Sleep Number (NASDAQ:SNBR) Upgraded at StockNews.com

Sleep Number (NASDAQ:SNBR) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Friday.

Separately, Piper Sandler cut their price target on Sleep Number from $16.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday.

Sleep Number Trading Down 7.2 %

Shares of NASDAQ:SNBR traded down $0.99 during midday trading on Friday, reaching $12.71. 751,930 shares of the company were exchanged, compared to its average volume of 513,547. The stock has a market cap of $284.13 million, a PE ratio of -7.02 and a beta of 2.06. The business’s fifty day moving average is $15.65 and its two-hundred day moving average is $13.61. Sleep Number has a one year low of $8.13 and a one year high of $20.75.

Sleep Number (NASDAQ:SNBR) last issued its quarterly earnings data on Wednesday, July 31st. The company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.22. The firm had revenue of $408.40 million for the quarter, compared to analysts’ expectations of $415.05 million. During the same quarter in the previous year, the business earned $0.03 EPS. The company’s revenue for the quarter was down 11.0% on a year-over-year basis. As a group, sell-side analysts expect that Sleep Number will post -0.13 EPS for the current year.

Insider Activity

In related news, Director Stephen E. Macadam purchased 43,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was bought at an average price of $12.35 per share, for a total transaction of $531,050.00. Following the completion of the transaction, the director now owns 102,729 shares in the company, valued at approximately $1,268,703.15. The trade was a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 6.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC lifted its holdings in shares of Sleep Number by 15.7% in the 3rd quarter. GAMMA Investing LLC now owns 5,779 shares of the company’s stock worth $106,000 after acquiring an additional 784 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Sleep Number by 5.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 20,122 shares of the company’s stock valued at $323,000 after acquiring an additional 1,052 shares during the period. SummerHaven Investment Management LLC grew its position in Sleep Number by 4.3% in the 2nd quarter. SummerHaven Investment Management LLC now owns 25,694 shares of the company’s stock valued at $246,000 after acquiring an additional 1,071 shares during the last quarter. Susquehanna Fundamental Investments LLC increased its stake in Sleep Number by 6.2% in the second quarter. Susquehanna Fundamental Investments LLC now owns 18,791 shares of the company’s stock worth $180,000 after purchasing an additional 1,100 shares during the period. Finally, Maverick Capital Ltd. lifted its holdings in Sleep Number by 17.4% during the 2nd quarter. Maverick Capital Ltd. now owns 20,136 shares of the company’s stock valued at $193,000 after buying an additional 2,980 shares in the last quarter. Institutional investors own 85.67% of the company’s stock.

About Sleep Number

Sleep Number Corporation, together with its subsidiaries, offers sleep solutions and services in the United States. The company designs, manufactures, markets, retails, and services beds, pillows, sheets, and other bedding products under the Sleep Number name. It also provides smart adjustable bases under the FlextFit brand, and smart beds under the Climate 360 name.