Insider Selling: Sleep Number (NASDAQ:SNBR) Major Shareholder Sells $695,403.28 in Stock

Sleep Number Corporation (NASDAQ:SNBR) major shareholder Stadium Capital Management Llc sold 390,676 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $1.78, for a total transaction of $695,403.28. Following the completion of the sale, the insider owned 341,515 shares of the company’s stock, valued at approximately $607,896.70. This represents a 53.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Sleep Number Price Performance

Shares of SNBR opened at $1.07 on Thursday. The firm has a market capitalization of $24.55 million, a PE ratio of -0.14 and a beta of 2.48. The company’s 50-day moving average is $1.98 and its 200-day moving average is $5.66. Sleep Number Corporation has a fifty-two week low of $1.04 and a fifty-two week high of $13.94.

Sleep Number (NASDAQ:SNBR) last announced its earnings results on Tuesday, May 12th. The company reported ($2.19) EPS for the quarter, missing the consensus estimate of ($0.39) by ($1.80). The company had revenue of $318.99 million for the quarter, compared to analyst estimates of $320.72 million. Analysts predict that Sleep Number Corporation will post -0.82 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently commented on the stock. Wall Street Zen downgraded shares of Sleep Number from a “sell” rating to a “strong sell” rating in a report on Sunday, April 19th. Zacks Research downgraded shares of Sleep Number from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 13th. UBS Group reduced their target price on shares of Sleep Number from $4.00 to $2.00 and set a “neutral” rating for the company in a report on Wednesday, May 13th. Finally, Piper Sandler reduced their target price on shares of Sleep Number from $12.00 to $5.00 and set a “neutral” rating for the company in a report on Friday, March 13th. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $3.50.

Institutional Trading of Sleep Number

Institutional investors have recently bought and sold shares of the business. Marks Group Wealth Management Inc bought a new stake in Sleep Number in the 4th quarter valued at about $85,000. Vanguard Personalized Indexing Management LLC bought a new stake in Sleep Number in the 3rd quarter valued at about $70,000. Bank of Montreal Can bought a new stake in Sleep Number in the 4th quarter valued at about $89,000. Sei Investments Co. bought a new stake in Sleep Number in the 2nd quarter valued at about $73,000. Finally, Sherbrooke Park Advisers LLC bought a new stake in Sleep Number in the 3rd quarter valued at about $87,000. 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.