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Sleep Number (SNBR) Moves 4.5% Higher: Will This Strength Last?

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Zacks Equity Research
·2 min read
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Sleep Number Corporation SNBR shares ended the last trading session 4.5% higher at $143.83. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 13.5% gain over the past four weeks.

Shares of the seller of beds, mattresses and bedding products have jumped given the optimism surrounding the company's business outlook. Also, the bullish sentiments can be attributable to Fed’s bullish view, extensive vaccination drive, additional government spending and favorable economic data.

Price and Consensus

Price Consensus Chart for SNBR
Price Consensus Chart for SNBR

This seller of beds, mattresses and bedding products is expected to post quarterly earnings of $1.79 per share in its upcoming report, which represents a year-over-year change of +31.6%. Revenues are expected to be $578.85 million, up 22.5% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Sleep Number, the consensus EPS estimate for the quarter has been revised 41.5% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on SNBR going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>


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