliseum Capital Management, L bought 238,000 shares of Sonos stock. The stock was purchased at an average cost of $9.92 per share, with a total value of $2,360,960.00.
• On Monday, June 16th, Coliseum Capital Management, L bought 131,588 shares of Sonos stock. The stock was purchased at an average cost of $10.26 per share, with a total value of $1,350,092.88.
• On Friday, June 13th, Coliseum Capital Management, L bought 280,000 shares of Sonos stock. The stock was purchased at an average cost of $9.93 per share, with a total value of $2,780,400.00.
• On Thursday, June 12th, Coliseum Capital Management, L bought 240,000 shares of Sonos stock. The stock was purchased at an average cost of $10.21 per share, with a total value of $2,450,400.00.

Sonos Stock Performance

NASDAQ:SONO traded down $0.45 during trading hours on Friday, hitting $10.36. The company's stock had a trading volume of 2,112,643 shares, compared to its average volume of 1,735,835. The business's 50-day moving average is $10.57 and its two-hundred day moving average is $11.09. The company has a market capitalization of $1.24 billion, a PE ratio of -17.56 and a beta of 2.04. Sonos, Inc. has a 52-week low of $7.63 and a 52-week high of $15.89.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Wall Street Zen raised Sonos from a "sell" rating to a "hold" rating in a research report on Saturday. Rosenblatt Securities decreased their price objective on Sonos from $18.00 to $15.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Finally, 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 research report on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $12.25.

Hedge Funds Weigh In On Sonos

Several hedge funds and other institutional investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Sonos by 1.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,501 shares of the company's stock worth $1,030,000 after purchasing an additional 1,033 shares during the last quarter. Fox Run Management L.L.C. raised its holdings in Sonos by 10.1% during the first quarter. Fox Run Management L.L.C. now owns 12,332 shares of the company's stock worth $132,000 after purchasing an additional 1,128 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in Sonos by 65.6% during the second quarter. Nisa Investment Advisors LLC now owns 3,203 shares of the company's stock worth $35,000 after purchasing an additional 1,269 shares during the last quarter. Blueshift Asset Management LLC raised its holdings in Sonos by 11.4% during the first quarter. Blueshift Asset Management LLC now owns 13,360 shares of the company's stock worth $143,000 after purchasing an additional 1,367 shares during the last quarter. Finally, Headlands Technologies LLC raised its holdings in Sonos by 38.8% during the first quarter. Headlands Technologies LLC now owns 7,760 shares of the company's stock worth $83,000 after purchasing an additional 2,168 shares during the last quarter. 85.82% of the stock is owned by institutional investors and hedge funds.

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.