Sleep Number (NASDAQ:SNBR) Rating Increased to Buy at StockNews.com

Sleep Number (NASDAQ:SNBR) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Friday.

Separately, Piper Sandler reduced their target price on Sleep Number from $16.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday.

Sleep Number Stock Performance

Shares of Sleep Number stock traded down $0.99 during midday trading on Friday, hitting $12.71. The company had a trading volume of 751,930 shares, compared to its average volume of 513,547. The company has a 50 day moving average of $15.65 and a 200 day moving average of $13.61. The stock has a market capitalization of $284.13 million, a P/E ratio of -7.02 and a beta of 2.06. Sleep Number has a 52-week low of $8.13 and a 52-week high of $20.75.

Sleep Number (NASDAQ:SNBR) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.22. The company had revenue of $408.40 million for the quarter, compared to the consensus estimate of $415.05 million. During the same quarter in the previous year, the business earned $0.03 earnings per share. Sleep Number’s revenue was down 11.0% compared to the same quarter last year. Equities research analysts forecast that Sleep Number will post -0.13 EPS for the current year.

Insider Buying and Selling at Sleep Number

In other Sleep Number news, Director Stephen E. Macadam purchased 43,000 shares of Sleep Number stock in a transaction dated Tuesday, August 6th. The stock was purchased at an average price of $12.35 per share, with a total value of $531,050.00. Following the transaction, the director now directly owns 102,729 shares of the company’s stock, valued at $1,268,703.15. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 6.80% of the company’s stock.

Institutional Trading of Sleep Number

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Pacific Ridge Capital Partners LLC bought a new position in shares of Sleep Number during the 2nd quarter valued at approximately $3,342,000. Millennium Management LLC boosted its position in shares of Sleep Number by 326.7% in the second quarter. Millennium Management LLC now owns 370,987 shares of the company’s stock worth $3,550,000 after purchasing an additional 284,052 shares during the period. Hodges Capital Management Inc. increased its stake in shares of Sleep Number by 138.5% in the second quarter. Hodges Capital Management Inc. now owns 409,915 shares of the company’s stock worth $3,923,000 after purchasing an additional 238,015 shares in the last quarter. Acadian Asset Management LLC raised its position in shares of Sleep Number by 135.3% during the 2nd quarter. Acadian Asset Management LLC now owns 235,305 shares of the company’s stock valued at $2,249,000 after purchasing an additional 135,284 shares during the period. Finally, Federated Hermes Inc. purchased a new position in shares of Sleep Number during the 2nd quarter valued at $899,000. Hedge funds and other institutional investors own 85.67% of the company’s stock.

Sleep Number Company Profile

Sleep Number Corporation, together with its subsidiaries, offers sleep solutions and services in the United States. The company designs, manufactures, markets, retails, and services beds, pillows, sheets, and other bedding products under the Sleep Number name. It also provides smart adjustable bases under the FlextFit brand, and smart beds under the Climate 360 name.