Short Interest in Sleep Number Corporation (NASDAQ:SNBR) Rises By 18.9%

Sleep Number Corporation (NASDAQ:SNBR) saw a large increase in short interest in the month of 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. Based on an average daily volume of 1,548,145 shares, the days-to-cover ratio is currently 3.8 days. Currently, 27.8% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Sleep Number in a research report on Friday, January 9th. Piper Sandler reduced their price objective on Sleep Number from $12.00 to $5.00 and set a “neutral” rating for the company in a research note on Friday, March 13th. Finally, UBS Group decreased their price objective on Sleep Number from $10.00 to $4.00 and set a “neutral” rating for the company in a research report on Friday, March 13th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Sleep Number has a consensus rating of “Reduce” and an average target price of $4.50.

Institutional Trading of Sleep Number

A number of institutional investors have recently bought and sold shares of the company. Royal Bank of Canada increased its position in Sleep Number by 20.1% in the 1st quarter. Royal Bank of Canada now owns 355,843 shares of the company’s stock worth $2,256,000 after purchasing an additional 59,510 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Sleep Number by 283.3% during the 1st quarter. AQR Capital Management LLC now owns 403,061 shares of the company’s stock valued at $2,555,000 after buying an additional 297,916 shares during the last quarter. Acadian Asset Management LLC grew its stake in shares of Sleep Number by 1,009.4% in the 1st quarter. Acadian Asset Management LLC now owns 34,304 shares of the company’s stock valued at $216,000 after buying an additional 31,212 shares in the last quarter. Strs Ohio bought a new stake in shares of Sleep Number in the 1st quarter valued at approximately $130,000. Finally, Geode Capital Management LLC increased its holdings in Sleep Number by 1.4% in the second quarter. Geode Capital Management LLC now owns 530,764 shares of the company’s stock worth $3,586,000 after buying an additional 7,570 shares during the last quarter. Institutional investors and hedge funds own 85.67% of the company’s stock.

Sleep Number Stock Performance

Shares of SNBR opened at $1.79 on Wednesday. The company has a market capitalization of $40.92 million, a PE ratio of -0.31 and a beta of 1.93. The company’s 50 day moving average price is $7.19 and its 200 day moving average price is $7.06. Sleep Number has a 52 week low of $1.62 and a 52 week high of $13.94.

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

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.