Sonos Set for Flood of Analyst Ratings After 39% Gain Since IPO

Posted On August 24, 2018 2:03 pm

Sonos Inc. will probably get a flurry of analyst recommendations when research restrictions expire on Monday.

Goldman Sachs, Morgan Stanley and RBC are among banks that managed the speaker maker’s initial public offering who will be allowed to publish research after the quiet period ends. Other underwriters included Allen & Co., Jefferies, KKR & Co., Raymond James Financial and Stifel Nicolaus.

Underwriting banks, tasked with promoting the issuing company and creating a market for its shares, employ perhaps some of the friendliest analysts on Wall Street. Still, a 39 percent gain since the Aug. 1 initial offering could make it difficult to justify further gains in coming months.

Sonos, based in Santa Barbara, California, overcame a rocky start when it priced shares below the marketed range. The company is scheduled to deliver its first earnings report as a public company on Sept. 10.

About 14 percent of Sonos shares available to trade are being utilized by short sellers, according to Markit data. That’s down from a high of 19 percent on Aug. 16.

This article was originally posted at Bloomberg.com

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