Short Term Interest Update at Sonder Holdings Inc.
In September, short interest in Sonder Holdings Inc. increased significantly (NASDAQ: SOND-Get Rating). Short positions increased by 100.3% from 6,920,000 shares on September 15 to 13,860,000 on September 30. Currently, 11.1% of the shares are sold short. The day-to-cover ratio is 6.9 days based on the daily average number of 2,000,000 shares traded.
Institutional investors and hedge funds have recently changed their stakes in SOUND. Greenoaks Capital Partners LLC increased its stake in Sonder by approximately $75 million during the first quarter. Victory Capital Management Inc. increased its position in Sonder by approximately $113,000 during the first quarter. HarbourVest Partners LLC increased its stake in Sonder by approximately $21,386,000 during the first quarter. During the first quarter, TD Asset Management Inc. increased its stake in Sonder by nearly $720,000. Last but not least, during the first quarter, Principal Financial Group Inc. added a new Sonder investment with a market value of approximately $13,094,000. Collectively, institutional and hedge fund owners own 41.43% of the shares.
In other news, insider Martin Picard sold 46,332 shares of the company on Sept. 15. The amount paid for the shares, an average price of $2.14 per share, was 99,150.48. You can access a filing submitted to the Securities and Exchange Commission describing the sale by clicking on this link. insiders hold 13.30% of the shares.
In a research report released on June 22, JMP Securities lowered its target price for Sonder from $8.00 to $3.50. However, the stock continues to be rated as “outperforming the market”.
SOND stock price rose 0.04 to 2.02 at noon on Friday. The stock had a trading volume of 50,290 shares as opposed to its typical volume of 1,226,436 shares. The company’s fifty-day simple moving average is 1.93 and its 200-day simple moving average is 2.29. The company’s debt ratio, quick ratio and current ratio are all 1.64. The 52 week range for Sonder is 0.90 to 10.88.
Sonder Holdings, Inc. operates in the hospitality industry. It maintains and manages hotels in North America, Europe and the Middle East for vacationers, families, digital nomads and business visitors. These homes include studios, 1, 2 and 3 bedroom homes, 1 bedroom hotel rooms and 1 bedroom apartments. As of December 31, 2021, it had 7,600 live units dispersed across 38 markets, ten countries, and another 10,500 or more contract units.