Sonos (NASDAQ:SONO) Shares Down 4.4% – Should You Sell?

Sonos, Inc. (NASDAQ:SONO)’s share price fell 4.4% during mid-day trading on Monday . The company traded as low as $12.30 and last traded at $12.48. 523,905 shares were traded during trading, a decline of 73% from the average session volume of 1,920,067 shares. The stock had previously closed at $13.05.

Analyst Upgrades and Downgrades

SONO has been the topic of a number of research analyst reports. Morgan Stanley downgraded Sonos from an “overweight” rating to an “underweight” rating and cut their target price for the stock from $25.00 to $11.00 in a research note on Thursday, September 26th. Craig Hallum lowered shares of Sonos from a “buy” rating to a “hold” rating and decreased their target price for the stock from $25.00 to $10.00 in a report on Thursday, August 8th.

Sonos Price Performance

The stock has a market cap of $1.53 billion, a P/E ratio of -39.54 and a beta of 2.04. The firm’s 50 day moving average price is $12.57 and its 200-day moving average price is $13.71.

Sonos (NASDAQ:SONO) last issued its quarterly earnings data 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 business had revenue of $255.38 million for the quarter, compared to the consensus estimate of $247.92 million. Sonos had a negative net margin of 2.51% and a negative return on equity of 4.97%. The company’s revenue was down 16.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.21) EPS. On average, analysts expect that Sonos, Inc. will post -0.3 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SONO. Covestor Ltd increased its position in Sonos by 376.7% during the 1st quarter. Covestor Ltd now owns 1,988 shares of the company’s stock valued at $38,000 after buying an additional 1,571 shares in the last quarter. Gladius Capital Management LP acquired a new position in shares of Sonos in the 3rd quarter valued at $30,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Sonos during the 2nd quarter worth about $46,000. Quest Partners LLC grew its stake in Sonos by 138.8% during the 2nd quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock valued at $72,000 after purchasing an additional 2,819 shares during the last quarter. Finally, KBC Group NV raised its stake in shares of Sonos by 52.5% in the third quarter. KBC Group NV now owns 4,852 shares of the company’s stock worth $60,000 after purchasing an additional 1,670 shares during the last quarter. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

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.