Sleep Number (NASDAQ:SNBR) Trading Up 2.8% – What’s Next?

Sleep Number Corporation (NASDAQ:SNBR)’s share price rose 2.8% on Tuesday . The stock traded as high as $10.34 and last traded at $10.31. Approximately 309,055 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 629,123 shares. The stock had previously closed at $10.03.

Wall Street Analyst Weigh In

Several research firms have recently commented on SNBR. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sleep Number in a research report on Friday, January 9th. Piper Sandler raised their target price on Sleep Number from $5.00 to $12.00 and gave the stock a “neutral” rating in a research note on Friday, January 16th. Finally, UBS Group decreased their price target on Sleep Number from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Thursday, November 6th. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Sleep Number presently has an average rating of “Reduce” and an average target price of $10.00.

Sleep Number Price Performance

The business has a 50 day simple moving average of $7.97 and a 200 day simple moving average of $7.81. The company has a market capitalization of $234.96 million, a price-to-earnings ratio of -3.02 and a beta of 1.81.

Sleep Number (NASDAQ:SNBR) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.08). The firm had revenue of $342.88 million during the quarter, compared to analyst estimates of $362.48 million. During the same period in the previous year, the firm earned ($0.07) earnings per share. The company’s quarterly revenue was down 19.6% on a year-over-year basis. On average, equities research analysts predict that Sleep Number Corporation will post -0.42 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Millennium Management LLC increased its stake in Sleep Number by 1,080.8% during the 3rd 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 period. Geode Capital Management LLC boosted its position in Sleep Number by 1.4% in the 2nd quarter. Geode Capital Management LLC now owns 530,764 shares of the company’s stock valued at $3,586,000 after buying an additional 7,570 shares during the period. Invenomic Capital Management LP acquired a new position in shares of Sleep Number in the third quarter worth $3,411,000. Bank of America Corp DE increased its position in shares of Sleep Number by 28.4% during the second quarter. Bank of America Corp DE now owns 475,623 shares of the company’s stock worth $3,213,000 after acquiring an additional 105,329 shares during the period. Finally, AQR Capital Management LLC raised its stake in shares of Sleep Number by 283.3% in the first quarter. AQR Capital Management LLC now owns 403,061 shares of the company’s stock valued at $2,555,000 after acquiring an additional 297,916 shares in the last quarter. Hedge funds and other 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.