Key Points
- Major shareholder Stadium Capital Management sold 390,676 Sleep Number shares at an average price of $1.78, cutting its position by 53.36% and leaving it with 341,515 shares.
- Sleep Number shares were trading near $1.24, with the company valued at about $28.58 million, close to its 52-week low of $1.06.
- The company reported a wider-than-expected quarterly loss of $2.19 per share, while analysts have turned cautious, with a consensus rating of “Reduce” and a target price of $3.50.
Sleep Number Corporation (NASDAQ:SNBR - Get Free Report) major shareholder Stadium Capital Management Llc sold 390,676 shares of the business's stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $1.78, for a total value of $695,403.28. Following the transaction, the insider directly owned 341,515 shares in the company, valued at approximately $607,896.70. This trade represents a 53.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.
Sleep Number Stock Performance
NASDAQ SNBR opened at $1.24 on Tuesday. The stock has a market cap of $28.58 million, a PE ratio of -0.16 and a beta of 2.71. Sleep Number Corporation has a 52-week low of $1.06 and a 52-week high of $13.94. The firm has a 50-day moving average of $2.05 and a 200-day moving average of $5.70.
Sleep Number (NASDAQ:SNBR - Get Free Report) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($2.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($1.80). The business had revenue of $318.99 million for the quarter, compared to analysts' expectations of $320.72 million. As a group, analysts predict that Sleep Number Corporation will post -0.82 EPS for the current fiscal year.
Analyst Ratings Changes
Several analysts recently issued reports on the company. Zacks Research downgraded Sleep Number from a "hold" rating to a "strong sell" rating in a research note on Wednesday, May 13th. Piper Sandler lowered their price objective on Sleep Number from $12.00 to $5.00 and set a "neutral" rating on the stock in a research report on Friday, March 13th. UBS Group dropped their target price on Sleep Number from $4.00 to $2.00 and set a "neutral" rating for the company in a report on Wednesday, May 13th. Finally, Wall Street Zen downgraded shares of Sleep Number from a "sell" rating to a "strong sell" rating in a research note on Sunday, April 19th. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus target price of $3.50.
Check Out Our Latest Research Report on SNBR
Institutional Trading of Sleep Number
Institutional investors and hedge funds have recently made changes to their positions in the company. Pacific Ridge Capital Partners LLC boosted its stake in Sleep Number by 48.0% in the fourth quarter. Pacific Ridge Capital Partners LLC now owns 1,145,612 shares of the company's stock valued at $9,692,000 after buying an additional 371,336 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Sleep Number by 52.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,121,245 shares of the company's stock worth $9,486,000 after purchasing an additional 384,124 shares in the last quarter. Bank of America Corp DE lifted its stake in Sleep Number by 761.1% in the 1st quarter. Bank of America Corp DE now owns 745,460 shares of the company's stock valued at $1,338,000 after purchasing an additional 658,893 shares during the last quarter. Millennium Management LLC grew its stake in shares of Sleep Number by 1,080.8% during the third quarter. Millennium Management LLC now owns 716,873 shares of the company's stock worth $5,032,000 after buying an additional 656,162 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Sleep Number by 1.4% during the second quarter. Geode Capital Management LLC now owns 530,764 shares of the company's stock worth $3,586,000 after buying an additional 7,570 shares during the last quarter. Institutional investors own 85.67% of the company's stock.
Sleep Number Company Profile
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Get Free Report)
Sleep Number Corporation (NASDAQ: SNBR) is a Minneapolis‐based company specializing in the design, manufacture and retail of adjustable air mattresses and bedding products. The company's flagship Sleep Number® bed features dual air chambers that allow each side of the mattress to be tailored to an individual's preferred firmness, supported by integrated SleepIQ® technology. This proprietary monitoring system tracks biometric data such as heart rate, breathing and motion, delivering personalized sleep insights through a connected app.
Founded in 1987 as Select Comfort, the business pioneered adjustable air mattress technology and has since grown into a direct-to-consumer retailer.
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