Short Interest in Sony Group Co. (NYSE:SONY) Drops By 22.1%

Sony Group Co. (NYSE:SONY) was the target of a significant drop in short interest in November. As of November 15th, there was short interest totalling 7,400,000 shares, a drop of 22.1% from the October 31st total of 9,500,000 shares. Currently, 0.1% of the shares of the company are sold short. Based on an average daily trading volume, of 2,930,000 shares, the days-to-cover ratio is presently 2.5 days.

Institutional Trading of Sony Group

Hedge funds have recently modified their holdings of the company. Synovus Financial Corp boosted its holdings in shares of Sony Group by 2.4% in the 3rd quarter. Synovus Financial Corp now owns 50,514 shares of the company’s stock worth $4,878,000 after acquiring an additional 1,177 shares in the last quarter. Tidal Investments LLC bought a new stake in shares of Sony Group during the third quarter worth $244,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Sony Group in the third quarter valued at $287,000. World Investment Advisors LLC bought a new position in shares of Sony Group in the third quarter valued at about $2,073,000. Finally, Sanctuary Advisors LLC raised its holdings in shares of Sony Group by 601.1% in the third quarter. Sanctuary Advisors LLC now owns 257,329 shares of the company’s stock valued at $24,850,000 after buying an additional 220,628 shares during the last quarter. Institutional investors and hedge funds own 14.05% of the company’s stock.

Sony Group Trading Up 2.0 %

Shares of Sony Group stock opened at $19.76 on Friday. Sony Group has a 12-month low of $15.02 and a 12-month high of $20.67. The stock has a market capitalization of $119.50 billion, a P/E ratio of 16.17, a price-to-earnings-growth ratio of 12.52 and a beta of 0.95. The company has a 50-day simple moving average of $16.54 and a 200 day simple moving average of $8.06. The company has a quick ratio of 0.49, a current ratio of 0.66 and a debt-to-equity ratio of 0.25.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SONY shares. StockNews.com cut Sony Group from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, November 19th. TD Cowen dropped their price target on shares of Sony Group from $107.00 to $23.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Daiwa America raised Sony Group to a “strong-buy” rating in a report on Wednesday, September 18th. Finally, Oppenheimer dropped their target price on Sony Group from $108.00 to $25.00 and set an “outperform” rating for the company in a report on Tuesday, November 12th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $24.00.

Sony Group Company Profile

Sony Group Corporation designs, develops, produces, and sells electronic equipment, instruments, and devices for the consumer, professional, and industrial markets in Japan, the United States, Europe, China, the Asia-Pacific, and internationally. The company distributes software titles and add-on content through digital networks; network services related to game, video, and music content; and home gaming consoles, packaged and game software, and peripheral devices.