Sonos (NASDAQ:SONO) Shares Up 10% After Strong Earnings

Sonos, Inc. (NASDAQ:SONO)’s share price was up 10% during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $15.48 and last traded at $15.69. Approximately 502,548 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 1,931,108 shares. The stock had previously closed at $14.26.

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 net margin of 2.51% and a negative return on equity of 4.97%.

Wall Street Analyst Weigh In

Separately, Rosenblatt Securities reaffirmed a “buy” rating and set a $18.00 target price on shares of Sonos in a research note on Friday.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company raised its holdings in Sonos by 2.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 68,877 shares of the company’s stock valued at $1,017,000 after buying an additional 1,628 shares during the period. Handelsbanken Fonder AB grew its position in shares of Sonos by 50.7% during the third quarter. Handelsbanken Fonder AB now owns 43,700 shares of the company’s stock worth $537,000 after buying an additional 14,700 shares in the last quarter. Diversified Trust Co grew its position in shares of Sonos by 3.0% during the third quarter. Diversified Trust Co now owns 41,244 shares of the company’s stock worth $507,000 after buying an additional 1,184 shares in the last quarter. Exchange Traded Concepts LLC grew its position in shares of Sonos by 13.6% during the third quarter. Exchange Traded Concepts LLC now owns 38,150 shares of the company’s stock worth $469,000 after buying an additional 4,582 shares in the last quarter. Finally, Creative Planning boosted its holdings in Sonos by 16.3% in the third quarter. Creative Planning now owns 29,488 shares of the company’s stock valued at $362,000 after purchasing an additional 4,135 shares in the last quarter. Hedge funds and other institutional investors own 85.82% of the company’s stock.

Sonos Stock Down 7.5 %

The stock has a fifty day moving average of $14.44 and a 200-day moving average of $13.19. The stock has a market capitalization of $1.67 billion, a price-to-earnings ratio of -42.06 and a beta of 1.97.

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.