Sonos (NASDAQ:SONO) Shares Down 14.3% – Time to Sell?

Sonos, Inc. (NASDAQ:SONO) shares were down 14.3% on Thursday . The stock traded as low as $9.20 and last traded at $9.24. Approximately 599,691 shares traded hands during trading, a decline of 67% from the average daily volume of 1,841,618 shares. The stock had previously closed at $10.77.

Analysts Set New Price Targets

Separately, Rosenblatt Securities reissued a “buy” rating and issued a $18.00 price objective on shares of Sonos in a research report on Friday, February 7th.

Sonos Stock Down 3.4 %

The firm has a fifty day moving average of $12.48 and a 200-day moving average of $13.18. The firm has a market cap of $1.02 billion, a P/E ratio of -15.09 and a beta of 1.98.

Sonos (NASDAQ:SONO) last announced its quarterly earnings data on Thursday, February 6th. The company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.04. Sonos had a negative return on equity of 13.17% and a negative net margin of 4.73%. On average, equities analysts forecast that Sonos, Inc. will post -0.37 EPS for the current year.

Sonos declared that its Board of Directors has approved a share repurchase plan on Monday, February 24th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to buy up to 10.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Sonos

Institutional investors and hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Sonos by 1.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 68,501 shares of the company’s stock worth $1,030,000 after purchasing an additional 1,033 shares during the period. GAMMA Investing LLC lifted its position in shares of Sonos by 50.1% in the fourth quarter. GAMMA Investing LLC now owns 4,048 shares of the company’s stock valued at $61,000 after buying an additional 1,352 shares during the last quarter. SG Americas Securities LLC lifted its holdings in Sonos by 4.2% during the 4th quarter. SG Americas Securities LLC now owns 40,839 shares of the company’s stock valued at $614,000 after purchasing an additional 1,644 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of Sonos by 191.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company’s stock valued at $39,000 after purchasing an additional 1,721 shares during the last quarter. Finally, Ironwood Investment Management LLC raised its position in shares of Sonos by 4.0% in the fourth quarter. Ironwood Investment Management LLC now owns 46,704 shares of the company’s stock valued at $702,000 after purchasing an additional 1,782 shares during the period. 85.82% of the stock is owned by 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.