Sonos (NASDAQ:SONO) Reaches New 12-Month Low - Here's What Happened
Sonos (NASDAQ:SONO) shares hit a new 52-week low of $7.72 before closing at $8.98, with a trading volume of over 6.5 million shares. Analysts have mixed views, with Jefferies lowering its price target from $19 to $13 while maintaining a "buy" rating, and Rosenblatt reaffirming a "buy" with an $18 target. The company recently announced a $150 million stock buyback program, indicating confidence in its undervalued stock. Institutional investors hold 85.82% of shares, reflecting strong interest in the company despite recent performance challenges.
Sonos, Inc. (NASDAQ:SONO - Get Free Report)'s share price reached a new 52-week low during trading on Thursday . The company traded as low as $7.72 and last traded at $8.98, with a volume of 6554673 shares trading hands. The stock had previously closed at $8.15.
Analyst Ratings Changes
- MarketBeat: Week in Review 5/30 – 6/3
SONO has been the subject of several research analyst reports. Jefferies Financial Group reduced their price objective on Sonos from $19.00 to $13.00 and set a "buy" rating for the company in a research note on Monday. Rosenblatt Securities reaffirmed a "buy" rating and issued a $18.00 price target on shares of Sonos in a research note on Friday, February 7th.
Get Our Latest Report on SONO
Sonos Stock Performance
- Sonos Stock Sounds Cheap Down Here
The company has a 50-day moving average price of $11.95 and a 200-day moving average price of $13.05. The firm has a market capitalization of $1.07 billion, a price-to-earnings ratio of -15.75 and a beta of 2.01.
Sonos (NASDAQ:SONO - Get Free Report) last announced its earnings results on Thursday, February 6th. The company reported $0.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.04. Sonos had a negative return on equity of 13.17% and a negative net margin of 4.73%. On average, research analysts expect that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.
- Sonos Stock is a Double Winner
Sonos declared that its Board of Directors has initiated a stock repurchase program on Monday, February 24th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the company to purchase up to 10.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.
Insider Buying and Selling
In related news, major shareholder Coliseum Capital Management, L purchased 62,506 shares of the company's stock in a transaction on Monday, April 7th. The stock was bought at an average price of $8.38 per share, with a total value of $523,800.28. Following the completion of the transaction, the insider now owns 12,118,088 shares of the company's stock, valued at approximately $101,549,577.44. This represents a 0.52 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Sonos
A number of hedge funds and other institutional investors have recently made changes to their positions in SONO. SBI Securities Co. Ltd. purchased a new stake in shares of Sonos in the fourth quarter valued at $30,000. Mountain Hill Investment Partners Corp. acquired a new position in shares of Sonos during the fourth quarter worth about $31,000. Smartleaf Asset Management LLC lifted its stake in shares of Sonos by 191.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company's stock worth $39,000 after acquiring an additional 1,721 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Sonos by 50.1% in the fourth quarter. GAMMA Investing LLC now owns 4,048 shares of the company's stock worth $61,000 after acquiring an additional 1,352 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of Sonos in the fourth quarter worth about $84,000. Hedge funds and other institutional investors own 85.82% of the company's stock.
Sonos Company Profile
(Get Free Report)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.
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