Sony Group (NYSE:SONY) Reaches New 1-Year High on Better-Than-Expected Earnings

Shares of Sony Group Co. (NYSE:SONY) hit a new 52-week high on Thursday after the company announced better than expected quarterly earnings. 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, beating 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%.

Analyst Ratings Changes

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

Hedge Funds Weigh In On Sony Group

A number of institutional investors have recently added to or reduced their stakes in SONY. Creative Planning increased its position in shares of Sony Group by 6.6% in the 3rd quarter. Creative Planning now owns 303,295 shares of the company’s stock worth $29,289,000 after purchasing an additional 18,659 shares during the last quarter. Naviter Wealth LLC increased its position in shares of Sony Group by 6.7% in the 3rd quarter. Naviter Wealth LLC now owns 31,130 shares of the company’s stock worth $3,006,000 after purchasing an additional 1,951 shares during the last quarter. Mitchell & Pahl Private Wealth LLC increased its position in shares of Sony Group by 8.9% in the 3rd quarter. Mitchell & Pahl Private Wealth LLC now owns 7,611 shares of the company’s stock worth $735,000 after purchasing an additional 619 shares during the last quarter. Ellsworth Advisors LLC increased its position in shares of Sony Group by 6.8% in the 3rd quarter. Ellsworth Advisors LLC now owns 17,769 shares of the company’s stock worth $1,716,000 after purchasing an additional 1,135 shares during the last quarter. Finally, Stonegate Investment Group LLC bought a new stake in shares of Sony Group in the 3rd quarter worth about $251,000. Institutional investors and hedge funds own 14.05% of the company’s stock.

Sony Group Price Performance

The company’s 50-day moving average price is $21.40 and its two-hundred day moving average price is $14.98. The company has a market cap of $140.07 billion, a P/E ratio of 18.95, a P/E/G ratio of 11.46 and a beta of 0.96. The company has a current ratio of 0.66, a quick ratio of 0.49 and a debt-to-equity ratio of 0.25.

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.