Stadium Capital Management Llc Acquires 22,000 Shares of Sleep Number Co. (NASDAQ:SNBR) Stock

Sleep Number Co. (NASDAQ:SNBR) major shareholder Stadium Capital Management Llc purchased 22,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were bought at an average price of $13.86 per share, for a total transaction of $304,920.00. Following the completion of the purchase, the insider now directly owns 2,171,860 shares in the company, valued at $30,101,979.60. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Stadium Capital Management Llc also recently made the following trade(s):

• On Monday, November 11th, Stadium Capital Management Llc acquired 25,325 shares of Sleep Number stock. The stock was acquired at an average price of $14.90 per share, for a total transaction of $377,342.50.
• On Wednesday, November 6th, Stadium Capital Management Llc bought 400 shares of Sleep Number stock. The stock was purchased at an average cost of $14.21 per share, for a total transaction of $5,684.00.
• On Monday, November 4th, Stadium Capital Management Llc bought 36,097 shares of Sleep Number stock. The stock was purchased at an average cost of $13.09 per share, for a total transaction of $472,509.73.
• On Thursday, October 31st, Stadium Capital Management Llc acquired 59,011 shares of Sleep Number stock. The shares were bought at an average cost of $13.83 per share, for a total transaction of $816,122.13.

Sleep Number Stock Down 1.9 %

Shares of SNBR stock traded down $0.27 during mid-day trading on Wednesday, reaching $13.82. The company’s stock had a trading volume of 355,917 shares, compared to its average volume of 511,641. The company’s 50 day simple moving average is $15.60 and its 200-day simple moving average is $13.66. Sleep Number Co. has a 12-month low of $8.13 and a 12-month high of $20.75. The firm has a market capitalization of $309.17 million, a PE ratio of -7.64 and a beta of 2.08.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Piper Sandler reduced their price target on shares of 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 downgraded shares of Sleep Number from a “buy” rating to a “hold” rating in a report on Monday.

Institutional Investors Weigh In On Sleep Number

A number of large investors have recently added to or reduced their stakes in the company. Quarry LP acquired a new position in Sleep Number during the 2nd quarter worth $43,000. GAMMA Investing LLC grew its holdings in Sleep Number by 15.7% during the 3rd quarter. GAMMA Investing LLC now owns 5,779 shares of the company’s stock worth $106,000 after acquiring an additional 784 shares in the last quarter. State Board of Administration of Florida Retirement System acquired a new position in Sleep Number during the 1st quarter worth $149,000. SG Americas Securities LLC acquired a new position in Sleep Number during the 3rd quarter worth $210,000. Finally, XTX Topco Ltd acquired a new position in Sleep Number during the 2nd quarter worth $128,000. 85.67% of the stock is owned by institutional investors and hedge funds.

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.