Sleep Number (NASDAQ:SNBR) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Sleep Number (NASDAQ:SNBR) from a hold rating to a buy rating in a research report report published on Thursday morning.

Separately, Piper Sandler decreased their target price on Sleep Number from $16.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st.

Sleep Number Stock Up 0.3 %

NASDAQ:SNBR opened at $15.07 on Thursday. Sleep Number has a 12-month low of $8.13 and a 12-month high of $20.75. The stock’s fifty day simple moving average is $15.60 and its 200-day simple moving average is $14.18. The firm has a market capitalization of $337.13 million, a P/E ratio of -8.33 and a beta of 2.07.

Insider Activity at Sleep Number

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 bought at an average price of $13.83 per share, for a total transaction of $816,122.13. Following the completion of the acquisition, the insider now directly owns 1,920,000 shares of the company’s stock, valued at $26,553,600. This represents a 3.17 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders bought a total of 169,373 shares of company stock worth $2,305,052 in the last quarter. Corporate insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On Sleep Number

Several institutional investors have recently added to or reduced their stakes in the stock. Quarry LP acquired a new stake in shares of Sleep Number in the 2nd quarter valued at about $43,000. GAMMA Investing LLC raised its position in Sleep Number by 15.7% in the 3rd quarter. GAMMA Investing LLC now owns 5,779 shares of the company’s stock valued at $106,000 after buying an additional 784 shares during the last quarter. SG Americas Securities LLC bought a new stake in Sleep Number in the 3rd quarter valued at approximately $210,000. PDT Partners LLC acquired a new position in Sleep Number during the 3rd quarter worth approximately $241,000. Finally, XTX Topco Ltd acquired a new position in Sleep Number during the 2nd quarter worth approximately $128,000. 85.67% of the stock is owned by institutional investors.

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.