SNBR - Why Did Sleep Number Stock Soar 50% Last Month?
2023-07-10 11:55:00 ET
A maker of next-generation mattresses is waking up in a major way, but that doesn't mean that finding a reason for Sleep Number 's (NASDAQ: SNBR) recent ascent is as easy as counting sheep. The stock soared 50% in June. And it climbed another 4% in the first week of July, even as the broader market staged a modest retreat.
Yet outside of a press release in early June that was more aspirational than informational in nature, investors haven't officially heard from Sleep Number management since late April, when the company posted uninspiring first-quarter financial results . The guidance update management offered at that point was not upbeat. In response to the "messy" results, Peter Keith of Piper Jaffray slashed his price target from $36 to $30, and kept his rating on the shares at neutral.
So in a desert of news, what was behind the stock's June surge?
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Why Did Sleep Number Stock Soar 50% Last Month?