Sleep Number (NASDAQ:SNBR) Rating Lowered to Strong Sell at Zacks Research

Sleep Number (NASDAQ:SNBR) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Wednesday,Zacks.com reports.

Several other equities research analysts have also weighed in on the company. Wall Street Zen lowered Sleep Number from a “sell” rating to a “strong sell” rating in a research report on Sunday, April 19th. 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, UBS Group dropped their target price on shares of Sleep Number from $4.00 to $2.00 and set a “neutral” rating on the stock in a report on Wednesday. Two equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $3.50.

Sleep Number Price Performance

SNBR stock opened at $1.60 on Wednesday. Sleep Number has a 1 year low of $1.06 and a 1 year high of $13.94. The firm has a 50-day moving average of $2.69 and a 200 day moving average of $6.01. The company has a market cap of $36.88 million, a P/E ratio of -0.21 and a beta of 2.71.

Sleep Number (NASDAQ:SNBR) last posted its quarterly earnings data 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 business had revenue of $318.99 million during the quarter, compared to analyst estimates of $320.72 million. On average, equities research analysts expect that Sleep Number will post -0.82 earnings per share for the current fiscal year.

Institutional Trading of Sleep Number

A number of hedge funds have recently made changes to their positions in the stock. Pacific Ridge Capital Partners LLC grew its stake in shares of Sleep Number by 48.0% in the 4th quarter. Pacific Ridge Capital Partners LLC now owns 1,145,612 shares of the company’s stock worth $9,692,000 after buying an additional 371,336 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Sleep Number by 52.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,121,245 shares of the company’s stock worth $9,486,000 after acquiring an additional 384,124 shares in the last quarter. Millennium Management LLC grew its stake in shares of Sleep Number by 1,080.8% in the third quarter. Millennium Management LLC now owns 716,873 shares of the company’s stock worth $5,032,000 after acquiring an additional 656,162 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Sleep Number by 1.4% in the second quarter. Geode Capital Management LLC now owns 530,764 shares of the company’s stock worth $3,586,000 after acquiring an additional 7,570 shares during the last quarter. Finally, Invenomic Capital Management LP bought a new position in shares of Sleep Number during the third quarter valued at $3,411,000. 85.67% of the stock is owned by institutional investors.

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.