Should You Consider Investing in Sonos (SONO)?

Canterbury Tollgate, an investment management firm, published its third-quarter 2021 investor letter – a copy of which can be downloaded here. Like the rest of the market, the fund finished the third quarter on a rocky note. CTG Fluxion, LP ended the third quarter of 2021 down -2.72% for the quarter and up +8.83% YTD. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.

Canterbury Tollgate, in its Q3 2021 investor letter, mentioned Sonos, Inc. (NASDAQ: SONO) and discussed its stance on the firm. Sonos, Inc. is a Santa Barbara, California-based manufacturing company with a $3.7 billion market capitalization. SONO delivered a 25.61% return since the beginning of the year, while its 12-month returns are up by 29.26%. The stock closed at $29.38 per share on December 13, 2021.

Here is what Canterbury Tollgate has to say about Sonos, Inc.  in its Q3 2021 investor letter:

“The CEO of Sonos says this is the most difficult time he’s seen in the semiconductor space because of the supply chain and port difficulties.xi Considering Sonos is selling more in-home audio equipment than ever, his words aren’t any type of excuse. Ships are anchored out at sea waiting to get into ports, largely due to slow turnaround times because the ports have been operating at 50-70 percent of the labor they need. This should improve in coming months with more and more people suddenly and simultaneously looking for work.”

Sonos, Speaker

Based on our calculations, Sonos, Inc. (NASDAQ: SONO) was not able to clinch a spot in our list of the 30 Most Popular Stocks Among Hedge Funds. SONO was in 49 hedge fund portfolios at the end of the third quarter of 2021, compared to 47 funds in the previous quarter. Sonos, Inc. (NASDAQ: SONO) delivered a -18.84% return in the past 3 months.

Last month, we also shared another hedge fund’s views on SONO in another article. You can find more than 100 investor letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q3 page.

Disclosure: None. This article is originally published at Insider Monkey.