Sonos (NASDAQ:SONO) Shares Down 7% - Here's What Happened

Key Points

• Sonos shares fell 7% in mid-day trading, hitting a low of $14.07 before last trading around $14.15, compared with the prior close of $15.22.
• Analyst sentiment remains mixed: Sonos has a Hold consensus rating and a $20.00 price target, with recent moves including downgrades from Zacks Research and Wall Street Zen, while Rosenblatt kept a Buy rating.
• The company has a $1.67 billion market cap and strong institutional ownership, with hedge funds and other investors holding about 85.82% of shares; several institutions increased their positions in the latest quarter.

Sonos, Inc. (NASDAQ:SONO - Get Free Report) shares fell 7% during mid-day trading on Wednesday . The stock traded as low as $14.07 and last traded at $14.1520. 1,780,580 shares traded hands during mid-day trading, an increase of 3% from the average daily volume of 1,723,163 shares. The stock had previously closed at $15.22.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Weiss Ratings upgraded shares of Sonos from a "sell (d-)" rating to a "sell (d)" rating in a report on Thursday, May 7th. Zacks Research cut shares of Sonos from a "strong-buy" rating to a "hold" rating in a report on Monday, April 6th. Rosenblatt Securities reissued a "buy" rating and set a $21.00 price objective on shares of Sonos in a research report on Monday, June 15th. Finally, Wall Street Zen lowered shares of Sonos from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 2nd. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Sonos currently has an average rating of "Hold" and a consensus price target of $20.00.

Sonos Price Performance

The company has a market capitalization of $1.67 billion, a price-to-earnings ratio of 82.59 and a beta of 1.96. The firm has a 50-day moving average price of $14.79 and a two-hundred day moving average price of $14.94.

Institutional Trading of Sonos

Hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC boosted its holdings in Sonos by 22.4% during the first quarter. AQR Capital Management LLC now owns 51,169 shares of the company's stock worth $546,000 after purchasing an additional 9,355 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Sonos by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,984 shares of the company's stock worth $768,000 after buying an additional 3,483 shares in the last quarter. Intech Investment Management LLC boosted its stake in shares of Sonos by 38.5% during the 1st quarter. Intech Investment Management LLC now owns 151,152 shares of the company's stock worth $1,613,000 after buying an additional 42,006 shares during the last quarter. Strs Ohio acquired a new position in shares of Sonos during the 1st quarter worth about $147,000. Finally, Norges Bank acquired a new position in shares of Sonos during the 2nd quarter worth about $289,000. 85.82% of the stock is currently owned by institutional investors and hedge funds.

About Sonos

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.

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