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 company’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $1.78, for a total value of $695,403.28. Following the completion of the sale, the insider directly owned 341,515 shares in the company, valued at approximately $607,896.70. The trade was a 53.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Sleep Number Price Performance

SNBR stock traded up $0.05 during midday trading on Monday, hitting $1.24. The stock had a trading volume of 2,915,141 shares, compared to its average volume of 1,307,866. The firm has a market cap of $28.58 million, a price-to-earnings ratio of -0.16 and a beta of 2.49. The business has a 50-day moving average of $2.05 and a two-hundred day moving average of $5.70. Sleep Number Corporation has a 52-week low of $1.06 and a 52-week high of $13.94.

Sleep Number (NASDAQ:SNBR) last issued its quarterly earnings results on Tuesday, May 12th. The company reported ($2.19) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($1.80). The company had revenue of $318.99 million during the quarter, compared to the consensus estimate of $320.72 million. Research analysts predict that Sleep Number Corporation will post -0.82 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Marks Group Wealth Management Inc bought a new position in Sleep Number in the fourth quarter valued at about $85,000. Vanguard Personalized Indexing Management LLC bought a new position in Sleep Number in the third quarter valued at about $70,000. Bank of Montreal Can bought a new position in Sleep Number in the fourth quarter valued at about $89,000. Sei Investments Co. bought a new position in Sleep Number in the second quarter valued at about $73,000. Finally, Sherbrooke Park Advisers LLC bought a new position in Sleep Number in the third quarter valued at about $87,000. Institutional investors own 85.67% of the company’s stock.

Analyst Upgrades and Downgrades

SNBR has been the topic of a number of recent research reports. UBS Group cut their target price on Sleep Number from $4.00 to $2.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 13th. Wall Street Zen cut Sleep Number from a “sell” rating to a “strong sell” rating in a research report on Sunday, April 19th. Piper Sandler dropped their price objective on Sleep Number from $12.00 to $5.00 and set a “neutral” rating on the stock in a research report on Friday, March 13th. Finally, Zacks Research cut Sleep Number from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 13th. Two investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $3.50.

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.