Sleep Number (NASDAQ:SNBR) Rating Lowered to Hold at StockNews.com

Sleep Number (NASDAQ:SNBR - Get Free Report) was downgraded by research analysts at StockNews.com from a "buy" rating to a "hold" rating in a research report issued on Tuesday.

Separately, 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, October 31st.

Sleep Number Price Performance

NASDAQ:SNBR traded down $0.16 during mid-day trading on Tuesday, reaching $16.13. The stock had a trading volume of 123,596 shares, compared to its average volume of 498,352. Sleep Number has a 12 month low of $8.13 and a 12 month high of $20.75. The stock has a market capitalization of $360.84 million, a PE ratio of -8.91 and a beta of 2.09. The stock has a 50-day simple moving average of $15.38 and a two-hundred day simple moving average of $13.95.

Insider Activity

In related news, major shareholder Stadium Capital Management Llc bought 36,097 shares of the stock in a transaction that occurred on Monday, November 4th. The stock was acquired at an average cost of $13.09 per share, with a total value of $472,509.73. Following the transaction, the insider now directly owns 2,054,802 shares in the company, valued at approximately $26,897,358.18. This trade represents a 1.79 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders have bought 169,373 shares of company stock valued at $2,305,052. 6.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sleep Number

A number of hedge funds have recently made changes to their positions in SNBR. Bank of New York Mellon Corp boosted its holdings in Sleep Number by 6.9% in the second quarter. Bank of New York Mellon Corp now owns 85,776 shares of the company's stock valued at $821,000 after acquiring an additional 5,550 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of Sleep Number by 9.8% in the 2nd quarter. Rhumbline Advisers now owns 37,659 shares of the company's stock valued at $360,000 after purchasing an additional 3,350 shares during the last quarter. Hodges Capital Management Inc. increased its position in shares of Sleep Number by 138.5% during the second quarter. Hodges Capital Management Inc. now owns 409,915 shares of the company's stock worth $3,923,000 after buying an additional 238,015 shares during the period. First Dallas Securities Inc. bought a new position in Sleep Number during the second quarter worth $282,000. Finally, Acadian Asset Management LLC lifted its holdings in Sleep Number by 135.3% in the second quarter. Acadian Asset Management LLC now owns 235,305 shares of the company's stock valued at $2,249,000 after buying an additional 135,284 shares during the period. 85.67% of the stock is currently owned by institutional investors.

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.