Sonos Target of Unusually High Options Trading (NASDAQ:SONO)

Sonos, Inc. (NASDAQ:SONO) was the target of unusually large options trading on Thursday. Stock traders bought 5,758 put options on the company. This represents an increase of 441% compared to the typical volume of 1,064 put options.

Sonos Price Performance

Shares of NASDAQ:SONO traded down $0.24 during midday trading on Friday, hitting $13.51. The stock had a trading volume of 103,360 shares, compared to its average volume of 1,918,610. The company’s 50-day moving average price is $12.50 and its 200-day moving average price is $13.78. Sonos has a fifty-two week low of $10.23 and a fifty-two week high of $19.76.

Analysts Set New Price Targets

SONO has been the topic of several research reports. Craig Hallum lowered shares of Sonos from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $25.00 to $10.00 in a research note on Thursday, August 8th. Morgan Stanley cut shares of Sonos from an “overweight” rating to an “underweight” rating and lowered their price objective for the stock from $25.00 to $11.00 in a research report on Thursday, September 26th.

Hedge Funds Weigh In On Sonos

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Sonos by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 14,251,179 shares of the company’s stock worth $271,627,000 after buying an additional 163,736 shares during the last quarter. Pacer Advisors Inc. increased its stake in shares of Sonos by 24.8% during the second quarter. Pacer Advisors Inc. now owns 3,519,368 shares of the company’s stock valued at $51,946,000 after buying an additional 699,975 shares during the period. Jacobs Levy Equity Management Inc. grew its stake in Sonos by 10.2% in the first quarter. Jacobs Levy Equity Management Inc. now owns 2,890,787 shares of the company’s stock valued at $55,098,000 after purchasing an additional 266,748 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Sonos by 8.6% during the second quarter. American Century Companies Inc. now owns 2,689,118 shares of the company’s stock worth $39,691,000 after purchasing an additional 212,610 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Sonos by 10.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,659,127 shares of the company’s stock worth $39,248,000 after buying an additional 241,700 shares during the period. Institutional investors own 85.82% of the company’s stock.

About Sonos

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.