Fmr LLC Reduces Holdings in Sonos, Inc. (NASDAQ:SONO)

Fmr LLC lowered its position in Sonos, Inc. (NASDAQ:SONO) by 23.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,446 shares of the company’s stock after selling 1,644 shares during the quarter. Fmr LLC’s holdings in Sonos were worth $67,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Gladius Capital Management LP bought a new position in Sonos during the 3rd quarter valued at about $30,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Sonos during the second quarter valued at approximately $46,000. KBC Group NV grew its stake in shares of Sonos by 52.5% during the third quarter. KBC Group NV now owns 4,852 shares of the company’s stock valued at $60,000 after buying an additional 1,670 shares during the last quarter. Quest Partners LLC raised its holdings in shares of Sonos by 138.8% in the second quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock worth $72,000 after buying an additional 2,819 shares during the period. Finally, nVerses Capital LLC bought a new stake in shares of Sonos during the 2nd quarter worth approximately $81,000. Institutional investors own 85.82% of the company’s stock.

Sonos Stock Performance

Shares of NASDAQ:SONO opened at $14.78 on Wednesday. The firm’s 50 day simple moving average is $13.63 and its 200-day simple moving average is $13.25. Sonos, Inc. has a one year low of $10.23 and a one year high of $19.76. The firm has a market cap of $1.80 billion, a PE ratio of -44.79 and a beta of 2.04.

Sonos (NASDAQ:SONO) last released its quarterly earnings data on Wednesday, November 13th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.22). Sonos had a negative return on equity of 4.97% and a negative net margin of 2.51%. The firm had revenue of $255.38 million for the quarter, compared to analysts’ expectations of $247.92 million. During the same quarter in the previous year, the business earned ($0.21) earnings per share. The company’s revenue for the quarter was down 16.3% compared to the same quarter last year. Equities research analysts predict that Sonos, Inc. will post -0.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley downgraded Sonos from an “overweight” rating to an “underweight” rating and cut their price objective for the company from $25.00 to $11.00 in a research report on Thursday, September 26th.

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.