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

Sleep Number Co. (NASDAQ:SNBR) saw a significant decline in short interest in 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 daily trading volume, of 405,300 shares, the days-to-cover ratio is presently 7.9 days. Currently, 15.4% of the company’s shares are sold short.

Insiders Place Their Bets

In other Sleep Number news, major shareholder Stadium Capital Management Llc bought 36,097 shares of the business’s stock in a transaction dated Monday, November 4th. The shares were purchased at an average price of $13.09 per share, with a total value of $472,509.73. Following the completion of the purchase, the insider now owns 2,054,802 shares in the company, valued at $26,897,358.18. This represents a 1.79 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders bought 169,373 shares of company stock valued at $2,305,052 over the last three months. 6.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Quarry LP purchased a new position in Sleep Number in the second quarter valued at about $43,000. GAMMA Investing LLC boosted its holdings in shares of Sleep Number by 15.7% in the 3rd quarter. GAMMA Investing LLC now owns 5,779 shares of the company’s stock valued at $106,000 after buying an additional 784 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Sleep Number in the 2nd quarter worth approximately $128,000. Susquehanna Fundamental Investments LLC grew its position in shares of Sleep Number by 6.2% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 18,791 shares of the company’s stock worth $180,000 after buying an additional 1,100 shares during the last quarter. Finally, Maverick Capital Ltd. lifted its position in Sleep Number by 17.4% during the second quarter. Maverick Capital Ltd. now owns 20,136 shares of the company’s stock valued at $193,000 after acquiring an additional 2,980 shares during the last quarter. 85.67% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Sleep Number Stock Down 2.4 %

SNBR stock traded down $0.37 during trading on Friday, hitting $15.20. 458,850 shares of the company’s stock traded hands, compared to its average volume of 496,898. The business has a fifty day simple moving average of $15.36 and a two-hundred day simple moving average of $14.00. The firm has a market capitalization of $340.04 million, a P/E ratio of -8.40 and a beta of 2.08. Sleep Number has a 1 year low of $8.13 and a 1 year high of $20.75.

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.