Sleep Number Corporation (NASDAQ:SNBR) Short Interest Up 18.9% in March

Sleep Number Corporation (NASDAQ:SNBR) was the recipient of a significant increase in short interest in the month of March. As of March 13th, there was short interest totaling 5,880,173 shares, an increase of 18.9% from the February 26th total of 4,944,545 shares. Based on an average daily volume of 1,548,145 shares, the days-to-cover ratio is presently 3.8 days. Currently, 27.8% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Piper Sandler dropped their price target on Sleep Number from $12.00 to $5.00 and set a “neutral” rating for the company in a research note on Friday, March 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Sleep Number in a report on Friday, January 9th. Finally, UBS Group dropped their target price on shares of Sleep Number from $10.00 to $4.00 and set a “neutral” rating for the company in a research report on Friday, March 13th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Sleep Number currently has an average rating of “Reduce” and a consensus price target of $4.50.

Institutional Trading of Sleep Number

Hedge funds have recently made changes to their positions in the company. Marks Group Wealth Management Inc bought a new position in Sleep Number during the 4th quarter valued at $85,000. Vanguard Personalized Indexing Management LLC acquired a new position in Sleep Number in the third quarter worth about $70,000. Bank of Montreal Can bought a new stake in Sleep Number in the fourth quarter valued at about $89,000. Sei Investments Co. bought a new stake in Sleep Number in the second quarter valued at about $73,000. Finally, Sherbrooke Park Advisers LLC acquired a new stake in Sleep Number during the third quarter valued at approximately $87,000. Hedge funds and other institutional investors own 85.67% of the company’s stock.

Sleep Number Trading Down 11.1%

Shares of SNBR traded down $0.22 during midday trading on Tuesday, reaching $1.78. 2,580,357 shares of the company were exchanged, compared to its average volume of 1,005,177. Sleep Number has a 1-year low of $1.62 and a 1-year high of $13.94. The stock has a 50-day moving average price of $7.37 and a 200-day moving average price of $7.11. The company has a market cap of $40.65 million, a price-to-earnings ratio of -0.31 and a beta of 1.94.

Sleep Number (NASDAQ:SNBR) last posted its earnings results on Thursday, March 12th. The company reported ($2.55) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($1.99). The firm had revenue of $347.39 million during the quarter, compared to analyst estimates of $328.67 million. The business’s quarterly revenue was down 7.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.21) EPS. Equities research analysts anticipate that Sleep Number will post -0.42 earnings per share for the current year.

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.