Investors Purchase High Volume of Put Options on Sonos (NASDAQ:SONO)

Sonos, Inc. (NASDAQ:SONO) was the target of unusually large options trading activity on Thursday. Stock investors purchased 5,758 put options on the company. This represents an increase of approximately 441% compared to the typical volume of 1,064 put options.

Sonos Stock Down 1.0 %

NASDAQ SONO traded down $0.14 on Thursday, reaching $13.94. 2,513,542 shares of the stock traded hands, compared to its average volume of 1,910,072. The company has a market cap of $1.69 billion, a price-to-earnings ratio of -100.56 and a beta of 2.04. The firm’s fifty day simple moving average is $12.50 and its 200 day simple moving average is $13.78. Sonos has a 12 month low of $10.23 and a 12 month high of $19.76.

Insider Buying and Selling

In other news, insider Shamayne Braman sold 6,438 shares of the stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $11.56, for a total transaction of $74,423.28. Following the transaction, the insider now owns 26,588 shares of the company’s stock, valued at approximately $307,357.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 3.30% of the company’s stock.

Institutional Investors Weigh In On Sonos

Institutional investors and hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. lifted its holdings in shares of Sonos by 24.8% in the second quarter. Pacer Advisors Inc. now owns 3,519,368 shares of the company’s stock valued at $51,946,000 after purchasing an additional 699,975 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. boosted its stake in shares of Sonos by 67.9% during the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 1,655,942 shares of the company’s stock valued at $20,352,000 after buying an additional 669,658 shares during the period. LMR Partners LLP purchased a new position in shares of Sonos during the 3rd quarter valued at $7,412,000. Victory Capital Management Inc. increased its position in Sonos by 21.9% in the 2nd quarter. Victory Capital Management Inc. now owns 1,842,770 shares of the company’s stock worth $27,199,000 after purchasing an additional 331,293 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Sonos by 1,725.4% in the second quarter. Renaissance Technologies LLC now owns 337,700 shares of the company’s stock worth $4,984,000 after buying an additional 319,200 shares during the last quarter. 85.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Morgan Stanley downgraded shares of Sonos from an “overweight” rating to an “underweight” rating and decreased their price objective for the stock from $25.00 to $11.00 in a report on Thursday, September 26th. Craig Hallum lowered shares of Sonos from a “buy” rating to a “hold” rating and reduced their target price for the company from $25.00 to $10.00 in a research note on Thursday, August 8th.

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.