Sonos Target of Unusually High Options Trading (NASDAQ:SONO)

Sonos, Inc. (NASDAQ:SONO) saw some unusual options trading on Thursday. Investors acquired 5,758 put options on the stock. This represents an increase of 441% compared to the average volume of 1,064 put options.

Institutional Trading of Sonos

Several institutional investors and hedge funds have recently bought and sold shares of the business. Gladius Capital Management LP acquired a new stake in Sonos in the third quarter valued at $30,000. Covestor Ltd boosted its position in Sonos by 376.7% during the 1st quarter. Covestor Ltd now owns 1,988 shares of the company’s stock worth $38,000 after acquiring an additional 1,571 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Sonos during the second quarter valued at $46,000. KBC Group NV lifted its stake in Sonos by 52.5% in the 3rd 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, Quest Partners LLC raised its stake in shares of Sonos by 138.8% during the 2nd quarter. Quest Partners LLC now owns 4,850 shares of the company’s stock worth $72,000 after purchasing an additional 2,819 shares in the last quarter. 85.82% of the stock is currently owned by institutional investors and hedge funds.

Sonos Stock Down 1.7 %

Sonos stock traded down $0.24 during trading hours on Friday, hitting $13.51. The stock had a trading volume of 103,360 shares, compared to its average volume of 1,918,610. Sonos has a 12-month low of $10.23 and a 12-month high of $19.76. The stock’s 50-day moving average price is $12.50 and its 200-day moving average price is $13.78.

Analysts Set New Price Targets

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

About Sonos

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.