The stock of Sleep Number Corporation (NASDAQ:SNBR) is now priced at $45.72 and the shares are 0.52 points up or 1.15% higher compared to its previous closing price of $45.2. The stock had 1.311 million contracts set over the past session. SNBR shares’ daily volume is compared to its average trading volume at 601909 shares. However, it has a float of 26.42 million and although its performance was 6.5% over the week, it’s one to watch. Analysts have given the SNBR stock a yearly average price target of $31 per share. It means the stock’s downside potential is -32.2% with the SNBR share price recently placing at $44.03 to $46.71. However, some brokerage firms have priced the stock below the average, including one that has called $18.

The shorts are running away from the Sleep Number Corporation stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the SNBR shares have declined. Short interest in the stock represents just 14.37% of its float, but the volume has dropped by -189922. The volume of shorted shares dropped to 3.795 million from 3.985 million shares over the last two weeks. The average intraday trading volume has been 427217 shares, which means that days to cover moved to roughly 8.883509.

In the last trading session, Sleep Number Corporation (NASDAQ:SNBR) raised by $2.79 over the week and gained $4.14 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $61. The stock recorded its established 52-week high on 02/20/20.

Since 04/03/20, the stock has traded to a low of $15.27 at 199.41%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.25. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.

Looking at current readings, Sleep Number Corporation’s two-week RSI is 66.75. This suggests that the stock is neutral at the moment and that SNBR shares’ price movement remains stable. The stochastic readings are equally revealing at 85% meaning the SNBR share price is currently in oversold territory.

The technical chart shows that the SNBR stock will likely settle at between $46.94 and $48.17 per share. However, if the stock dips below $44.26, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $42.81.

Currently, the stock is trading in the green of MACD, with a reading of 1.58. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.

Analysts at Raymond James cut their recommendation for SNBR from Outperform to Mkt Perform in March 25 review. Raymond James analysts upgraded their recommendation of the stock from Mkt Perform to Outperform while keeping its target price at $48 in a flash note released to investors on October 09. Barclays analysts see the stock as Equal Weight. Nonetheless, the analysts revised the share prices up on April 18, placing it at $38 from $36.

The average rating for the SNBR equity is 3 and is currently gathering a bullish momentum. Of 7 analysts tracking Sleep Number Corporation polled by Reuters, 4 rated SNBR as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.

Elsewhere, the SNBR stock price is 20.5X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 14below the group’s average of 14.4. Sleep Number Corporation has its P/E ratio at 0, which means that the stock is currently trading at a discount relative to the 2.2 industry average.

Zacks Consensus Estimate forecasts that the current-quarter revenues for Sleep Number Corporation (NASDAQ:SNBR) will decrease by about -99.95%, which will see them reach $216.36 million. The company’s full-year revenues are, however, expected to diminish by about -11.76%, down from $1700 million to $1500 million. SNBR’s expected adjusted earnings should drop almost -671.43% to end up at -$0.8 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -43.33% to record $1.53/share.

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