Sonos, Inc. (NASDAQ:SONO) Short Interest Down 28.3% in November

Sonos, Inc. (NASDAQ:SONO) was the target of a large decline in short interest in the month of November. As of November 30th, there was short interest totalling 6,250,000 shares, a decline of 28.3% from the November 15th total of 8,720,000 shares. Based on an average trading volume of 1,970,000 shares, the days-to-cover ratio is currently 3.2 days. Currently, 5.2% of the shares of the company are short sold.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Sonos

Institutional investors and hedge funds have recently made changes to their positions in the stock. Pacer Advisors Inc. boosted its holdings in Sonos by 24.8% during the second quarter. Pacer Advisors Inc. now owns 3,519,368 shares of the company’s stock worth $51,946,000 after buying an additional 699,975 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Sonos by 23.4% during the 3rd quarter. Wellington Management Group LLP now owns 3,303,017 shares of the company’s stock valued at $40,594,000 after acquiring an additional 626,172 shares during the period. American Century Companies Inc. boosted its stake in shares of Sonos by 8.6% during the 2nd quarter. American Century Companies Inc. now owns 2,689,118 shares of the company’s stock worth $39,691,000 after acquiring an additional 212,610 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Sonos by 10.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,659,127 shares of the company’s stock worth $39,248,000 after acquiring an additional 241,700 shares during the period. Finally, Victory Capital Management Inc. grew its holdings in shares of 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 acquiring an additional 331,293 shares during the period. 85.82% of the stock is owned by institutional investors and hedge funds.

Sonos Stock Up 0.6 %

Shares of NASDAQ:SONO traded up $0.08 during midday trading on Friday, hitting $14.57. The stock had a trading volume of 1,236,511 shares, compared to its average volume of 1,700,849. Sonos has a 1 year low of $10.23 and a 1 year high of $19.76. The stock has a 50 day moving average price of $13.32 and a two-hundred day moving average price of $13.32.

Sonos (NASDAQ:SONO) last released its earnings results on Wednesday, November 13th. The company reported ($0.44) earnings per share (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 business had revenue of $255.38 million for the quarter, compared to analyst estimates of $247.92 million. During the same quarter in the previous year, the firm posted ($0.21) EPS. The business’s revenue for the quarter was down 16.3% on a year-over-year basis. As a group, equities research analysts predict that Sonos will post -0.3 earnings per share for the current year.

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.