Tectonic Advisors LLC Increases Position in Sleep Number Co. (NASDAQ:SNBR)

Tectonic Advisors LLC boosted its stake in shares of Sleep Number Co. (NASDAQ:SNBR) by 77.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 76,080 shares of the company’s stock after acquiring an additional 33,250 shares during the period. Tectonic Advisors LLC’s holdings in Sleep Number were worth $1,394,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of SNBR. Pacific Ridge Capital Partners LLC purchased a new position in shares of Sleep Number in the 2nd quarter worth $3,342,000. Millennium Management LLC lifted its holdings in shares of 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 acquiring an additional 284,052 shares during the last quarter. Hodges Capital Management Inc. lifted its holdings in shares of Sleep Number by 138.5% in the 2nd quarter. Hodges Capital Management Inc. now owns 409,915 shares of the company’s stock worth $3,923,000 after acquiring an additional 238,015 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in Sleep Number by 135.3% during the 2nd 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 in the last quarter. Finally, Federated Hermes Inc. bought a new stake in Sleep Number during the 2nd quarter valued at about $899,000. 85.67% of the stock is owned by hedge funds and other institutional investors.

Sleep Number Trading Down 2.4 %

NASDAQ:SNBR opened at $13.82 on Friday. Sleep Number Co. has a twelve month low of $8.13 and a twelve month high of $20.75. The company’s 50 day moving average is $15.67 and its two-hundred day moving average is $13.62. The company has a market cap of $308.55 million, a PE ratio of -9.09 and a beta of 2.06.

Sleep Number (NASDAQ:SNBR) last announced its quarterly earnings data on Wednesday, July 31st. The company reported ($0.22) EPS for the quarter, beating the consensus estimate 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. During the same quarter in the previous year, the firm posted $0.03 earnings per share. The business’s revenue was down 11.0% on a year-over-year basis. As a group, analysts expect that Sleep Number Co. will post -0.13 EPS for the current fiscal year.

Insider Activity at Sleep Number

In related news, Director Stephen E. Macadam acquired 43,000 shares of Sleep Number stock in a transaction on Tuesday, August 6th. The stock was bought at an average cost of $12.35 per share, for a total transaction of $531,050.00. Following the completion of the transaction, the director now owns 102,729 shares of the company’s stock, valued at approximately $1,268,703.15. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 6.80% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SNBR. Piper Sandler lifted their price objective on shares of Sleep Number from $12.00 to $16.00 and gave the company a “neutral” rating in a report on Tuesday, September 17th. StockNews.com downgraded shares of Sleep Number from a “buy” rating to a “hold” rating in a research report on Friday, August 9th.

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.