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

Sonos, Inc. (NASDAQ:SONO)’s stock price traded 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. 502,548 shares were traded during mid-day trading, a decline of 74% from the average session volume of 1,931,108 shares. The stock had previously closed at $14.26.

The company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.04. Sonos had a negative net margin of 2.51% and a negative return on equity of 4.97%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Deroy & Devereaux Private Investment Counsel Inc. increased its stake in shares of Sonos by 67.9% in the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 1,655,942 shares of the company’s stock worth $20,352,000 after purchasing an additional 669,658 shares in the last quarter. Stadium Capital Management LLC purchased a new position in shares of Sonos during the 3rd quarter valued at $8,105,000. Wellington Management Group LLP boosted its holdings in Sonos by 23.4% in the 3rd quarter. Wellington Management Group LLP now owns 3,303,017 shares of the company’s stock worth $40,594,000 after buying an additional 626,172 shares during the period. LMR Partners LLP purchased a new stake in Sonos in the 3rd quarter worth $7,412,000. Finally, Barclays PLC raised its holdings in Sonos by 120.3% during the third quarter. Barclays PLC now owns 923,437 shares of the company’s stock valued at $11,350,000 after acquiring an additional 504,293 shares during the period. Institutional investors own 85.82% of the company’s stock.

Sonos Price Performance

The company has a 50-day moving average price of $14.41 and a 200 day moving average price of $13.18. The firm has a market capitalization of $1.81 billion, a PE ratio of -45.45 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.