Algert Global LLC Purchases 93,034 Shares of Sonos, Inc. (NASDAQ:SONO)

Algert Global LLC grew its position in Sonos, Inc. (NASDAQ:SONO) by 146.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 156,570 shares of the company’s stock after purchasing an additional 93,034 shares during the quarter. Algert Global LLC’s holdings in Sonos were worth $1,924,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Gladius Capital Management LP bought a new position in Sonos in the 3rd quarter worth $30,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Sonos in the second quarter valued at about $46,000. KBC Group NV boosted its stake in shares of Sonos by 52.5% in the third quarter. KBC Group NV now owns 4,852 shares of the company’s stock worth $60,000 after acquiring an additional 1,670 shares during the period. Quest Partners LLC raised its stake in Sonos by 138.8% during the 2nd quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock valued at $72,000 after purchasing an additional 2,819 shares during the period. Finally, nVerses Capital LLC purchased a new position in Sonos in the 2nd quarter worth approximately $81,000. 85.82% of the stock is owned by hedge funds and other institutional investors.

Sonos Price Performance

Shares of SONO opened at $13.64 on Thursday. The stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of -41.33 and a beta of 2.04. Sonos, Inc. has a 1 year low of $10.23 and a 1 year high of $19.76. The business’s 50 day simple moving average is $12.82 and its 200-day simple moving average is $13.51.

Sonos (NASDAQ:SONO) last released its quarterly earnings data on Wednesday, November 13th. The company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.22). Sonos had a negative net margin of 2.51% and a negative return on equity of 4.97%. The business had revenue of $255.38 million for the quarter, compared to the consensus estimate of $247.92 million. During the same quarter last year, the business earned ($0.21) EPS. Sonos’s revenue for the quarter was down 16.3% compared to the same quarter last year. On average, sell-side analysts expect that Sonos, Inc. will post -0.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SONO has been the topic of several recent analyst reports. Craig Hallum cut shares of Sonos from a “buy” rating to a “hold” rating and reduced their price objective for the company from $25.00 to $10.00 in a research report on Thursday, August 8th. Morgan Stanley downgraded shares of Sonos from an “overweight” rating to an “underweight” rating and reduced their price target for the company from $25.00 to $11.00 in a report on Thursday, September 26th.

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.