Sonos (NASDAQ:SONO) Shares Gap Up – Here’s Why

Sonos, Inc. (NASDAQ:SONO) shares gapped up prior to trading on Thursday . The stock had previously closed at $14.08, but opened at $15.45. Sonos shares last traded at $14.95, with a volume of 707,744 shares traded.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Craig Hallum downgraded Sonos from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $25.00 to $10.00 in a research note on Thursday, August 8th. Morgan Stanley cut shares of Sonos from an “overweight” rating to an “underweight” rating and decreased their target price for the stock from $25.00 to $11.00 in a research note on Thursday, September 26th.

Sonos Stock Down 5.1 %

The stock has a fifty day simple moving average of $12.54 and a 200 day simple moving average of $13.78. The firm has a market capitalization of $1.58 billion, a P/E ratio of -39.54 and a beta of 2.04.

Institutional Trading of Sonos

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Systematic Financial Management LP grew its holdings in Sonos by 39.9% during the 2nd quarter. Systematic Financial Management LP now owns 765,263 shares of the company’s stock valued at $11,295,000 after buying an additional 218,061 shares in the last quarter. SG Americas Securities LLC increased its holdings in Sonos by 2,222.0% in the 2nd quarter. SG Americas Securities LLC now owns 172,549 shares of the company’s stock valued at $2,547,000 after acquiring an additional 165,118 shares during the last quarter. Magnetar Financial LLC bought a new stake in Sonos in the 2nd quarter valued at $600,000. Vanguard Group Inc. lifted its stake in Sonos by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 14,251,179 shares of the company’s stock worth $271,627,000 after purchasing an additional 163,736 shares in the last quarter. Finally, U.S. Capital Wealth Advisors LLC boosted its holdings in shares of Sonos by 893.5% during the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 103,325 shares of the company’s stock valued at $1,525,000 after purchasing an additional 92,925 shares during the last quarter. Institutional investors own 85.82% of the company’s stock.

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.