Sleep Number Sees Unusually Large Options Volume (NASDAQ:SNBR)

Sleep Number Corporation (NASDAQ:SNBR) was the target of unusually large options trading on Friday. Stock investors acquired 9,333 call options on the company. This represents an increase of 459% compared to the average daily volume of 1,671 call options.

Sleep Number Stock Performance

Shares of NASDAQ SNBR traded up $0.26 during midday trading on Friday, hitting $0.61. 217,687,035 shares of the stock traded hands, compared to its average volume of 3,983,443. The business has a 50 day moving average price of $1.94 and a two-hundred day moving average price of $5.64. Sleep Number has a one year low of $0.30 and a one year high of $13.94. The company has a market cap of $13.97 million, a PE ratio of -0.08 and a beta of 2.48.

Sleep Number (NASDAQ:SNBR) last announced its quarterly earnings results 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 company had revenue of $318.99 million during the quarter, compared to analyst estimates of $320.72 million. As a group, equities research analysts forecast that Sleep Number will post -0.82 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Insider Activity at Sleep Number

In other news, 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 transaction of $695,403.28. Following the completion of the sale, the insider owned 341,515 shares in the company, valued at $607,896.70. The trade was a 53.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Sleep Number

Institutional investors have recently bought and sold shares of the stock. Marks Group Wealth Management Inc bought a new stake in Sleep Number during the fourth quarter worth $85,000. Vanguard Personalized Indexing Management LLC purchased a new position in Sleep Number in the third quarter worth $70,000. Bank of Montreal Can purchased a new position in Sleep Number in the fourth quarter worth $89,000. Sei Investments Co. purchased a new position in Sleep Number in the second quarter worth $73,000. Finally, Sherbrooke Park Advisers LLC purchased a new position in Sleep Number in the third quarter worth $87,000. Institutional investors own 85.67% of the company’s stock.

Sleep Number Company Profile

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.