Sony Group Co. (NYSE:SONY) Sees Large Drop in Short Interest

Sony Group Co. (NYSE:SONY) saw a large decrease in short interest in November. As of November 15th, there was short interest totalling 7,400,000 shares, a decrease of 22.1% from the October 31st total of 9,500,000 shares. Approximately 0.1% of the company’s shares are sold short. Based on an average daily volume of 2,930,000 shares, the short-interest ratio is presently 2.5 days.

Institutional Trading of Sony Group

Several hedge funds have recently added to or reduced their stakes in SONY. American National Bank lifted its position in shares of Sony Group by 11.3% during the 2nd quarter. American National Bank now owns 1,172 shares of the company’s stock valued at $100,000 after buying an additional 119 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its holdings in Sony Group by 1.5% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 8,656 shares of the company’s stock valued at $735,000 after purchasing an additional 124 shares during the last quarter. Belpointe Asset Management LLC boosted its position in Sony Group by 1.4% during the second quarter. Belpointe Asset Management LLC now owns 9,265 shares of the company’s stock worth $787,000 after purchasing an additional 128 shares during the period. Dynamic Advisor Solutions LLC increased its stake in shares of Sony Group by 1.7% in the second quarter. Dynamic Advisor Solutions LLC now owns 8,394 shares of the company’s stock worth $713,000 after purchasing an additional 140 shares in the last quarter. Finally, Wealth Alliance raised its position in shares of Sony Group by 1.2% in the second quarter. Wealth Alliance now owns 11,977 shares of the company’s stock valued at $1,017,000 after purchasing an additional 141 shares during the period. Institutional investors own 14.05% of the company’s stock.

Sony Group Stock Performance

Shares of NYSE SONY traded up $0.29 during midday trading on Friday, reaching $20.05. The company’s stock had a trading volume of 1,247,922 shares, compared to its average volume of 3,832,401. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.66 and a quick ratio of 0.49. The stock has a market capitalization of $121.26 billion, a P/E ratio of 16.41, a PEG ratio of 12.52 and a beta of 0.95. The firm has a 50 day moving average price of $17.19 and a 200-day moving average price of $8.29. Sony Group has a 12-month low of $15.02 and a 12-month high of $20.67.

Analyst Upgrades and Downgrades

SONY has been the subject of several research analyst reports. Daiwa America raised shares of Sony Group to a “strong-buy” rating in a research note on Wednesday, September 18th. Oppenheimer decreased their target price on Sony Group from $108.00 to $25.00 and set an “outperform” rating for the company in a research report on Tuesday, November 12th. StockNews.com downgraded Sony Group from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, November 19th. Finally, TD Cowen reduced their price objective on Sony Group from $107.00 to $23.00 and set a “buy” rating for the company in a research note on Friday, October 11th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $24.00.

About Sony Group

Sony Group Corporation designs, develops, produces, and sells electronic equipment, instruments, and devices for the consumer, professional, and industrial markets in Japan, the United States, Europe, China, the Asia-Pacific, and internationally. The company distributes software titles and add-on content through digital networks; network services related to game, video, and music content; and home gaming consoles, packaged and game software, and peripheral devices.