Sleep Number Corporation (NASDAQ:SNBR) Short Interest Up 18.9% in March

Sleep Number Corporation (NASDAQ:SNBR) saw a significant growth in short interest during the month of March. As of March 13th, there was short interest totaling 5,880,173 shares, a growth of 18.9% from the February 26th total of 4,944,545 shares. Based on an average trading volume of 1,548,145 shares, the days-to-cover ratio is currently 3.8 days. Approximately 27.8% of the company’s shares are sold short.

Sleep Number Stock Down 4.7%

SNBR opened at $1.71 on Thursday. The business has a fifty day moving average of $7.01 and a 200 day moving average of $7.02. The stock has a market cap of $39.10 million, a P/E ratio of -0.30 and a beta of 1.93. Sleep Number has a 52-week low of $1.60 and a 52-week high of $13.94.

Sleep Number (NASDAQ:SNBR) last released its earnings results on Thursday, March 12th. The company reported ($2.55) earnings per share 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 was down 7.8% on a year-over-year basis. During the same period last year, the business posted ($0.21) EPS. Equities analysts anticipate that Sleep Number will post -0.42 EPS for the current fiscal year.

Hedge Funds Weigh In On Sleep Number

A number of hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC raised its stake in shares of Sleep Number by 1,080.8% during the third quarter. Millennium Management LLC now owns 716,873 shares of the company’s stock valued at $5,032,000 after acquiring an additional 656,162 shares in the last quarter. Invenomic Capital Management LP bought a new position in Sleep Number in the third quarter worth approximately $3,411,000. Charles Schwab Investment Management Inc. increased its holdings in Sleep Number by 52.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,121,245 shares of the company’s stock worth $9,486,000 after purchasing an additional 384,124 shares during the period. Pacific Ridge Capital Partners LLC increased its holdings in Sleep Number by 48.0% during the 4th quarter. Pacific Ridge Capital Partners LLC now owns 1,145,612 shares of the company’s stock worth $9,692,000 after purchasing an additional 371,336 shares during the period. Finally, AQR Capital Management LLC raised its position in Sleep Number by 283.3% during the 1st quarter. AQR Capital Management LLC now owns 403,061 shares of the company’s stock valued at $2,555,000 after purchasing an additional 297,916 shares in the last quarter. 85.67% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SNBR has been the topic of several analyst reports. Piper Sandler cut their target price 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. UBS Group cut their price objective on shares of Sleep Number from $10.00 to $4.00 and set a “neutral” rating on the stock in a research report on Friday, March 13th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Sleep Number in a report on Friday, January 9th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $4.50.

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.