Divisadero Street Capital Management LP Reduces Holdings in Sleep Number Co. (NASDAQ:SNBR)

Divisadero Street Capital Management LP lowered its stake in shares of Sleep Number Co. (NASDAQ:SNBR) by 80.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 40,556 shares of the company’s stock after selling 169,000 shares during the quarter. Divisadero Street Capital Management LP owned about 0.18% of Sleep Number worth $388,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of SNBR. Boulder Hill Capital Management LP bought a new stake in Sleep Number during the 4th quarter valued at approximately $758,000. Charles Schwab Investment Management Inc. boosted its position in shares of Sleep Number by 29.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 802,190 shares of the company’s stock valued at $11,896,000 after purchasing an additional 184,038 shares in the last quarter. Acadian Asset Management LLC grew its stake in Sleep Number by 135.3% in the second quarter. Acadian Asset Management LLC now owns 235,305 shares of the company’s stock worth $2,249,000 after purchasing an additional 135,284 shares during the period. Mitsubishi UFJ Trust & Banking Corp raised its holdings in Sleep Number by 37.1% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 32,433 shares of the company’s stock worth $490,000 after purchasing an additional 8,779 shares in the last quarter. Finally, Hodges Capital Management Inc. raised its holdings in Sleep Number by 4.7% in the first quarter. Hodges Capital Management Inc. now owns 171,900 shares of the company’s stock worth $2,755,000 after purchasing an additional 7,700 shares in the last quarter. 85.67% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Piper Sandler upped their target price on shares of Sleep Number from $12.00 to $16.00 and gave the stock a “neutral” rating in a research report on Tuesday. StockNews.com cut shares of Sleep Number from a “buy” rating to a “hold” rating in a report on Friday, August 9th.

Sleep Number Price Performance

Shares of NASDAQ:SNBR opened at $19.01 on Friday. The business has a fifty day moving average price of $13.19 and a 200-day moving average price of $13.41. The company has a market capitalization of $424.42 million, a PE ratio of -12.51 and a beta of 2.04. Sleep Number Co. has a 1-year low of $8.13 and a 1-year high of $25.87.

Sleep Number (NASDAQ:SNBR) last released its quarterly earnings data on Wednesday, July 31st. The company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.22. The firm had revenue of $408.40 million for the quarter, compared to the consensus estimate of $415.05 million. The firm’s revenue for the quarter was down 11.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.03 earnings per share. On average, sell-side analysts anticipate that Sleep Number Co. will post -0.13 earnings per share for the current fiscal year.

Insider Activity at Sleep Number

In other Sleep Number news, Director Stephen E. Macadam acquired 43,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were acquired at an average cost of $12.35 per share, with a total value of $531,050.00. Following the transaction, the director now owns 102,729 shares of the company’s stock, valued at approximately $1,268,703.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 6.80% of the stock is owned by insiders.

About Sleep Number

Sleep Number Corporation, together with its subsidiaries, offers sleep solutions and services in the United States. The company designs, manufactures, markets, retails, and services beds, pillows, sheets, and other bedding products under the Sleep Number name. It also provides smart adjustable bases under the FlextFit brand, and smart beds under the Climate 360 name.