PDT Partners LLC Increases Position in Sonos, Inc. (NASDAQ:SONO)

PDT Partners LLC increased its holdings in Sonos, Inc. (NASDAQ:SONO) by 29.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 277,454 shares of the company’s stock after purchasing an additional 62,604 shares during the quarter. PDT Partners LLC’s holdings in Sonos were worth $3,410,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Systematic Financial Management LP raised its position in Sonos by 39.9% during the second quarter. Systematic Financial Management LP now owns 765,263 shares of the company’s stock worth $11,295,000 after acquiring an additional 218,061 shares during the period. SG Americas Securities LLC raised its position in shares of Sonos by 2,222.0% during the 2nd quarter. SG Americas Securities LLC now owns 172,549 shares of the company’s stock worth $2,547,000 after purchasing an additional 165,118 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Sonos by 42.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 877,758 shares of the company’s stock worth $10,788,000 after purchasing an additional 263,060 shares during the last quarter. Crestwood Capital Management L.P. purchased a new position in Sonos in the 3rd quarter valued at about $922,000. Finally, Magnetar Financial LLC acquired a new stake in Sonos in the 2nd quarter worth about $600,000. Hedge funds and other institutional investors own 85.82% of the company’s stock.

Sonos Trading Down 0.2 %

Shares of NASDAQ SONO opened at $13.61 on Friday. The stock has a market cap of $1.66 billion, a PE ratio of -41.24 and a beta of 2.04. Sonos, Inc. has a 12-month low of $10.23 and a 12-month high of $19.76. The company has a 50-day moving average of $12.86 and a 200 day moving average of $13.49.

Sonos (NASDAQ:SONO) last posted its quarterly earnings results on Wednesday, November 13th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.22). The company had revenue of $255.38 million during the quarter, compared to analysts’ expectations of $247.92 million. Sonos had a negative net margin of 2.51% and a negative return on equity of 4.97%. Sonos’s revenue for the quarter was down 16.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.21) earnings per share. On average, sell-side analysts forecast that Sonos, Inc. will post -0.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

Sonos 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.