Short Interest in Sleep Number Co. (NASDAQ:SNBR) Declines By 20.3%

15 Oct 2024, 00:10 by Danessa Lincoln · The Markets Daily

Sleep Number Co. (NASDAQ:SNBR – Get Free Report) saw a significant decline in short interest during the month of September. As of September 30th, there was short interest totalling 2,740,000 shares, a decline of 20.3% from the September 15th total of 3,440,000 shares. Approximately 13.2% of the company’s stock are short sold. Based on an average daily trading volume, of 484,100 shares, the short-interest ratio is presently 5.7 days.

Insiders Place Their Bets

In other Sleep Number news, Director Stephen E. Macadam bought 43,000 shares of Sleep Number stock in a transaction dated 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 acquisition, the director now directly owns 102,729 shares of the company’s stock, valued at $1,268,703.15. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On Sleep Number

Several institutional investors have recently made changes to their positions in the company. Inspire Investing LLC acquired a new position in shares of Sleep Number during the 3rd quarter valued at about $419,000. GAMMA Investing LLC lifted its position in shares of Sleep Number by 15.7% during the third quarter. GAMMA Investing LLC now owns 5,779 shares of the company’s stock worth $106,000 after purchasing an additional 784 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Sleep Number during the third quarter worth about $210,000. SW Investment Management LLC lifted its position in shares of Sleep Number by 16.7% during the second quarter. SW Investment Management LLC now owns 350,000 shares of the company’s stock worth $3,350,000 after purchasing an additional 50,000 shares in the last quarter. Finally, Quarry LP acquired a new stake in shares of Sleep Number during the second quarter worth about $43,000. 85.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on SNBR shares. StockNews.com downgraded shares of Sleep Number from a “buy” rating to a “hold” rating in a report on Friday, August 9th. Piper Sandler increased their price objective on shares of Sleep Number from $12.00 to $16.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 17th.

Get Our Latest Stock Analysis on SNBR

Sleep Number Stock Performance

Shares of SNBR traded down $0.02 during mid-day trading on Monday, hitting $14.61. 256,115 shares of the company traded hands, compared to its average volume of 515,544. The stock has a 50-day moving average price of $15.14 and a two-hundred day moving average price of $13.58. Sleep Number has a 1 year low of $8.13 and a 1 year high of $22.36. The stock has a market cap of $326.18 million, a price-to-earnings ratio of -9.61 and a beta of 2.06.

Sleep Number (NASDAQ:SNBR – Get Free Report) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.22) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.22. The firm had revenue of $408.40 million during the quarter, compared to the consensus estimate of $415.05 million. During the same quarter in the previous year, the company earned $0.03 earnings per share. The business’s revenue for the quarter was down 11.0% compared to the same quarter last year. On average, analysts forecast that Sleep Number will post -0.13 EPS for the current year.

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