Sleep Number Co. (NASDAQ:SNBR) Short Interest Update

Sleep Number Co. (NASDAQ:SNBR - Get Free Report) was the target of a significant drop in short interest in the month of December. As of December 15th, there was short interest totalling 3,220,000 shares, a drop of 15.0% from the November 30th total of 3,790,000 shares. Approximately 15.4% of the company's stock are sold short. Based on an average daily trading volume, of 405,300 shares, the short-interest ratio is presently 7.9 days.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Piper Sandler cut their target price on shares of Sleep Number from $16.00 to $12.00 and set a "neutral" rating for the company in a research report on Thursday, October 31st. StockNews.com lowered Sleep Number from a "buy" rating to a "hold" rating in a report on Tuesday, December 24th.

Sleep Number Price Performance

SNBR traded down $0.37 during midday trading on Friday, hitting $15.20. 458,850 shares of the company's stock traded hands, compared to its average volume of 496,898. The company has a market cap of $340.04 million, a PE ratio of -8.40 and a beta of 2.08. The stock's fifty day simple moving average is $15.36 and its 200-day simple moving average is $14.00. Sleep Number has a one year low of $8.13 and a one year high of $20.75.

Insider Activity

In related news, major shareholder Stadium Capital Management Llc purchased 59,011 shares of Sleep Number stock in a transaction dated Thursday, October 31st. The stock was acquired at an average cost of $13.83 per share, with a total value of $816,122.13. Following the completion of the transaction, the insider now directly owns 1,920,000 shares of the company's stock, valued at $26,553,600. This trade represents a 3.17 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Quarry LP bought a new position in shares of Sleep Number in the 2nd quarter valued at approximately $43,000. GAMMA Investing LLC grew its holdings in Sleep Number by 15.7% during the third quarter. GAMMA Investing LLC now owns 5,779 shares of the company's stock valued at $106,000 after purchasing an additional 784 shares during the last quarter. XTX Topco Ltd bought a new position in shares of Sleep Number in the second quarter valued at approximately $128,000. Susquehanna Fundamental Investments LLC lifted its stake in shares of Sleep Number by 6.2% in the second quarter. Susquehanna Fundamental Investments LLC now owns 18,791 shares of the company's stock worth $180,000 after buying an additional 1,100 shares during the last quarter. Finally, Maverick Capital Ltd. boosted its holdings in shares of Sleep Number by 17.4% during the 2nd quarter. Maverick Capital Ltd. now owns 20,136 shares of the company's stock worth $193,000 after buying an additional 2,980 shares during the period. Institutional investors own 85.67% of the company's stock.

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.