Sleep Number Co. (NASDAQ:SNBR) Short Interest Down 15.0% in December

Sleep Number Co. (NASDAQ:SNBR) was the recipient of a large decrease in short interest during the month of December. As of December 15th, there was short interest totalling 3,220,000 shares, a decrease of 15.0% from the November 30th total of 3,790,000 shares. Based on an average trading volume of 405,300 shares, the days-to-cover ratio is currently 7.9 days. Approximately 15.4% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. StockNews.com lowered Sleep Number from a “buy” rating to a “hold” rating in a report on Tuesday, December 24th. Piper Sandler dropped 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.

Insiders Place Their Bets

In other Sleep Number news, major shareholder Stadium Capital Management Llc purchased 15,000 shares of the business’s stock in a transaction on Monday, November 18th. The shares were purchased at an average cost of $12.12 per share, with a total value of $181,800.00. Following the transaction, the insider now directly owns 2,215,000 shares of the company’s stock, valued at $26,845,800. This represents a 0.68 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders bought a total of 169,373 shares of company stock valued at $2,305,052 in the last quarter. 6.80% of the stock is currently owned by insiders.

Institutional Trading of Sleep Number

Hedge funds have recently made changes to their positions in the business. Quarry LP bought a new stake in Sleep Number in the 2nd quarter valued at $43,000. GAMMA Investing LLC increased its holdings in shares of Sleep Number by 15.7% in 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. SG Americas Securities LLC bought a new position in shares of Sleep Number in the third quarter valued at about $210,000. PDT Partners LLC acquired a new stake in shares of Sleep Number during the 3rd quarter worth about $241,000. Finally, XTX Topco Ltd bought a new stake in shares of Sleep Number during the 2nd quarter worth about $128,000. 85.67% of the stock is owned by institutional investors and hedge funds.

Sleep Number Stock Performance

Shares of NASDAQ:SNBR opened at $15.20 on Monday. The company has a 50-day simple moving average of $15.36 and a 200 day simple moving average of $14.00. The company has a market capitalization of $340.04 million, a P/E ratio of -8.40 and a beta of 2.08. Sleep Number has a 52-week low of $8.13 and a 52-week high of $20.75.

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.