Investing.com — Mattress Maker Sleep Number (NASDAQ:SNBR) dropped 9% Thursday after reporting weak second quarter results.
Net sales dropped 20%, to $285 million, from a year earlier, and gross profit of 57% compared to 61% earlier.
The company did reduce operating expenses by 17%, or $35 million, versus the prior year, but the net loss per diluted share was 45 cents compared to net income per diluted share of 14 cents.
Shares have tripled since hitting a 2020 low in March, and traded around $49 at midday Thursday. Sleep Number has two buy ratings, three holds and two sell-equivalents, according to MarketWatch, with an average price target of $40.80.
Wedbush bumped its price target to $52 from $30, MarketWatch reported.