Hodges Capital Management Inc. Cuts Stock Holdings in Sleep Number Corporation $SNBR

Key Points

• Hodges Capital Management Inc. reduced its holdings in Sleep Number Corporation by 70.7% in the first quarter, now owning approximately 1.60% of the company's shares.
• Multiple institutional investors have increased their stakes in Sleep Number, with Federated Hermes Inc. boosting its position by 102.7% and NBC Securities Inc. increasing its stake by over 84,000%.
• Sleep Number's stock price has risen 10.7% recently, despite the company reporting a quarterly loss of ($1.09) earnings per share, which was significantly below analysts' expectations.

Hodges Capital Management Inc. trimmed its holdings in shares of Sleep Number Corporation (NASDAQ:SNBR - Free Report) by 70.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 363,633 shares of the company's stock after selling 876,874 shares during the period. Hodges Capital Management Inc. owned about 1.60% of Sleep Number worth $2,305,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Federated Hermes Inc. boosted its position in Sleep Number by 102.7% during the first quarter. Federated Hermes Inc. now owns 98,212 shares of the company's stock valued at $623,000 after buying an additional 49,764 shares during the period. Pacific Ridge Capital Partners LLC boosted its position in Sleep Number by 42.1% during the first quarter. Pacific Ridge Capital Partners LLC now owns 628,667 shares of the company's stock valued at $3,986,000 after buying an additional 186,255 shares during the period. NBC Securities Inc. boosted its position in Sleep Number by 84,034.6% during the first quarter. NBC Securities Inc. now owns 43,750 shares of the company's stock valued at $277,000 after buying an additional 43,698 shares during the period. Man Group plc purchased a new stake in Sleep Number during the fourth quarter valued at about $694,000. Finally, Stadium Capital Management LLC boosted its position in Sleep Number by 30.3% during the fourth quarter. Stadium Capital Management LLC now owns 2,616,459 shares of the company's stock valued at $39,875,000 after buying an additional 608,092 shares during the period. 85.67% of the stock is currently owned by hedge funds and other institutional investors.

Sleep Number Stock Up 10.7%

NASDAQ SNBR opened at $10.27 on Friday. The company has a 50-day simple moving average of $9.03 and a two-hundred day simple moving average of $8.26. The firm has a market cap of $233.85 million, a price-to-earnings ratio of -5.64 and a beta of 1.77. Sleep Number Corporation has a 12-month low of $4.48 and a 12-month high of $20.75.

Sleep Number (NASDAQ:SNBR - Get Free Report) last posted 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 firm had revenue of $327.93 million for the quarter, compared to the consensus estimate of $357.42 million. The company's revenue for the quarter was down 19.7% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.22) EPS. Sleep Number has set its FY 2025 guidance at EPS. Equities analysts expect that Sleep Number Corporation will post -0.42 earnings per share for the current fiscal year.

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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