Short Interest in Sonos, Inc. (NASDAQ:SONO) Drops By 28.3%

Sonos, Inc. (NASDAQ:SONO) was the target of a significant drop in short interest during the month of November. As of November 30th, there was short interest totalling 6,250,000 shares, a drop of 28.3% from the November 15th total of 8,720,000 shares. Approximately 5.2% of the company’s shares are short sold. Based on an average trading volume of 1,970,000 shares, the short-interest ratio is currently 3.2 days.

Sonos Stock Performance

Shares of Sonos stock traded up $0.08 on Friday, reaching $14.57. 1,236,511 shares of the company were exchanged, compared to its average volume of 1,700,849. The stock’s 50 day moving average price is $13.32 and its 200-day moving average price is $13.32. Sonos has a 1-year low of $10.23 and a 1-year high of $19.76.

Sonos (NASDAQ:SONO) last issued its earnings results on Wednesday, November 13th. The company reported ($0.44) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.22). The firm had revenue of $255.38 million for the quarter, compared to analyst estimates of $247.92 million. Sonos had a negative return on equity of 4.97% and a negative net margin of 2.51%. The business’s revenue for the quarter was down 16.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.21) EPS. On average, equities research analysts forecast that Sonos will post -0.3 EPS for the current fiscal year.

Institutional Trading of Sonos

A number of large investors have recently made changes to their positions in the company. Pacer Advisors Inc. increased its stake in Sonos by 24.8% in the second quarter. Pacer Advisors Inc. now owns 3,519,368 shares of the company’s stock valued at $51,946,000 after purchasing an additional 699,975 shares during the period. Wellington Management Group LLP increased its position in Sonos by 23.4% in the 3rd quarter. Wellington Management Group LLP now owns 3,303,017 shares of the company’s stock valued at $40,594,000 after acquiring an additional 626,172 shares during the period. American Century Companies Inc. increased its position in Sonos by 8.6% in the 2nd quarter. American Century Companies Inc. now owns 2,689,118 shares of the company’s stock valued at $39,691,000 after acquiring an additional 212,610 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Sonos by 10.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,659,127 shares of the company’s stock worth $39,248,000 after purchasing an additional 241,700 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of 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 acquiring an additional 331,293 shares during the period. 85.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley lowered shares of Sonos from an “overweight” rating to an “underweight” rating and decreased their price objective for the stock from $25.00 to $11.00 in a report on Thursday, September 26th.

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.