Sonos, Inc. (SONO), a company involved in the development of multi-room audio products, slid 3.82% in the premarket trading session during Friday’s regular trading session and closed the day at $26.46. In the premarket trading session, SONO stock has soared by 7.67% and consequently was trading at $28.49 when last checked. The stock started to increase following the announcement that SONO would join SmallCap 600.
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Change in Dow Jones Indices
On Friday, S&P Dow Jones Indices saw a change when it was announced that Sonos Inc. (SONO) would become a part of the S&P SmallCap 600 index in the place of Chart Industries, which would join S&P MidCap 400 in place of CyrusOne Inc. All of the changes were to become effective before the trading would commence on Wednesday.
SONO Executives to Participate in Conference
In early March, SONO announced that its Chief Executive Officer, Patrick Spence, and Chief Financial Officer, Brittany Bagley, would participate in the Morgan Stanley Technology, Media, and Telecom conference. The conference was to take place on the 9th of March 2022. Both the executives were also expected to participate in a fireside chat as well.
Q1 2022 Financial Results
In early February, SONO released the financial results for Q1 2022. The revenue generated by Sonos increased by 3% on a year-over-year basis to reach $664.5 million. The gross margin saw an increase of 140 base points versus Q1 2021 and consequently reached 47.8% during the quarter. The GAAP net income for the three months was $123.5 million compared to $132.3 million during Q1 2021, while the GAAP diluted EPS for the quarter was $0.87 versus $1.01 during the same quarter of the preceding year.
What’s Coming Up for SONO?
Looking ahead, analysts are of the view that even though SONO stock holds several positive signals, they are not enough for it to be considered for buying. Hence, at the current level, the stock should be considered a hold candidate while waiting for upcoming developments.