StockNews.com Upgrades Sleep Number (NASDAQ:SNBR) to “Buy”

Sleep Number (NASDAQ:SNBR) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Thursday.

Separately, Piper Sandler reduced their price objective on shares of Sleep Number from $16.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, October 31st.

Sleep Number Stock Up 0.3 %

Sleep Number stock traded up $0.04 during mid-day trading on Thursday, hitting $15.07. The company’s stock had a trading volume of 208,398 shares, compared to its average volume of 267,520. Sleep Number has a twelve month low of $8.13 and a twelve month high of $20.75. The stock’s fifty day moving average price is $15.57 and its two-hundred day moving average price is $14.17. The stock has a market capitalization of $337.13 million, a P/E ratio of -8.33 and a beta of 2.07.

Insider Activity

In related news, major shareholder Stadium Capital Management Llc purchased 59,011 shares of the stock in a transaction dated Thursday, October 31st. The shares were acquired at an average cost of $13.83 per share, for a total transaction of $816,122.13. Following the acquisition, the insider now directly owns 1,920,000 shares in the company, valued at approximately $26,553,600. The trade was a 3.17 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders have acquired 169,373 shares of company stock worth $2,305,052. 6.80% of the stock is owned by corporate insiders.

Institutional Trading of Sleep Number

A number of institutional investors have recently bought and sold shares of SNBR. GAMMA Investing LLC grew its position in Sleep Number by 28.8% in the fourth quarter. GAMMA Investing LLC now owns 7,443 shares of the company’s stock worth $113,000 after acquiring an additional 1,664 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Sleep Number by 1,071.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 114,229 shares of the company’s stock valued at $2,093,000 after purchasing an additional 104,482 shares during the last quarter. Barclays PLC boosted its holdings in Sleep Number by 276.5% in the third quarter. Barclays PLC now owns 28,280 shares of the company’s stock worth $518,000 after purchasing an additional 20,769 shares in the last quarter. Geode Capital Management LLC increased its position in Sleep Number by 3.6% during the third quarter. Geode Capital Management LLC now owns 518,045 shares of the company’s stock worth $9,493,000 after buying an additional 18,182 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new position in Sleep Number during the third quarter valued at about $296,000. Institutional investors and hedge funds own 85.67% of the company’s stock.

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.