Wedbush Has Negative Outlook of Sleep Number FY2024 Earnings

Sleep Number Co. (NASDAQ:SNBR) – Stock analysts at Wedbush cut their FY2024 earnings per share estimates for Sleep Number in a report released 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 previous 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 analysts also recently issued reports on the company. Piper Sandler cut their price objective on Sleep Number from $16.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, October 31st. StockNews.com upgraded shares of Sleep Number from a “hold” rating to a “buy” rating in a research report on Friday.

Sleep Number Price Performance

NASDAQ SNBR opened at $13.10 on Monday. The company has a market capitalization of $292.79 million, a P/E ratio of -7.24 and a beta of 2.08. Sleep Number has a 12 month low of $8.13 and a 12 month high of $20.75. The company’s 50 day simple moving average is $15.61 and its 200 day simple moving average is $13.62.

Insider Activity

In related news, major shareholder Stadium Capital Management Llc acquired 36,097 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were purchased at an average cost of $13.09 per share, with a total value of $472,509.73. Following the completion of the transaction, the insider now owns 2,054,802 shares of the company’s stock, valued at approximately $26,897,358.18. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 6.80% of the stock is owned by corporate insiders.

Institutional Trading of Sleep Number

Several large investors have recently added to or reduced their stakes in SNBR. Pacific Ridge Capital Partners LLC acquired a new stake in shares of Sleep Number in the 2nd quarter valued at $3,342,000. Millennium Management LLC increased its position in Sleep Number by 326.7% in the 2nd quarter. Millennium Management LLC now owns 370,987 shares of the company’s stock worth $3,550,000 after buying an additional 284,052 shares during the period. Hodges Capital Management Inc. lifted its holdings 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 last quarter. Acadian Asset Management LLC boosted its position in shares of 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 acquiring an additional 135,284 shares during the period. Finally, Federated Hermes Inc. bought a new stake in shares of Sleep Number in the second quarter valued at approximately $899,000. 85.67% of the stock is 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.