Sony Group (NYSE:SONY) Hits New 52-Week High Following Earnings Beat

Sony Group Co. (NYSE:SONY)’s share price hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $23.90 and last traded at $23.86, with a volume of 1208508 shares trading hands. The stock had previously closed at $21.97.

The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.14. Sony Group had a net margin of 8.55% and a return on equity of 14.27%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Oppenheimer lowered their price target on Sony Group from $108.00 to $25.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 12th. Sanford C. Bernstein assumed coverage on Sony Group in a report on Thursday, January 16th. They issued an “outperform” rating on the stock. Finally, StockNews.com lowered shares of Sony Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $24.00.

Institutional Investors Weigh In On Sony Group

Large investors have recently made changes to their positions in the stock. Creative Planning boosted its stake in Sony Group by 6.6% during the third quarter. Creative Planning now owns 303,295 shares of the company’s stock worth $29,289,000 after buying an additional 18,659 shares during the last quarter. Ellsworth Advisors LLC boosted its position in shares of Sony Group by 6.8% during the 3rd quarter. Ellsworth Advisors LLC now owns 17,769 shares of the company’s stock valued at $1,716,000 after acquiring an additional 1,135 shares during the last quarter. Stonegate Investment Group LLC purchased a new stake in shares of Sony Group in the third quarter valued at about $251,000. Aaron Wealth Advisors LLC increased its position in Sony Group by 26.8% during the third quarter. Aaron Wealth Advisors LLC now owns 8,362 shares of the company’s stock worth $808,000 after purchasing an additional 1,769 shares during the last quarter. Finally, Stratos Wealth Advisors LLC purchased a new position in Sony Group during the third quarter worth about $220,000. 14.05% of the stock is currently owned by hedge funds and other institutional investors.

Sony Group Stock Up 4.2 %

The firm’s fifty day simple moving average is $21.46 and its two-hundred day simple moving average is $15.12. The company has a current ratio of 0.66, a quick ratio of 0.49 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $146.08 billion, a price-to-earnings ratio of 19.77, a price-to-earnings-growth ratio of 11.46 and a beta of 0.96.

Sony Group Company Profile

Sony Group Corporation designs, develops, produces, and sells electronic equipment, instruments, and devices for the consumer, professional, and industrial markets in Japan, the United States, Europe, China, the Asia-Pacific, and internationally. The company distributes software titles and add-on content through digital networks; network services related to game, video, and music content; and home gaming consoles, packaged and game software, and peripheral devices.