Sonos (NASDAQ:SONO) Hits New 52-Week Low - What's Next?

Sonos, Inc. (NASDAQ:SONO - Get Free Report) reached a new 52-week low on Wednesday . The stock traded as low as $7.66 and last traded at $7.71, with a volume of 730330 shares trading hands. The stock had previously closed at $7.88.

Analyst Ratings Changes

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

Sonos Price Performance

The firm has a market capitalization of $961.00 million, a PE ratio of -14.16 and a beta of 2.01. The business's 50-day moving average price is $11.10 and its 200-day moving average price is $12.85.

Sonos (NASDAQ:SONO - Get Free Report) last released its quarterly earnings data 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 net margin of 4.73% and a negative return on equity of 13.17%. On average, analysts anticipate that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

Sonos declared that its Board of Directors has initiated a share buyback program on Monday, February 24th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the company to purchase up to 10.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In related news, major shareholder Coliseum Capital Management, L acquired 62,506 shares of the firm's stock in a transaction that occurred on Monday, April 7th. The stock was acquired at an average cost of $8.38 per share, with a total value of $523,800.28. Following the completion of the purchase, the insider now directly owns 12,118,088 shares in the company, valued at approximately $101,549,577.44. This trade represents a 0.52 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.80% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Barclays PLC grew its position in shares of Sonos by 120.3% in the 3rd quarter. Barclays PLC now owns 923,437 shares of the company's stock valued at $11,350,000 after purchasing an additional 504,293 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Sonos by 50.1% in the fourth quarter. GAMMA Investing LLC now owns 4,048 shares of the company's stock valued at $61,000 after purchasing an additional 1,352 shares in the last quarter. Diversified Trust Co boosted its position in Sonos by 10.6% during the 4th quarter. Diversified Trust Co now owns 45,607 shares of the company's stock worth $686,000 after acquiring an additional 4,363 shares during the last quarter. Harbor Capital Advisors Inc. raised its holdings in shares of Sonos by 5.9% in the fourth quarter. Harbor Capital Advisors Inc. now owns 41,701 shares of the company's stock valued at $627,000 after purchasing an additional 2,320 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in Sonos by 7,557.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 156,049 shares of the company's stock worth $2,347,000 after buying an additional 154,011 shares in the last quarter. 85.82% of the stock is currently owned by institutional investors.

Sonos Company Profile

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.