The Potential Rise in the Price of Sonos Inc. (SONO) following insiders activity

CHWY Stock
CHWY Stock

Sonos Inc.’s recent filing unveils that its Chief Product Officer Bouvat-Merlin Maxime unloaded Company’s shares for reported $0.11 million on Aug 15. In the deal valued at $14.08 per share,7,496 shares were sold. As a result of this transaction, Bouvat-Merlin Maxime now holds 21,681 shares worth roughly $ 0.29 million.

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Then, Coles Joanna sold 905 shares, generating $14,987 in total proceeds. Upon selling the shares at $16.56, the Director now owns 20,248 shares.

Before that, Coles Joanna sold 905 shares. Sonos Inc. shares valued at $14,860 were divested by the Director at a price of $16.42 per share. As a result of the transaction, Coles Joanna now holds 21,153 shares, worth roughly $0.29 million.

Morgan Stanley downgraded its Sonos Inc. [SONO] rating to an Equal-weight from a an Overweight in a research note published on Tuesday, June 15, 2022; the price target was decreased to $28 from $38. PT values the company’s stock at a premium of 51.79 to its Tuesday closing price.

Price Performance Review of SONO

On Tuesday, Sonos Inc. [NASDAQ:SONO] saw its stock fall -0.52% to $13.50. On the same session, the stock had its day’s lowest price of $13.29, but rose to a high of $13.57. Over the last five days, the stock has lost -1.03%. Sonos Inc. shares have fallen nearly -20.12% since the year began. Nevertheless, the stocks have fallen -9.70% over the past one year. While a 52-week high of $21.98 was reached on 05/10/23, a 52-week low of $13.44 was recorded on 09/05/23. SMA at 50 days reached $15.58, while 200 days put it at $17.60. A total of 1.81 million shares were traded, compared to the trading of 1.74 million shares in the previous session.

Levels Of Support And Resistance For SONO Stock

The 24-hour chart illustrates a support level at 13.34, which if violated will result in even more drops to 13.17. On the upside, there is a resistance level at 13.62. A further resistance level may holdings at 13.73. The Relative Strength Index (RSI) on the 14-day chart is 30.79, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.12, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 82.35%. Stochastics %K at 13.56% indicates the stock is a buying.

How much short interest is there in Sonos Inc.?

A steep rise in short interest was recorded in Sonos Inc. stocks on Aug 14, 2023, dropping by -0.3 million shares to a total of 12.6 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 12.9 million shares. There was a decline of -2.38%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 13.90% of the overall stock float, the days-to-cover ratio (short ratio) fell to 5.92.

Sonos Inc. [SONO] – Who Are The Largest Shareholders?

In filings from BlackRock Fund Advisors, it is revealed that the company now owns 18,664,832 shares, or roughly 14.55% of the outstanding SONO shares. In other words, the investor’s shares have fallen by -66,054 from its previous 13-F filing of 18730886.0. Additionally, The Vanguard Group, Inc. decreased -0.33% of its stake after which the total value it holdings stand at $236,882,016, while Coliseum Capital Management LLC reduced -9.79% of its stake to hold $112.02 million in the firm. Over the last quarter, Trigran Investments, Inc. purchased 860,755 shares of Sonos Inc., while Thrivent Asset Management LLC bought 107,297 shares. At present, SSgA Funds Management, Inc. is holding 4,708,723 shares valued at $80.71 million. Franklin Advisers, Inc. owned 3,997,843 shares of the company at the time of its most recent 13F filing, worth $68.52 million.

According to FactSet, Sonos Inc.’s share price will average $20.80 in the next year, based on opinions of analysts polled by the firm. This is up nearly 47.38 percent from its previous closing price of $13.57. Analysts expect Sonos Inc. stock to reach the higher price of $24.00, while the lowest price estimate is $19.00. However, 8 analysts have rated SONO stock as an Overweight in their predictions for 2023.


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