Sleep Number (NASDAQ:SNBR) Major Shareholder Stadium Capital Management Llc Sells 390,676 Shares

Sleep Number Corporation (NASDAQ:SNBR) major shareholder Stadium Capital Management Llc sold 390,676 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $1.78, for a total value of $695,403.28. Following the sale, the insider directly owned 341,515 shares of the company’s stock, valued at $607,896.70. This represents a 53.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Large shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Sleep Number Price Performance

Shares of NASDAQ:SNBR opened at $1.24 on Tuesday. The stock has a market cap of $28.58 million, a price-to-earnings ratio of -0.16 and a beta of 2.71. The company has a 50 day moving average of $2.05 and a 200-day moving average of $5.70. Sleep Number Corporation has a one year low of $1.06 and a one year high of $13.94.

Sleep Number (NASDAQ:SNBR) last released its earnings results on Tuesday, May 12th. The company reported ($2.19) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($1.80). The business had revenue of $318.99 million for the quarter, compared to analysts’ expectations of $320.72 million. Equities research analysts anticipate that Sleep Number Corporation will post -0.82 earnings per share for the current year.

Institutional Investors Weigh In On Sleep Number

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Marks Group Wealth Management Inc grew its stake in shares of Sleep Number by 50.0% during the 1st quarter. Marks Group Wealth Management Inc now owns 15,000 shares of the company’s stock worth $27,000 after acquiring an additional 5,000 shares in the last quarter. Quantinno Capital Management LP increased its stake in Sleep Number by 40.5% in the 1st quarter. Quantinno Capital Management LP now owns 36,909 shares of the company’s stock valued at $66,000 after buying an additional 10,636 shares during the last quarter. Vanguard Personalized Indexing Management LLC bought a new stake in Sleep Number during the 3rd quarter worth about $70,000. Sei Investments Co. bought a new stake in Sleep Number during the 2nd quarter worth about $73,000. Finally, Sherbrooke Park Advisers LLC acquired a new position in shares of Sleep Number during the 3rd quarter worth about $87,000. Institutional investors and hedge funds own 85.67% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on SNBR shares. Wall Street Zen downgraded shares of Sleep Number from a “sell” rating to a “strong sell” rating in a research report on Sunday, April 19th. Piper Sandler decreased their price objective on shares of Sleep Number from $12.00 to $5.00 and set a “neutral” rating for the company in a report on Friday, March 13th. Zacks Research cut shares of Sleep Number from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 13th. Finally, UBS Group decreased their price target on shares of Sleep Number from $4.00 to $2.00 and set a “neutral” rating for the company in a report on Wednesday, May 13th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $3.50.

About Sleep Number

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.