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

Sleep Number Co. (NASDAQ:SNBR) was the recipient of a large decrease in short interest in March. As of March 15th, there was short interest totalling 2,060,000 shares, a decrease of 13.8% from the February 28th total of 2,390,000 shares. Approximately 9.9% of the company’s stock are sold short. Based on an average daily volume of 515,700 shares, the short-interest ratio is currently 4.0 days.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. StockNews.com raised Sleep Number from a “hold” rating to a “buy” rating in a report on Thursday, January 9th. Wedbush cut their price target on Sleep Number from $18.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, March 6th. Finally, Piper Sandler decreased their price target on shares of Sleep Number from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, March 6th.

Sleep Number Stock Performance

Shares of NASDAQ SNBR traded up $0.20 during midday trading on Wednesday, reaching $7.06. The company’s stock had a trading volume of 160,338 shares, compared to its average volume of 480,854. The company has a market cap of $158.16 million, a P/E ratio of -3.90 and a beta of 2.14. The business’s 50 day moving average price is $12.80 and its two-hundred day moving average price is $14.76. Sleep Number has a fifty-two week low of $5.94 and a fifty-two week high of $20.75.

Insider Buying and Selling at Sleep Number

In related news, insider Gary T. Fazio bought 12,000 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The shares were acquired at an average price of $7.54 per share, for a total transaction of $90,480.00. Following the completion of the acquisition, the insider now owns 71,125 shares of the company’s stock, valued at approximately $536,282.50. The trade was a 20.30 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 6.80% of the company’s stock.

Institutional Trading of Sleep Number

A number of institutional investors and hedge funds have recently made changes to their positions in SNBR. Summit Securities Group LLC bought a new stake in shares of Sleep Number during the fourth quarter worth about $33,000. GAMMA Investing LLC raised its position in Sleep Number by 28.8% during the 4th quarter. GAMMA Investing LLC now owns 7,443 shares of the company’s stock worth $113,000 after purchasing an additional 1,664 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in Sleep Number by 6,582.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,551 shares of the company’s stock worth $115,000 after buying an additional 7,438 shares during the period. Alpha Wealth Funds LLC bought a new stake in shares of Sleep Number in the 4th quarter valued at about $153,000. Finally, Diametric Capital LP acquired a new stake in shares of Sleep Number in the fourth quarter valued at about $160,000. Institutional investors own 85.67% of the company’s stock.

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.