Mountain Hill Investment Partners Corp. Buys New Stake in Sonos, Inc. (NASDAQ:SONO)

Mountain Hill Investment Partners Corp. purchased a new position in shares of Sonos, Inc. (NASDAQ:SONO) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,050 shares of the company’s stock, valued at approximately $31,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. acquired a new position in shares of Sonos in the fourth quarter worth about $30,000. Smartleaf Asset Management LLC raised its holdings in Sonos by 191.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company’s stock worth $39,000 after purchasing an additional 1,721 shares during the period. GAMMA Investing LLC boosted its position in Sonos by 50.1% during the fourth quarter. GAMMA Investing LLC now owns 4,048 shares of the company’s stock worth $61,000 after purchasing an additional 1,352 shares in the last quarter. KBC Group NV grew its holdings in Sonos by 52.5% in the third quarter. KBC Group NV now owns 4,852 shares of the company’s stock valued at $60,000 after purchasing an additional 1,670 shares during the period. Finally, Cibc World Markets Corp acquired a new stake in Sonos in the fourth quarter valued at approximately $170,000. Institutional investors and hedge funds own 85.82% of the company’s stock.

Sonos Trading Up 0.1 %

NASDAQ:SONO opened at $11.71 on Monday. The stock has a 50 day moving average of $13.17 and a two-hundred day moving average of $13.27. Sonos, Inc. has a 12 month low of $10.23 and a 12 month high of $19.45. The firm has a market cap of $1.39 billion, a P/E ratio of -20.54 and a beta of 1.98.

Sonos (NASDAQ:SONO) last issued its earnings results on Thursday, February 6th. The company reported $0.40 earnings per share for the quarter, topping the consensus estimate 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 forecast that Sonos, Inc. will post -0.37 earnings per share for the current year.

Sonos announced that its Board of Directors has initiated a share repurchase plan on Monday, February 24th that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 10.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Separately, Rosenblatt Securities reiterated a “buy” rating and set a $18.00 target price on shares of Sonos in a research report on Friday, February 7th.

Sonos 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.