Invenomic Capital Management LP Purchases New Shares in Sleep Number Corporation $SNBR

Invenomic Capital Management LP purchased a new position in shares of Sleep Number Corporation (NASDAQ:SNBR) during the 3rd quarter, HoldingsChannel reports. The institutional investor purchased 485,966 shares of the company’s stock, valued at approximately $3,411,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC purchased a new stake in Sleep Number in the 3rd quarter valued at about $70,000. Sei Investments Co. purchased a new position in shares of Sleep Number in the 2nd quarter worth approximately $73,000. Inscription Capital LLC purchased a new position in shares of Sleep Number in the 3rd quarter worth approximately $91,000. First Dallas Securities Inc. bought a new position in shares of Sleep Number in the third quarter valued at approximately $91,000. Finally, Virtu Financial LLC bought a new position in shares of Sleep Number in the third quarter valued at approximately $111,000. 85.67% of the stock is owned by institutional investors.

Sleep Number Stock Down 6.4%

SNBR opened at $3.23 on Tuesday. Sleep Number Corporation has a twelve month low of $2.77 and a twelve month high of $13.94. The company’s 50-day moving average price is $8.72 and its two-hundred day moving average price is $7.62. The stock has a market cap of $73.84 million, a price-to-earnings ratio of -0.56 and a beta of 1.94.

Sleep Number (NASDAQ:SNBR) last issued its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $328.67 million. The firm’s revenue was down 7.8% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.21) EPS. As a group, sell-side analysts anticipate that Sleep Number Corporation will post -0.42 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently commented on SNBR shares. Piper Sandler dropped their price target on Sleep Number from $12.00 to $5.00 and set a “neutral” rating on the stock in a report on Friday. Weiss Ratings restated a “sell (e+)” rating on shares of Sleep Number in a research note on Friday, January 9th. Finally, UBS Group decreased their target price on Sleep Number from $10.00 to $4.00 and set a “neutral” rating for the company in a research report on Friday. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Sleep Number has an average rating of “Reduce” and a consensus price target of $4.50.

Sleep Number 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.