Sonos (NASDAQ:SONO) Stock Price Up 10% After Strong Earnings

Sonos, Inc. (NASDAQ:SONO) shares traded up 10% on Thursday following a better than expected earnings announcement. The stock traded as high as $15.48 and last traded at $15.69. 502,548 shares traded hands during trading, a decline of 74% from the average session volume of 1,931,108 shares. The stock had previously closed at $14.26.

The company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.04. Sonos had a negative return on equity of 4.97% and a negative net margin of 2.51%.

Institutional Investors Weigh In On Sonos

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SONO. Gladius Capital Management LP bought a new position in shares of Sonos in the third quarter worth about $30,000. SBI Securities Co. Ltd. purchased a new position in Sonos in the 4th quarter worth approximately $30,000. Smartleaf Asset Management LLC boosted its stake in Sonos by 191.2% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company’s stock worth $39,000 after purchasing an additional 1,721 shares during the period. KBC Group NV grew its holdings in Sonos by 52.5% during the 3rd 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 in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Sonos by 50.1% during the fourth quarter. GAMMA Investing LLC now owns 4,048 shares of the company’s stock valued at $61,000 after buying an additional 1,352 shares during the last quarter. Institutional investors own 85.82% of the company’s stock.

Sonos Stock Up 10.5 %

The firm’s fifty day moving average price is $14.41 and its 200 day moving average price is $13.18. The stock has a market cap of $1.90 billion, a PE ratio of -47.73 and a beta of 1.97.

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.