Sleep Number Corporation $SNBR Shares Sold by Connor Clark & Lunn Investment Management Ltd.

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. lessened its stake in shares of Sleep Number Corporation (NASDAQ:SNBR - Free Report) by 38.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. 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.

A number of other hedge funds and other institutional investors have also made changes to their positions in SNBR. Tower Research Capital LLC TRC lifted its stake in Sleep Number by 6,582.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,551 shares of the company's stock valued at $115,000 after acquiring an additional 7,438 shares during the period. Alpha Wealth Funds LLC acquired a new position in shares of Sleep Number in the 4th quarter valued at $153,000. Focus Financial Network Inc. acquired a new position in Sleep Number during the first quarter worth $67,000. CWM LLC raised its position in Sleep Number by 218.7% during the first quarter. CWM LLC now owns 11,963 shares of the company's stock worth $76,000 after acquiring an additional 8,209 shares during the period. Finally, Wells Fargo & Company MN raised its position in Sleep Number by 26.7% during the fourth quarter. Wells Fargo & Company MN now owns 13,063 shares of the company's stock worth $199,000 after acquiring an additional 2,756 shares during the period. Hedge funds and other institutional investors own 85.67% of the company's stock.

Sleep Number Trading Down 7.8%

NASDAQ SNBR traded down $0.86 during trading hours on Monday, reaching $10.19. The company had a trading volume of 767,520 shares, compared to its average volume of 940,815. The stock has a 50-day moving average of $8.25 and a 200 day moving average of $8.74. Sleep Number Corporation has a 1-year low of $4.48 and a 1-year high of $20.75. The stock has a market capitalization of $232.03 million, a P/E ratio of -5.60 and a beta of 1.71.

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

Analysts Set New Price Targets

Separately, Wall Street Zen lowered shares of Sleep Number from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, Sleep Number currently has an average rating of "Hold" and an average price target of $8.33.

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.