Sleep Number Co. (NASDAQ:SNBR) Sees Significant Drop in Short Interest

Sleep Number Co. (NASDAQ:SNBR) saw a significant decline in short interest during the month of December. As of December 15th, there was short interest totalling 3,220,000 shares, a decline of 15.0% from the November 30th total of 3,790,000 shares. Based on an average trading volume of 405,300 shares, the short-interest ratio is presently 7.9 days. Approximately 15.4% of the shares of the stock are short sold.

Sleep Number Trading Up 0.5 %

Shares of NASDAQ:SNBR opened at $15.27 on Tuesday. The stock has a market capitalization of $341.61 million, a P/E ratio of -8.44 and a beta of 2.08. Sleep Number has a 1-year low of $8.13 and a 1-year high of $20.75. The business has a 50-day moving average price of $15.38 and a two-hundred day moving average price of $14.01.

Insider Activity

In other Sleep Number news, major shareholder Stadium Capital Management Llc purchased 25,325 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was acquired at an average cost of $14.90 per share, with a total value of $377,342.50. Following the completion of the acquisition, the insider now directly owns 2,120,000 shares of the company’s stock, valued at $31,588,000. This represents a 1.21 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders bought 169,373 shares of company stock worth $2,305,052. Insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On Sleep Number

Institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC grew its holdings in Sleep Number by 15.7% during the 3rd quarter. GAMMA Investing LLC now owns 5,779 shares of the company’s stock worth $106,000 after acquiring an additional 784 shares during the period. Susquehanna Fundamental Investments LLC grew its stake in shares of Sleep Number by 6.2% during the second quarter. Susquehanna Fundamental Investments LLC now owns 18,791 shares of the company’s stock worth $180,000 after purchasing an additional 1,100 shares during the period. State Street Corp grew its stake in shares of Sleep Number by 0.6% during the third quarter. State Street Corp now owns 440,547 shares of the company’s stock worth $8,071,000 after purchasing an additional 2,472 shares during the period. Maverick Capital Ltd. increased its holdings in Sleep Number by 17.4% in the second quarter. Maverick Capital Ltd. now owns 20,136 shares of the company’s stock valued at $193,000 after purchasing an additional 2,980 shares during the last quarter. Finally, Rhumbline Advisers boosted its holdings in Sleep Number by 9.8% during the second quarter. Rhumbline Advisers now owns 37,659 shares of the company’s stock worth $360,000 after buying an additional 3,350 shares during the last quarter. 85.67% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on SNBR shares. Piper Sandler lowered their price objective on shares of Sleep Number from $16.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. StockNews.com downgraded Sleep Number from a “buy” rating to a “hold” rating in a report on Tuesday, December 24th.

Sleep Number Company Profile

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.