Sleep Number (NASDAQ:SNBR) Downgraded to “Strong Sell” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Sleep Number (NASDAQ:SNBR) from a sell rating to a strong sell rating in a research report released on Sunday.

A number of other research analysts also recently commented on SNBR. Piper Sandler lowered their price objective on Sleep Number from $12.00 to $5.00 and set a “neutral” rating for the company in a research note on Friday, March 13th. Weiss Ratings restated a “sell (e+)” rating on shares of Sleep Number in a research note on Friday, January 9th. Finally, UBS Group lowered their price objective on Sleep Number from $10.00 to $4.00 and set a “neutral” rating for the company in a research note on Friday, March 13th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $4.50.

Sleep Number Price Performance

Shares of SNBR opened at $2.53 on Friday. The company has a market cap of $57.85 million, a P/E ratio of -0.44 and a beta of 2.23. The stock has a fifty day moving average price of $4.72 and a 200 day moving average price of $6.48. Sleep Number has a 12 month low of $1.06 and a 12 month high of $13.94.

Sleep Number (NASDAQ:SNBR) last issued its quarterly earnings data on Thursday, March 12th. The company reported ($2.55) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($1.99). The company had revenue of $347.39 million during the quarter, compared to analysts’ expectations of $328.67 million. Sleep Number’s revenue was down 7.8% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.21) EPS. As a group, research analysts anticipate that Sleep Number will post -0.42 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SNBR. Royal Bank of Canada boosted its position in Sleep Number by 20.1% during 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 during the period. AQR Capital Management LLC boosted its position in Sleep Number by 283.3% during the 1st quarter. AQR Capital Management LLC now owns 403,061 shares of the company’s stock worth $2,555,000 after acquiring an additional 297,916 shares during the period. Acadian Asset Management LLC boosted its position in Sleep Number by 1,009.4% during the 1st quarter. Acadian Asset Management LLC now owns 34,304 shares of the company’s stock worth $216,000 after acquiring an additional 31,212 shares during the period. Strs Ohio acquired a new position in Sleep Number during the 1st quarter worth $130,000. Finally, Geode Capital Management LLC boosted its position in Sleep Number by 1.4% during the 2nd quarter. Geode Capital Management LLC now owns 530,764 shares of the company’s stock worth $3,586,000 after acquiring an additional 7,570 shares during the period. Institutional investors and hedge funds 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.