Wedbush Has Negative Outlook of Sleep Number FY2024 Earnings

Sleep Number Co. (NASDAQ:SNBR - Free Report) - Equities researchers at Wedbush reduced their FY2024 earnings estimates for shares of Sleep Number in a research report issued on Thursday, October 31st. Wedbush analyst S. Basham now forecasts that the company will earn ($0.33) per share for the year, down from their prior estimate of ($0.06). The consensus estimate for Sleep Number's current full-year earnings is ($0.13) per share. Wedbush also issued estimates for Sleep Number's Q4 2024 earnings at ($0.13) EPS, FY2025 earnings at $0.46 EPS and FY2026 earnings at $1.11 EPS.

Several other research firms have also weighed in on SNBR. Piper Sandler reduced their price objective on Sleep Number from $16.00 to $12.00 and set a "neutral" rating on the stock in a research note on Thursday. StockNews.com raised Sleep Number from a "hold" rating to a "buy" rating in a report on Friday.

Sleep Number Stock Up 3.1 %

Shares of SNBR stock traded up $0.39 during trading hours on Monday, reaching $13.10. The company's stock had a trading volume of 440,439 shares, compared to its average volume of 513,203. Sleep Number has a fifty-two week low of $8.13 and a fifty-two week high of $20.75. The company has a market capitalization of $292.79 million, a price-to-earnings ratio of -7.24 and a beta of 2.08. The firm's 50 day simple moving average is $15.61 and its 200-day simple moving average is $13.62.

Insider Activity

In other Sleep Number news, major shareholder Stadium Capital Management Llc acquired 36,097 shares of Sleep Number stock in a transaction that occurred on Monday, November 4th. The shares were bought at an average price of $13.09 per share, with a total value of $472,509.73. Following the completion of the purchase, the insider now directly owns 2,054,802 shares in the company, valued at $26,897,358.18. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, major shareholder Stadium Capital Management Llc acquired 36,097 shares of the stock in a transaction dated Monday, November 4th. The stock was bought at an average cost of $13.09 per share, for a total transaction of $472,509.73. Following the completion of the transaction, the insider now directly owns 2,054,802 shares of the company's stock, valued at $26,897,358.18. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Stephen E. Macadam acquired 43,000 shares of the business's stock in a transaction that occurred on Tuesday, August 6th. The stock was bought at an average cost of $12.35 per share, for a total transaction of $531,050.00. Following the completion of the purchase, the director now owns 102,729 shares of the company's stock, valued at $1,268,703.15. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 138,108 shares of company stock valued at $1,819,682. Insiders own 6.80% of the company's stock.

Institutional Investors Weigh In On Sleep Number

Large investors have recently modified their holdings of the company. Rice Hall James & Associates LLC boosted its position in Sleep Number by 3.9% during the third quarter. Rice Hall James & Associates LLC now owns 187,469 shares of the company's stock valued at $3,434,000 after acquiring an additional 7,080 shares during the last quarter. Tectonic Advisors LLC lifted its stake in shares of Sleep Number by 77.6% in the 3rd quarter. Tectonic Advisors LLC now owns 76,080 shares of the company's stock valued at $1,394,000 after purchasing an additional 33,250 shares during the period. NBC Securities Inc. boosted its position in shares of Sleep Number by 5,000.0% during the 3rd quarter. NBC Securities Inc. now owns 51,000 shares of the company's stock valued at $934,000 after purchasing an additional 50,000 shares in the last quarter. Inspire Investing LLC acquired a new stake in Sleep Number during the third quarter worth approximately $419,000. Finally, GAMMA Investing LLC increased its holdings in Sleep Number by 15.7% in the third quarter. GAMMA Investing LLC now owns 5,779 shares of the company's stock worth $106,000 after purchasing an additional 784 shares in the last quarter. 85.67% of the stock is currently owned by institutional investors and hedge funds.

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.