Sleep Number Corporation (NASDAQ:SNBR) Sees Large Growth in Short Interest

Sleep Number Corporation (NASDAQ:SNBR) saw a large increase in short interest in March. As of March 13th, there was short interest totaling 5,880,173 shares, an increase of 18.9% from the February 26th total of 4,944,545 shares. Approximately 27.8% of the shares of the company are short sold. Based on an average trading volume of 1,548,145 shares, the days-to-cover ratio is currently 3.8 days.

Sleep Number Stock Down 11.1%

NASDAQ SNBR traded down $0.22 on Tuesday, hitting $1.78. The stock had a trading volume of 2,580,357 shares, compared to its average volume of 1,005,177. The company’s 50-day moving average is $7.37 and its two-hundred day moving average is $7.11. Sleep Number has a one year low of $1.62 and a one year high of $13.94. The stock has a market cap of $40.65 million, a price-to-earnings ratio of -0.31 and a beta of 1.94.

Sleep Number (NASDAQ:SNBR) last released its quarterly earnings results on Thursday, March 12th. The company reported ($2.55) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($1.99). The firm had revenue of $347.39 million during the quarter, compared to the consensus estimate of $328.67 million. During the same quarter in the previous year, the business posted ($0.21) earnings per share. The company’s revenue was down 7.8% on a year-over-year basis. On average, sell-side analysts anticipate that Sleep Number will post -0.42 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Piper Sandler dropped their price target 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 lowered their target price on shares of Sleep Number from $10.00 to $4.00 and set a “neutral” rating for the company in a research note on Friday, March 13th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Sleep Number in a report on Friday, January 9th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $4.50.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Pacific Ridge Capital Partners LLC grew its holdings in Sleep Number by 48.0% during the fourth quarter. Pacific Ridge Capital Partners LLC now owns 1,145,612 shares of the company’s stock worth $9,692,000 after acquiring an additional 371,336 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of 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 valued at $9,486,000 after purchasing an additional 384,124 shares in the last quarter. Millennium Management LLC boosted its position in shares of Sleep Number by 1,080.8% during the 3rd quarter. Millennium Management LLC now owns 716,873 shares of the company’s stock valued at $5,032,000 after purchasing an additional 656,162 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Sleep Number by 1.4% in the 2nd quarter. Geode Capital Management LLC now owns 530,764 shares of the company’s stock worth $3,586,000 after purchasing an additional 7,570 shares during the last quarter. Finally, Invenomic Capital Management LP acquired a new position in shares of Sleep Number in the 3rd quarter worth approximately $3,411,000. Institutional investors own 85.67% of the company’s stock.

About Sleep Number

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.