Sleep Number (NASDAQ:SNBR) Rating Lowered to Hold at StockNews.com

Sleep Number (NASDAQ:SNBR) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Monday.

Separately, Piper Sandler cut their target price on Sleep Number from $16.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, October 31st.

Sleep Number Price Performance

Shares of SNBR traded down $1.06 during midday trading on Monday, reaching $14.86. 436,090 shares of the stock were exchanged, compared to its average volume of 469,917. The business’s 50-day moving average price is $15.62 and its 200 day moving average price is $13.65. Sleep Number has a twelve month low of $8.13 and a twelve month high of $20.75. The company has a market capitalization of $332.42 million, a price-to-earnings ratio of -8.21 and a beta of 2.08.

Insider Activity at Sleep Number

In related news, major shareholder Stadium Capital Management Llc purchased 59,011 shares of the company’s stock in a transaction that occurred on Thursday, October 31st. The shares were purchased at an average price of $13.83 per share, for a total transaction of $816,122.13. Following the transaction, the insider now directly owns 1,920,000 shares of the company’s stock, valued at approximately $26,553,600. The trade was a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have purchased 95,508 shares of company stock worth $1,294,316 in the last quarter. Company insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On Sleep Number

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rice Hall James & Associates LLC increased its position in Sleep Number by 3.9% during the 3rd quarter. Rice Hall James & Associates LLC now owns 187,469 shares of the company’s stock worth $3,434,000 after purchasing an additional 7,080 shares during the period. Tectonic Advisors LLC increased its position in Sleep Number by 77.6% during the 3rd quarter. Tectonic Advisors LLC now owns 76,080 shares of the company’s stock worth $1,394,000 after purchasing an additional 33,250 shares during the period. NBC Securities Inc. increased its position in Sleep Number by 5,000.0% during the 3rd quarter. NBC Securities Inc. now owns 51,000 shares of the company’s stock worth $934,000 after purchasing an additional 50,000 shares during the period. Inspire Investing LLC acquired a new position in Sleep Number during the 3rd quarter worth approximately $419,000. Finally, GAMMA Investing LLC increased its position in Sleep Number by 15.7% during the 3rd quarter. GAMMA Investing LLC now owns 5,779 shares of the company’s stock worth $106,000 after purchasing an additional 784 shares during the period. Institutional investors and hedge funds 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.