Short Interest in Sony Group Co. (NYSE:SONY) Drops By 31.8%

Sony Group Co. (NYSE:SONY - Get Free Report) was the recipient of a large drop in short interest in May. As of May 15th, there was short interest totalling 8,260,000 shares, a drop of 31.8% from the April 30th total of 12,120,000 shares. Based on an average daily volume of 6,360,000 shares, the days-to-cover ratio is currently 1.3 days. Currently, 0.1% of the company's stock are sold short.

Sony Group Stock Performance

Sony Group stock traded down $0.11 during mid-day trading on Tuesday, hitting $26.77. 5,804,964 shares of the company's stock traded hands, compared to its average volume of 4,373,798. Sony Group has a one year low of $15.86 and a one year high of $26.95. The company has a market cap of $161.90 billion, a PE ratio of 21.73, a price-to-earnings-growth ratio of 9.95 and a beta of 0.97. The firm has a 50 day moving average price of $24.59 and a 200 day moving average price of $22.99. The company has a quick ratio of 0.49, a current ratio of 0.66 and a debt-to-equity ratio of 0.25.

Institutional Trading of Sony Group

Institutional investors have recently modified their holdings of the company. Ellsworth Advisors LLC raised its position in Sony Group by 0.9% in the first quarter. Ellsworth Advisors LLC now owns 93,156 shares of the company's stock worth $2,365,000 after acquiring an additional 864 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of Sony Group by 33.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 9,239 shares of the company's stock worth $235,000 after purchasing an additional 2,333 shares in the last quarter. Fortis Capital Advisors LLC acquired a new stake in Sony Group during the first quarter valued at approximately $850,000. Belpointe Asset Management LLC boosted its holdings in Sony Group by 662.9% during the first quarter. Belpointe Asset Management LLC now owns 63,744 shares of the company's stock worth $1,618,000 after buying an additional 55,388 shares in the last quarter. Finally, Focus Partners Wealth grew its position in Sony Group by 0.7% in the first quarter. Focus Partners Wealth now owns 158,578 shares of the company's stock worth $4,026,000 after buying an additional 1,111 shares during the last quarter. Institutional investors and hedge funds own 14.05% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SONY shares. Wall Street Zen downgraded shares of Sony Group from a "buy" rating to a "hold" rating in a research note on Thursday, May 22nd. The Goldman Sachs Group initiated coverage on Sony Group in a report on Tuesday, March 25th. They issued a "buy" rating for the company. Oppenheimer reaffirmed an "outperform" rating and set a $33.00 target price (up previously from $25.00) on shares of Sony Group in a report on Thursday, February 20th. Finally, Wolfe Research reiterated a "peer perform" rating on shares of Sony Group in a report on Monday, April 7th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Sony Group currently has an average rating of "Moderate Buy" and an average price target of $28.00.

About Sony Group

Sony Group Corporation designs, develops, produces, and sells electronic equipment, instruments, and devices for the consumer, professional, and industrial markets in Japan, the United States, Europe, China, the Asia-Pacific, and internationally. The company distributes software titles and add-on content through digital networks; network services related to game, video, and music content; and home gaming consoles, packaged and game software, and peripheral devices.