Brightlight Capital Management LP Has $14.97 Million Stake in Sleep Number Co. (NASDAQ:SNBR)

Brightlight Capital Management LP increased its stake in shares of Sleep Number Co. (NASDAQ:SNBR - Free Report) by 12.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 982,488 shares of the company's stock after acquiring an additional 107,837 shares during the quarter. Sleep Number makes up 10.9% of Brightlight Capital Management LP's investment portfolio, making the stock its 3rd largest position. Brightlight Capital Management LP owned approximately 4.39% of Sleep Number worth $14,973,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of SNBR. Schwarz Dygos Wheeler Investment Advisors LLC lifted its stake in Sleep Number by 1.1% in the fourth quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 137,463 shares of the company's stock worth $2,095,000 after acquiring an additional 1,496 shares during the period. GAMMA Investing LLC boosted its stake in shares of Sleep Number by 28.8% during the 4th quarter. GAMMA Investing LLC now owns 7,443 shares of the company's stock valued at $113,000 after purchasing an additional 1,664 shares in the last quarter. Summit Securities Group LLC purchased a new position in shares of Sleep Number during the fourth quarter valued at about $33,000. Northern Trust Corp raised its stake in Sleep Number by 1.1% in the fourth quarter. Northern Trust Corp now owns 198,667 shares of the company's stock worth $3,028,000 after buying an additional 2,167 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in Sleep Number by 26.7% in the fourth quarter. Wells Fargo & Company MN now owns 13,063 shares of the company's stock worth $199,000 after buying an additional 2,756 shares during the period. 85.67% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Sleep Number

In other Sleep Number news, insider Gary T. Fazio bought 12,000 shares of Sleep Number stock in a transaction on Monday, March 10th. The stock was acquired at an average price of $7.54 per share, with a total value of $90,480.00. Following the acquisition, the insider now owns 71,125 shares in the company, valued at approximately $536,282.50. This trade represents a 20.30 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.80% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on SNBR shares. Wedbush reduced their target price on Sleep Number from $18.00 to $12.00 and set a "neutral" rating on the stock in a report on Thursday, March 6th. Piper Sandler decreased their price objective on Sleep Number from $11.00 to $6.00 and set a "neutral" rating for the company in a report on Friday, April 11th. UBS Group set a $7.00 target price on shares of Sleep Number in a report on Friday, April 25th. Finally, StockNews.com lowered shares of Sleep Number from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st.

Sleep Number Price Performance

SNBR stock traded up $0.65 on Thursday, reaching $7.67. 538,557 shares of the company traded hands, compared to its average volume of 516,210. The firm has a fifty day simple moving average of $6.64 and a 200-day simple moving average of $12.66. The company has a market cap of $173.76 million, a P/E ratio of -4.24 and a beta of 1.75. Sleep Number Co. has a one year low of $4.48 and a one year high of $20.75.

Sleep Number (NASDAQ:SNBR - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.27). The company had revenue of $393.26 million for the quarter, compared to the consensus estimate of $397.95 million. The business's revenue was down 16.4% compared to the same quarter last year. During the same quarter last year, the business earned ($0.33) earnings per share. On average, sell-side analysts forecast that Sleep Number Co. will post -0.42 EPS for the current year.

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.