Sonos (NASDAQ:SONO) Stock Price Up 10% After Better-Than-Expected Earnings

Sonos, Inc. (NASDAQ:SONO) shares were up 10% on Thursday following a stronger than expected earnings report. The company traded as high as $15.48 and last traded at $15.69. Approximately 502,548 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 1,931,108 shares. The stock had previously closed at $14.26.

The company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.04. Sonos had a negative net margin of 2.51% and a negative return on equity of 4.97%.

Institutional Investors Weigh In On Sonos

Large investors have recently modified their holdings of the business. Gladius Capital Management LP acquired a new stake in Sonos in the third quarter valued at approximately $30,000. SBI Securities Co. Ltd. acquired a new position in Sonos during the 4th quarter valued at about $30,000. Smartleaf Asset Management LLC raised its stake in Sonos by 191.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,621 shares of the company’s stock valued at $39,000 after buying an additional 1,721 shares during the last quarter. KBC Group NV boosted its holdings in 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 in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Sonos by 50.1% during the fourth quarter. GAMMA Investing LLC now owns 4,048 shares of the company’s stock worth $61,000 after acquiring an additional 1,352 shares during the last quarter. Institutional investors own 85.82% of the company’s stock.

Sonos Price Performance

The stock has a market cap of $1.81 billion, a price-to-earnings ratio of -45.45 and a beta of 1.97. The company’s fifty day moving average price is $14.41 and its 200-day moving average price is $13.18.

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.