Sonos (NASDAQ:SONO) Trading Up 5.2% – Should You Buy?

Sonos, Inc. (NASDAQ:SONO)’s stock price shot up 5.2% during mid-day trading on Friday . The company traded as high as $15.11 and last traded at $15.01. Approximately 403,614 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 1,735,617 shares. The stock had previously closed at $14.27.

Wall Street Analysts Forecast Growth

SONO has been the topic of a number of research analyst reports. Wall Street Zen downgraded shares of Sonos from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 2nd. Weiss Ratings raised shares of Sonos from a “sell (d-)” rating to a “sell (d)” rating in a research report on Thursday, May 7th. Rosenblatt Securities restated a “buy” rating and issued a $21.00 target price on shares of Sonos in a research note on Monday, June 15th. Finally, Zacks Research cut shares of Sonos from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 6th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $20.00.

Sonos Trading Up 5.9%

The firm has a market capitalization of $1.80 billion, a PE ratio of 88.89 and a beta of 1.96. The business has a 50 day moving average price of $14.76 and a 200-day moving average price of $14.89.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Arrowstreet Capital Limited Partnership lifted its position in shares of Sonos by 626.8% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,663,480 shares of the company’s stock valued at $42,083,000 after acquiring an additional 2,296,996 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Sonos by 258.8% during the 1st quarter. Renaissance Technologies LLC now owns 1,706,501 shares of the company’s stock worth $22,867,000 after acquiring an additional 1,230,900 shares in the last quarter. Cubist Systematic Strategies LLC grew its holdings in shares of Sonos by 250.8% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 1,393,706 shares of the company’s stock worth $15,066,000 after acquiring an additional 996,425 shares during the period. OP Asset Management Ltd acquired a new stake in shares of Sonos in the 1st quarter worth approximately $10,414,000. Finally, AQR Capital Management LLC increased its stake in Sonos by 1,472.4% in the 2nd quarter. AQR Capital Management LLC now owns 804,583 shares of the company’s stock valued at $8,698,000 after purchasing an additional 753,414 shares in the last quarter. Hedge funds and other institutional investors own 85.82% of the company’s stock.

Sonos Company Profile

Sonos, Inc is a consumer electronics company specializing in wireless home audio systems. The company’s core business revolves around designing, developing and manufacturing smart speakers and soundbars that deliver high-fidelity audio and seamless multi-room listening experiences. Sonos products connect via Wi-Fi or Bluetooth and integrate with popular streaming services, enabling users to control music and other audio content through a dedicated mobile app, voice assistants or traditional controls.

Sonos offers a diversified product lineup that includes compact speakers such as Sonos One and Sonos Roam, premium models like Sonos Five and Sonos Move, home theater solutions including Sonos Beam and Sonos Arc, as well as accessories such as the Sonos Sub and Sonos Amp.