Wealthfront Advisers LLC Makes New $14.86 Million Investment in Sleep Number Co. (NASDAQ:SNBR)

Wealthfront Advisers LLC acquired a new stake in Sleep Number Co. (NASDAQ:SNBR) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 975,156 shares of the company’s stock, valued at approximately $14,861,000. Wealthfront Advisers LLC owned about 4.36% of Sleep Number at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. GAMMA Investing LLC grew its holdings 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 worth $113,000 after purchasing an additional 1,664 shares during the period. Proficio Capital Partners LLC purchased a new position in Sleep Number in the 4th quarter worth about $183,000. Olympiad Research LP purchased a new position in Sleep Number during the 4th quarter valued at about $221,000. PDT Partners LLC acquired a new stake in shares of Sleep Number during the 3rd quarter valued at about $241,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Sleep Number in the 3rd quarter worth approximately $296,000. 85.67% of the stock is currently owned by hedge funds and other institutional investors.

Sleep Number Price Performance

Shares of Sleep Number stock opened at $7.01 on Wednesday. Sleep Number Co. has a one year low of $6.83 and a one year high of $20.75. The firm has a market capitalization of $156.82 million, a price-to-earnings ratio of -3.87 and a beta of 2.14. The business has a 50-day simple moving average of $15.49 and a 200 day simple moving average of $15.62.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Wedbush lowered their price target on Sleep Number from $18.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, March 6th. Piper Sandler decreased their price objective on Sleep Number from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, March 6th. Finally, StockNews.com raised Sleep Number from a “hold” rating to a “buy” rating in a research report on Thursday, January 9th.

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.