Sleep Number (NASDAQ:SNBR) Downgraded to “Strong Sell” Rating by Zacks Research

Zacks Research downgraded shares of Sleep Number (NASDAQ:SNBR) from a hold rating to a strong sell rating in a research report report published on Wednesday,Zacks.com reports.

Other equities analysts have also recently issued reports about the company. Wall Street Zen cut Sleep Number from a “sell” rating to a “strong sell” rating in a research report on Sunday, April 19th. UBS Group dropped their price target on shares of Sleep Number from $4.00 to $2.00 and set a “neutral” rating on the stock in a research report on Wednesday. Finally, Piper Sandler cut their target price on shares of Sleep Number from $12.00 to $5.00 and set a “neutral” rating for the company in a research note on Friday, March 13th. Two investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Reduce” and an average target price of $3.50.

Sleep Number Trading Down 9.6%

SNBR stock opened at $1.60 on Wednesday. Sleep Number has a 52 week low of $1.06 and a 52 week high of $13.94. The company has a market capitalization of $36.88 million, a price-to-earnings ratio of -0.21 and a beta of 2.71. The firm’s 50-day moving average is $2.69 and its two-hundred day moving average is $6.01.

Sleep Number (NASDAQ:SNBR) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($2.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($1.80). The firm had revenue of $318.99 million for the quarter, compared to analyst estimates of $320.72 million. On average, equities research analysts predict that Sleep Number will post -0.82 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SNBR. Royal Bank of Canada lifted its stake in Sleep Number by 20.1% in the 1st quarter. Royal Bank of Canada now owns 355,843 shares of the company’s stock worth $2,256,000 after acquiring an additional 59,510 shares in the last quarter. AQR Capital Management LLC grew its stake in Sleep Number by 283.3% during the 1st quarter. AQR Capital Management LLC now owns 403,061 shares of the company’s stock valued at $2,555,000 after acquiring an additional 297,916 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of Sleep Number by 1,009.4% in the 1st quarter. Acadian Asset Management LLC now owns 34,304 shares of the company’s stock valued at $216,000 after purchasing an additional 31,212 shares during the period. Strs Ohio acquired a new position in shares of Sleep Number in the 1st quarter valued at about $130,000. Finally, Geode Capital Management LLC lifted its position in shares of Sleep Number by 1.4% in the second quarter. Geode Capital Management LLC now owns 530,764 shares of the company’s stock worth $3,586,000 after purchasing an additional 7,570 shares in the last quarter. Hedge funds and other institutional investors own 85.67% of the company’s stock.

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.