Sonos (NASDAQ:SONO) Sets New 1-Year Low – Here’s What Happened

Shares of Sonos, Inc. (NASDAQ:SONO) reached a new 52-week low on Friday . The company traded as low as $8.88 and last traded at $8.90, with a volume of 4939754 shares traded. The stock had previously closed at $10.77.

Analyst Upgrades and Downgrades

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

Sonos Price Performance

The company has a fifty day moving average of $12.59 and a two-hundred day moving average of $13.21. The stock has a market capitalization of $1.06 billion, a P/E ratio of -15.61 and a beta of 1.98.

Sonos (NASDAQ:SONO) last issued its quarterly earnings results on Thursday, February 6th. The company reported $0.40 earnings per share 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%. As a group, equities research analysts predict that Sonos, Inc. will post -0.37 EPS for the current fiscal year.

Sonos declared that its board has initiated a share buyback program on Monday, February 24th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 10.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Sonos

Several institutional investors and hedge funds have recently bought and sold shares of the business. SBI Securities Co. Ltd. acquired a new position in Sonos in the fourth quarter valued at approximately $30,000. Mountain Hill Investment Partners Corp. acquired a new position in Sonos during the 4th quarter valued at approximately $31,000. Smartleaf Asset Management LLC grew its stake in Sonos by 191.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company’s stock worth $39,000 after buying an additional 1,721 shares during the last quarter. GAMMA Investing LLC increased its position in 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 buying an additional 1,352 shares during the period. Finally, Headlands Technologies LLC bought a new stake in Sonos in the fourth quarter valued at $84,000. Institutional investors and hedge funds own 85.82% of the company’s stock.

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.