Sleep Number Co. (NASDAQ:SNBR) Short Interest Down 13.8% in March

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

Insiders Place Their Bets

In related news, insider Gary T. Fazio acquired 12,000 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were bought at an average price of $7.54 per share, with a total value of $90,480.00. Following the transaction, the insider now directly owns 71,125 shares of the company’s stock, valued at $536,282.50. This trade represents a 20.30 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On Sleep Number

Several large investors have recently added to or reduced their stakes in the company. Wealthfront Advisers LLC bought a new stake in shares of Sleep Number in the fourth quarter valued at approximately $14,861,000. Stadium Capital Management LLC raised its holdings in Sleep Number by 30.3% during the 4th quarter. Stadium Capital Management LLC now owns 2,616,459 shares of the company’s stock valued at $39,875,000 after acquiring an additional 608,092 shares during the period. Hodges Capital Management Inc. lifted its position in shares of Sleep Number by 146.6% during the third quarter. Hodges Capital Management Inc. now owns 1,010,920 shares of the company’s stock worth $18,520,000 after acquiring an additional 601,005 shares in the last quarter. Formula Growth Ltd. grew its position in shares of Sleep Number by 31.8% in the fourth quarter. Formula Growth Ltd. now owns 485,206 shares of the company’s stock valued at $7,395,000 after purchasing an additional 117,055 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Sleep Number by 98.0% during the 4th quarter. JPMorgan Chase & Co. now owns 226,144 shares of the company’s stock valued at $3,446,000 after purchasing an additional 111,915 shares during the period. Hedge funds and other institutional investors own 85.67% of the company’s stock.

Sleep Number Stock Performance

NASDAQ:SNBR traded up $0.20 during trading hours on Wednesday, reaching $7.06. The stock had a trading volume of 160,338 shares, compared to its average volume of 480,854. The stock has a market cap of $158.16 million, a P/E ratio of -3.90 and a beta of 2.14. The stock has a 50 day simple moving average of $12.80 and a 200 day simple moving average of $14.76. Sleep Number has a 12-month low of $5.94 and a 12-month high of $20.75.

Analysts Set New Price Targets

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

About Sleep Number

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.