Cornercap Investment Counsel Inc. Invests $539,000 in Sonos, Inc. (NASDAQ:SONO)

Cornercap Investment Counsel Inc. bought a new position in shares of Sonos, Inc. (NASDAQ:SONO) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 43,836 shares of the company’s stock, valued at approximately $539,000.

A number of other large investors also recently modified their holdings of the stock. Covestor Ltd lifted its holdings in Sonos by 376.7% in the first quarter. Covestor Ltd now owns 1,988 shares of the company’s stock valued at $38,000 after buying an additional 1,571 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in Sonos in the second quarter valued at approximately $46,000. KBC Group NV lifted its holdings in Sonos by 52.5% in the third quarter. KBC Group NV now owns 4,852 shares of the company’s stock valued at $60,000 after buying an additional 1,670 shares during the period. Quest Partners LLC lifted its holdings in Sonos by 138.8% in the second quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock valued at $72,000 after buying an additional 2,819 shares during the period. Finally, nVerses Capital LLC acquired a new position in Sonos in the second quarter valued at approximately $81,000. 85.82% of the stock is currently owned by institutional investors and hedge funds.

Sonos Stock Performance

Shares of NASDAQ:SONO opened at $13.05 on Friday. Sonos, Inc. has a 52 week low of $10.23 and a 52 week high of $19.76. The company has a market capitalization of $1.58 billion, a PE ratio of -39.55 and a beta of 2.04. The company has a 50 day moving average price of $12.57 and a two-hundred day moving average price of $13.75.

Wall Street Analyst Weigh In

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

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.