Connor Clark & Lunn Investment Management Ltd. Sells 30,292 Shares of Sleep Number Corporation $SNBR

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its stake in Sleep Number Corporation by 38.9%, selling 30,292 shares and now owning a total of 47,508 shares valued at approximately $301,000.
• Sleep Number reported a disappointing earnings performance with a loss of ($1.09) per share, missing estimates and showing a 19.7% decline in quarterly revenue compared to the previous year.
• Despite the challenges, a significant portion of Sleep Number's stock, 85.67%, is held by institutional investors, indicating a strong interest from larger financial entities.

Connor Clark & Lunn Investment Management Ltd. trimmed its stake in Sleep Number Corporation (NASDAQ:SNBR - Free Report) by 38.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 47,508 shares of the company's stock after selling 30,292 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.21% of Sleep Number worth $301,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Focus Financial Network Inc. bought a new stake in shares of Sleep Number in the 1st quarter valued at approximately $67,000. CWM LLC lifted its stake in shares of Sleep Number by 218.7% in the 1st quarter. CWM LLC now owns 11,963 shares of the company's stock valued at $76,000 after purchasing an additional 8,209 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Sleep Number by 116.1% in the 1st quarter. GAMMA Investing LLC now owns 16,085 shares of the company's stock valued at $102,000 after purchasing an additional 8,642 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Sleep Number by 6,582.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,551 shares of the company's stock valued at $115,000 after purchasing an additional 7,438 shares during the last quarter. Finally, Alpha Wealth Funds LLC bought a new stake in shares of Sleep Number in the 4th quarter valued at approximately $153,000. 85.67% of the stock is owned by institutional investors.

Sleep Number Stock Performance

Shares of SNBR stock opened at $10.99 on Wednesday. Sleep Number Corporation has a 52-week low of $4.48 and a 52-week high of $20.75. The firm has a market capitalization of $250.24 million, a P/E ratio of -6.04 and a beta of 1.71. The stock has a 50 day moving average price of $8.03 and a 200 day moving average price of $8.98.

Sleep Number (NASDAQ:SNBR - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported ($1.09) earnings per share for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.97). The business had revenue of $327.93 million during the quarter, compared to analyst estimates of $357.42 million. The firm's quarterly revenue was down 19.7% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.22) earnings per share. Sleep Number has set its FY 2025 guidance at EPS. As a group, sell-side analysts forecast that Sleep Number Corporation will post -0.42 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on SNBR shares. Wall Street Zen lowered Sleep Number from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. UBS Group set a $7.00 price target on Sleep Number in a research note on Friday, April 25th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Sleep Number currently has an average rating of "Hold" and an average price target of $8.33.

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.

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