Sleep Number (NASDAQ:SNBR) Downgraded by Wall Street Zen to “Strong Sell”

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

A number of other research analysts also recently issued reports on SNBR. 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 report on Friday, March 13th. Piper Sandler decreased their price objective on Sleep Number from $12.00 to $5.00 and set a “neutral” rating for the company in a report on Friday, March 13th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Sleep Number in a research note on Friday, January 9th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $4.50.

Sleep Number Trading Up 18.2%

Shares of SNBR opened at $2.53 on Friday. The stock has a market cap of $57.84 million, a P/E ratio of -0.44 and a beta of 2.23. Sleep Number has a 1 year low of $1.06 and a 1 year high of $13.94. The stock’s 50-day moving average price is $4.72 and its two-hundred day moving average price is $6.49.

Sleep Number (NASDAQ:SNBR) last posted its quarterly earnings data 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 company had revenue of $347.39 million during the quarter, compared to analyst estimates of $328.67 million. The business’s quarterly revenue was down 7.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.21) EPS. As a group, equities analysts forecast that Sleep Number will post -0.42 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Susquehanna Portfolio Strategies LLC boosted its stake in shares of Sleep Number by 80.6% during the 4th quarter. Susquehanna Portfolio Strategies LLC now owns 131,321 shares of the company’s stock worth $1,111,000 after acquiring an additional 58,592 shares during the period. Quadrature Capital Ltd boosted its stake in shares of Sleep Number by 48.3% during the 4th quarter. Quadrature Capital Ltd now owns 15,305 shares of the company’s stock worth $129,000 after acquiring an additional 4,987 shares during the period. Jain Global LLC bought a new position in shares of Sleep Number during the 4th quarter worth approximately $281,000. Jump Financial LLC boosted its stake in shares of Sleep Number by 841.1% during the 4th quarter. Jump Financial LLC now owns 242,800 shares of the company’s stock worth $2,054,000 after acquiring an additional 217,000 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Sleep Number by 38.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 58,203 shares of the company’s stock worth $493,000 after acquiring an additional 16,200 shares during the period. 85.67% of the stock is currently owned by institutional investors.

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.