Quarry LP Takes Position in Sleep Number Co. (NASDAQ:SNBR)

Quarry LP acquired a new position in shares of Sleep Number Co. (NASDAQ:SNBR) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 4,481 shares of the company’s stock, valued at approximately $43,000.

Several other large investors have also recently added to or reduced their stakes in the company. Pacific Ridge Capital Partners LLC bought a new position in Sleep Number during the second quarter worth $3,342,000. Susquehanna Fundamental Investments LLC lifted its stake in Sleep Number by 6.2% during the second quarter. Susquehanna Fundamental Investments LLC now owns 18,791 shares of the company’s stock worth $180,000 after purchasing an additional 1,100 shares during the last quarter. Millennium Management LLC lifted its stake in Sleep Number by 326.7% during the second quarter. Millennium Management LLC now owns 370,987 shares of the company’s stock worth $3,550,000 after purchasing an additional 284,052 shares during the last quarter. Maverick Capital Ltd. lifted its stake in Sleep Number by 17.4% during the second quarter. Maverick Capital Ltd. now owns 20,136 shares of the company’s stock worth $193,000 after purchasing an additional 2,980 shares during the last quarter. Finally, Dark Forest Capital Management LP lifted its stake in Sleep Number by 19.4% during the second quarter. Dark Forest Capital Management LP now owns 30,098 shares of the company’s stock worth $288,000 after purchasing an additional 4,894 shares during the last quarter. 85.67% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SNBR. StockNews.com lowered Sleep Number from a “buy” rating to a “hold” rating in a research report on Friday, August 9th. Piper Sandler increased their target price on Sleep Number from $12.00 to $16.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 17th.

Insider Activity

In other Sleep Number news, Director Stephen E. Macadam purchased 43,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were bought at an average cost of $12.35 per share, with a total value of $531,050.00. Following the completion of the acquisition, the director now owns 102,729 shares of the company’s stock, valued at approximately $1,268,703.15. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 6.80% of the company’s stock.

Sleep Number Price Performance

Shares of NASDAQ SNBR opened at $18.25 on Friday. Sleep Number Co. has a 1-year low of $8.13 and a 1-year high of $22.36. The business’s fifty day moving average price is $14.79 and its two-hundred day moving average price is $13.55. The firm has a market capitalization of $407.45 million, a PE ratio of -12.01 and a beta of 2.06.

Sleep Number (NASDAQ:SNBR) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.22) EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.22. The business had revenue of $408.40 million for the quarter, compared to analyst estimates of $415.05 million. Sleep Number’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same period last year, the business posted $0.03 earnings per share. Equities research analysts expect that Sleep Number Co. will post -0.13 earnings per share for the current fiscal year.

Sleep Number 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.