Sonos, Inc. (NASDAQ:SONO) Short Interest Down 28.3% in November

Sonos, Inc. (NASDAQ:SONO) was the target of a significant decrease in short interest during the month of November. As of November 30th, there was short interest totalling 6,250,000 shares, a decrease of 28.3% from the November 15th total of 8,720,000 shares. Based on an average daily volume of 1,970,000 shares, the days-to-cover ratio is currently 3.2 days. Approximately 5.2% of the company’s stock are short sold.

Institutional Investors Weigh In On Sonos

Several hedge funds and other institutional investors have recently bought and sold shares of SONO. Systematic Financial Management LP raised its holdings 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 buying an additional 218,061 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Sonos by 42.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 877,758 shares of the company’s stock valued at $10,788,000 after purchasing an additional 263,060 shares during the last quarter. Crestwood Capital Management L.P. bought a new stake in Sonos during the 3rd quarter worth approximately $922,000. Magnetar Financial LLC purchased a new stake in shares of Sonos in the second quarter worth approximately $600,000. Finally, Cornercap Investment Counsel Inc. bought a new position in shares of Sonos in the third quarter valued at approximately $539,000. 85.82% of the stock is owned by institutional investors.

Sonos Price Performance

Shares of Sonos stock traded up $0.08 during trading on Friday, hitting $14.57. The company’s stock had a trading volume of 1,235,397 shares, compared to its average volume of 1,913,195. The stock has a market cap of $1.77 billion, a price-to-earnings ratio of -44.21 and a beta of 2.04. Sonos has a 52 week low of $10.23 and a 52 week high of $19.76. The stock has a 50-day moving average price of $13.27 and a two-hundred day moving average price of $13.35.

Sonos (NASDAQ:SONO) last released its quarterly earnings results on Wednesday, November 13th. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.22). The firm had revenue of $255.38 million for the quarter, compared to the consensus estimate of $247.92 million. Sonos had a negative return on equity of 4.97% and a negative net margin of 2.51%. The firm’s revenue for the quarter was down 16.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.21) EPS. On average, equities analysts predict that Sonos will post -0.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley lowered shares of Sonos from an “overweight” rating to an “underweight” rating and lowered their price objective for the stock from $25.00 to $11.00 in a research note on Thursday, September 26th.

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.