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 firm’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $1.78, for a total value of $695,403.28. Following the transaction, the insider owned 341,515 shares in the company, valued at approximately $607,896.70. This trade represents a 53.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Sleep Number Stock Up 4.2%

NASDAQ:SNBR traded up $0.05 during trading hours on Monday, hitting $1.24. 2,915,141 shares of the company traded hands, compared to its average volume of 1,307,866. The firm’s 50-day simple moving average is $2.05 and its 200-day simple moving average is $5.70. Sleep Number Corporation has a one year low of $1.06 and a one year high of $13.94. The company has a market cap of $28.58 million, a PE ratio of -0.16 and a beta of 2.49.

Sleep Number (NASDAQ:SNBR) last released its earnings results on Tuesday, May 12th. The company reported ($2.19) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($1.80). The firm had revenue of $318.99 million during the quarter, compared to the consensus estimate of $320.72 million. As a group, equities research analysts expect that Sleep Number Corporation will post -0.82 EPS for the current year.

Analysts Set New Price Targets

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

Institutional Trading of Sleep Number

A number of hedge funds have recently bought and sold shares of SNBR. Marks Group Wealth Management Inc lifted its position in Sleep Number by 50.0% in the first quarter. Marks Group Wealth Management Inc now owns 15,000 shares of the company’s stock valued at $27,000 after purchasing an additional 5,000 shares during the last quarter. Quantinno Capital Management LP increased its stake in shares of Sleep Number by 40.5% during the first quarter. Quantinno Capital Management LP now owns 36,909 shares of the company’s stock valued at $66,000 after buying an additional 10,636 shares during the period. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Sleep Number during the third quarter valued at approximately $70,000. Sei Investments Co. purchased a new stake in Sleep Number in the second quarter worth $73,000. Finally, Sherbrooke Park Advisers LLC purchased a new stake 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.