Stock Traders Buy High Volume of Sonos Put Options (NASDAQ:SONO)

Sonos, Inc. (NASDAQ:SONO) saw some unusual options trading activity on Thursday. Investors bought 5,758 put options on the stock. This is an increase of 441% compared to the average volume of 1,064 put options.

Sonos Trading Down 5.1 %

SONO stock traded down $0.70 on Friday, hitting $13.05. The company had a trading volume of 1,955,172 shares, compared to its average volume of 1,926,950. Sonos has a 12-month low of $10.23 and a 12-month high of $19.76. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of -39.54 and a beta of 2.04. The stock’s 50-day simple moving average is $12.57 and its 200 day simple moving average is $13.75.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Sonos

A number of institutional investors and hedge funds have recently modified their holdings of SONO. Covestor Ltd boosted its position in Sonos by 376.7% in the first quarter. Covestor Ltd now owns 1,988 shares of the company’s stock worth $38,000 after purchasing an additional 1,571 shares during the last quarter. Gladius Capital Management LP purchased a new position in shares of Sonos in the third quarter worth approximately $30,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Sonos during the second quarter valued at approximately $46,000. Quest Partners LLC grew its position in Sonos by 138.8% during the second quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock valued at $72,000 after buying an additional 2,819 shares during the period. Finally, KBC Group NV increased its holdings in Sonos by 52.5% during the third quarter. KBC Group NV now owns 4,852 shares of the company’s stock valued at $60,000 after buying 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.