Sonos (NASDAQ:SONO) Shares Gap Up – What’s Next?

Sonos, Inc. (NASDAQ:SONO) gapped up before the market opened 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 trading hands.

Wall Street Analyst Weigh In

SONO has been the subject of several research reports. Craig Hallum cut shares of Sonos from a “buy” rating to a “hold” rating and lowered their price objective for the company 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 lowered their price objective for the company from $25.00 to $11.00 in a research note on Thursday, September 26th.

Sonos Trading Up 0.4 %

The company’s 50 day moving average price is $12.50 and its 200-day moving average price is $13.78. The company has a market capitalization of $1.71 billion, a PE ratio of -100.56 and a beta of 2.04.

Insider Activity at Sonos

In related news, insider Shamayne Braman sold 6,438 shares of Sonos stock in a transaction on Friday, August 16th. The shares were sold at an average price of $11.56, for a total transaction of $74,423.28. Following the transaction, the insider now owns 26,588 shares in the company, valued at approximately $307,357.28. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 3.30% of the company’s stock.

Hedge Funds Weigh In On Sonos

Several hedge funds and other institutional investors have recently made changes to their positions in SONO. Pacer Advisors Inc. lifted its holdings in shares of Sonos by 24.8% during the 2nd quarter. Pacer Advisors Inc. now owns 3,519,368 shares of the company’s stock valued at $51,946,000 after acquiring an additional 699,975 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. lifted its holdings in Sonos by 67.9% in the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 1,655,942 shares of the company’s stock worth $20,352,000 after buying an additional 669,658 shares in the last quarter. LMR Partners LLP acquired a new position in Sonos in the 3rd quarter worth $7,412,000. Victory Capital Management Inc. lifted its holdings in Sonos by 21.9% in the 2nd quarter. Victory Capital Management Inc. now owns 1,842,770 shares of the company’s stock worth $27,199,000 after buying an additional 331,293 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in Sonos by 1,725.4% in the 2nd quarter. Renaissance Technologies LLC now owns 337,700 shares of the company’s stock worth $4,984,000 after buying an additional 319,200 shares in the last quarter. Institutional investors and hedge funds own 85.82% of the company’s stock.

Sonos Company 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.