Sonos (NASDAQ:SONO) Stock Price Crosses Above 200-Day Moving Average – What’s Next?

Sonos, Inc. (NASDAQ:SONO)’s stock price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $11.32 and traded as high as $16.82. Sonos shares last traded at $16.80, with a volume of 1,561,562 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on SONO shares. Wall Street Zen upgraded shares of Sonos from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Rosenblatt Securities restated a “buy” rating and issued a $17.00 price objective on shares of Sonos in a report on Wednesday, August 20th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $15.00.

Sonos Stock Performance

The stock’s 50-day moving average price is $13.68 and its two-hundred day moving average price is $11.32. The stock has a market capitalization of $2.03 billion, a PE ratio of -25.85 and a beta of 2.26.

Sonos (NASDAQ:SONO) last released its earnings results on Wednesday, August 6th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). The business had revenue of $344.76 million during the quarter, compared to analysts’ expectations of $324.66 million. Sonos had a negative return on equity of 18.19% and a negative net margin of 5.41%.The firm’s quarterly revenue was down 13.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.03 earnings per share. On average, analysts predict that Sonos, Inc. will post -0.37 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Thomas Conrad acquired 92,300 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The shares were bought at an average cost of $11.10 per share, with a total value of $1,024,530.00. Following the transaction, the chief executive officer owned 242,778 shares of the company’s stock, valued at $2,694,835.80. This trade represents a 61.34% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Saori Casey purchased 22,727 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were bought at an average cost of $10.94 per share, for a total transaction of $248,633.38. Following the acquisition, the chief financial officer owned 107,000 shares in the company, valued at approximately $1,170,580. The trade was a 26.97% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 1,875,053 shares of company stock valued at $20,886,926. Company insiders own 1.80% of the company’s stock.

Institutional Trading of Sonos

Hedge funds and other institutional investors have recently modified their holdings of the company. AlphaQuest LLC purchased a new position in Sonos during the first quarter valued at $29,000. Nisa Investment Advisors LLC grew its stake in Sonos by 65.6% during the second quarter. Nisa Investment Advisors LLC now owns 3,203 shares of the company’s stock valued at $35,000 after acquiring an additional 1,269 shares in the last quarter. Farther Finance Advisors LLC grew its stake in Sonos by 222.7% during the second quarter. Farther Finance Advisors LLC now owns 3,714 shares of the company’s stock valued at $40,000 after acquiring an additional 2,563 shares in the last quarter. GAMMA Investing LLC grew its stake in Sonos by 96.3% during the second quarter. GAMMA Investing LLC now owns 6,035 shares of the company’s stock valued at $65,000 after acquiring an additional 2,961 shares in the last quarter. Finally, Headlands Technologies LLC grew its stake in Sonos by 38.8% during the first quarter. Headlands Technologies LLC now owns 7,760 shares of the company’s stock valued at $83,000 after acquiring an additional 2,168 shares in the last quarter. 85.82% of the stock is owned by hedge funds and other institutional investors.

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.