Sleep Number (NASDAQ:SNBR) Upgraded by Wall Street Zen to Sell Rating

Sleep Number (NASDAQ:SNBR) was upgraded by analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a note issued to investors on Saturday.

Other equities analysts also recently issued reports about the company. 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 report on Friday, March 13th. UBS Group reduced 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. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Sleep Number in a research report on Friday, January 9th. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $4.50.

Sleep Number Trading Up 2.9%

NASDAQ:SNBR opened at $1.41 on Friday. The firm has a market capitalization of $32.24 million, a PE ratio of -0.25 and a beta of 2.23. The stock has a 50 day moving average of $5.69 and a 200-day moving average of $6.68. Sleep Number 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 data on Thursday, March 12th. The company reported ($2.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($1.99). The firm had revenue of $347.39 million during the quarter, compared to analyst estimates of $328.67 million. The company’s revenue for the quarter was down 7.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.21) EPS. As a group, analysts predict that Sleep Number will post -0.42 EPS for the current fiscal year.

Institutional Investors Weigh In On Sleep Number

Institutional investors have recently added to or reduced their stakes in the company. Invenomic Capital Management LP acquired a new stake in Sleep Number in the third quarter worth approximately $3,411,000. AlphaQuest LLC lifted its position in Sleep Number by 209.1% in the third quarter. AlphaQuest LLC now owns 64,367 shares of the company’s stock worth $452,000 after purchasing an additional 43,540 shares during the period. Allianz Asset Management GmbH lifted its position in Sleep Number by 123.2% in the third quarter. Allianz Asset Management GmbH now owns 173,341 shares of the company’s stock worth $1,217,000 after purchasing an additional 95,683 shares during the period. ArrowMark Colorado Holdings LLC acquired a new stake in Sleep Number in the third quarter worth approximately $1,495,000. Finally, Strs Ohio acquired a new stake in Sleep Number in the first quarter worth approximately $130,000. 85.67% of the stock is currently owned by institutional investors and hedge funds.

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.