Sonos (NASDAQ:SONO) Trading Up 5.2% - Here's Why

Key Points

• Sonos shares jumped 5.2% in mid-day trading Friday, reaching as high as $15.11 after closing at $14.27 the prior day.
• Analyst sentiment is mixed but slightly cautious, with Rosenblatt maintaining a $21 price target and a Buy rating, while the overall consensus from MarketBeat is still Hold with a $20 target.
• Institutional ownership remains strong, as hedge funds and other large investors own about 85.82% of Sonos stock, even as several firms recently adjusted their positions.

Sonos, Inc. (NASDAQ:SONO - Get Free Report) shares shot up 5.2% during mid-day trading on Friday . The stock traded as high as $15.11 and last traded at $15.01. Approximately 403,614 shares were traded during mid-day trading, a decline of 77% from the average session volume of 1,735,617 shares. The stock had previously closed at $14.27.

Wall Street Analysts Forecast Growth

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

Sonos Stock Up 6.2%

The stock has a fifty day moving average of $14.76 and a two-hundred day moving average of $14.89. The stock has a market cap of $1.80 billion, a price-to-earnings ratio of 89.18 and a beta of 1.96.

Hedge Funds Weigh In On Sonos

A number of large investors have recently made changes to their positions in SONO. Hantz Financial Services Inc. boosted its holdings in Sonos by 307.9% during the fourth quarter. Hantz Financial Services Inc. now owns 1,762 shares of the company's stock worth $31,000 after buying an additional 1,330 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Sonos by 699.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,055 shares of the company's stock valued at $36,000 after buying an additional 1,798 shares in the last quarter. Daiwa Securities Group Inc. acquired a new stake in shares of Sonos during the 4th quarter valued at approximately $50,000. Quarry LP lifted its position in shares of Sonos by 485.8% during the 3rd quarter. Quarry LP now owns 3,251 shares of the company's stock valued at $51,000 after acquiring an additional 2,696 shares during the period. Finally, Kemnay Advisory Services Inc. purchased a new stake in shares of Sonos during the 4th quarter worth approximately $64,000. Hedge funds and other institutional investors own 85.82% of the company's stock.

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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