Stock Traders Buy High Volume of Sleep Number Put Options (NASDAQ:SNBR)

Sleep Number Corp (NASDAQ:SNBR) saw some unusual options trading on Wednesday. Stock traders acquired 4,708 put options on the stock. This represents an increase of 4,219% compared to the typical daily volume of 109 put options.

Shares of NASDAQ SNBR traded up $4.65 during mid-day trading on Thursday, reaching $62.82. The company had a trading volume of 57,887 shares, compared to its average volume of 537,910. Sleep Number has a 52 week low of $15.27 and a 52 week high of $61.40. The business’s 50-day moving average is $49.02 and its 200-day moving average is $39.88. The stock has a market cap of $1.61 billion, a price-to-earnings ratio of 23.86, a price-to-earnings-growth ratio of 1.60 and a beta of 2.22.

Sleep Number (NASDAQ:SNBR) last issued its quarterly earnings data on Wednesday, October 14th. The company reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.73. Sleep Number had a net margin of 4.70% and a negative return on equity of 48.94%. The business had revenue of $531.16 million for the quarter, compared to analysts’ expectations of $515.82 million. During the same quarter last year, the company earned $0.94 EPS. The business’s revenue was up 11.9% on a year-over-year basis. As a group, sell-side analysts predict that Sleep Number will post 2.77 earnings per share for the current year.

Several research analysts have issued reports on the company. ValuEngine raised Sleep Number from a “sell” rating to a “hold” rating in a report on Friday, October 2nd. BidaskClub downgraded shares of Sleep Number from a “buy” rating to a “hold” rating in a research note on Thursday, October 1st. Piper Sandler restated an “overweight” rating and set a $80.00 price objective (up from $70.00) on shares of Sleep Number in a research report on Thursday. Zacks Investment Research cut shares of Sleep Number from a “strong-buy” rating to a “sell” rating in a research note on Wednesday, September 16th. Finally, TheStreet lowered shares of Sleep Number from a “b-” rating to a “c+” rating in a report on Tuesday, September 8th. Three analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company’s stock. Sleep Number currently has a consensus rating of “Hold” and a consensus target price of $48.14.

Several institutional investors have recently made changes to their positions in the company. Paradigm Asset Management Co. LLC purchased a new stake in shares of Sleep Number during the second quarter worth approximately $87,000. Captrust Financial Advisors purchased a new position in Sleep Number during the second quarter worth about $93,000. Handelsbanken Fonder AB purchased a new position in shares of Sleep Number in the 2nd quarter worth about $226,000. Wedge Capital Management L L P NC acquired a new stake in shares of Sleep Number in the second quarter valued at about $249,000. Finally, Arizona State Retirement System acquired a new stake in shares of Sleep Number in the second quarter valued at about $261,000. 96.69% of the stock is owned by institutional investors and hedge funds.

Sleep Number Company Profile

Sleep Number Corporation, together with its subsidiaries, provides sleep solutions and services in the United States. It designs, manufactures, markets, retails, and services beds, bases, and bedding accessories under the Sleep Number name. The company also offers adjustable bases under the FlextFit name; and pillows, temperature-balancing products, beds for kids, sheets, and other bedding products under the Sleep Number name.

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