Luxor Capital Group LP Invests $346,000 in Sonos, Inc. (NASDAQ:SONO)

Luxor Capital Group LP bought a new stake in Sonos, Inc. (NASDAQ:SONO) during the third quarter, HoldingsChannel.com reports. The fund bought 28,160 shares of the company’s stock, valued at approximately $346,000.

A number of other institutional investors have also recently added to or reduced their stakes in SONO. EP Wealth Advisors LLC purchased a new position in Sonos in the third quarter valued at about $251,000. Wellington Management Group LLP raised its holdings in shares of Sonos by 23.4% during the 3rd quarter. Wellington Management Group LLP now owns 3,303,017 shares of the company’s stock valued at $40,594,000 after buying an additional 626,172 shares during the period. Stadium Capital Management LLC purchased a new stake in shares of Sonos during the 3rd quarter valued at about $8,105,000. Systematic Financial Management LP lifted its position in Sonos by 19.0% during the 3rd quarter. Systematic Financial Management LP now owns 910,354 shares of the company’s stock worth $11,188,000 after acquiring an additional 145,091 shares in the last quarter. Finally, Portolan Capital Management LLC purchased a new position in Sonos in the 3rd quarter worth approximately $3,255,000. 85.82% of the stock is owned by hedge funds and other institutional investors.

Sonos Stock Performance

Shares of NASDAQ SONO opened at $14.70 on Monday. The business has a 50 day moving average price of $13.05 and a two-hundred day moving average price of $13.36. Sonos, Inc. has a fifty-two week low of $10.23 and a fifty-two week high of $19.76.

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

Wall Street Analyst Weigh In

Separately, Morgan Stanley lowered shares of Sonos from an “overweight” rating to an “underweight” rating and lowered their price target for the company from $25.00 to $11.00 in a report on Thursday, September 26th.

Sonos 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.