The stock of Sonos, Inc. (NASDAQ:SONO) is now priced at $13.81 and the shares are 0.11 points up or 0.8% higher compared to its previous closing price of $13.7. The stock had 5.076 million contracts set over the past session. SONO shares’ daily volume is compared to its average trading volume at 5.537 million shares. However, it has a float of 88.22 million and although its performance was -14.86% over the week, it’s one to watch. Analysts have given the SONO stock a yearly average price target of $15.79 per share. It means the stock’s upside potential is 14.34% with the SONO share price recently placing at $13.53 to $14.09. However, some brokerage firms have priced the stock below the average, including one that has called $10.
The shorts are running away from the Sonos, Inc. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the SONO shares have declined. Short interest in the stock represents just 7.96% of its float, but the volume has dropped by -303336. The volume of shorted shares dropped to 7.018 million from 7.321 million shares over the last two weeks. The average intraday trading volume has been 4.698 million shares, which means that days to cover moved to roughly 1.493755.
In the last trading session, Sonos, Inc. (NASDAQ:SONO) dropped by -$2.41 over the week and lost -$0.53 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $17.83. The stock recorded its established 52-week high on 07/23/20.
Since 03/19/20, the stock has traded to a low of $6.58 at 109.88%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Sonos, Inc.’s two-week RSI is 41.06. This suggests that the stock is neutral at the moment and that SONO shares’ price movement remains stable. The stochastic readings are equally revealing at 8.71% meaning the SONO share price is currently in overbought territory.
The technical chart shows that the SONO stock will likely settle at between $14.09 and $14.37 per share. However, if the stock dips below $13.53, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $13.25.
Currently, the stock is trading in the red of MACD, with a reading of -1.59. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Raymond James cut their recommendation for SONO from Strong Buy to Mkt Perform in July 29 review. Goldman analysts downgraded their recommendation of the stock from Buy to Sell while keeping its target price at $20 to $7.50 in a flash note released to investors on April 17. BofA/Merrill analysts see the stock as Neutral when the analysts initiated the share price coverage on February 25, placing it at $15.
The average rating for the SONO equity is 2.5 and is currently gathering a bullish momentum. Of 8 analysts tracking Sonos, Inc. polled by Reuters, 4 rated SONO as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the SONO stock price is 74.65X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 32.9. Sonos, Inc. has its P/E ratio at 5.8, which means that the stock is currently trading at a discount relative to the 15.1 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Sonos, Inc. (NASDAQ:SONO) will decrease by about -99.89%, which will see them reach $284.77 million. The company’s full-year revenues are, however, expected to increase by about 0.79%, up from $1260 million to $1270 million. SONO’s expected adjusted earnings should drop almost -82.14% to end up at -$0.05 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 620% to record -$0.36/share.